A company got mining right from Government. Its activity involves excavation of ore, concentration of metal from excavated ore, and then smelting and refining of concentrated metal. But the company neither values closing stock of ore nor does it values closing stock of concentrated metal. At the most, it shows WIP for concentrated metal. Is this type of valuation acceptable?

Pls Give In Detail The diffrance

I want to make a partnership firm of Cost Accountants where I want to be a non-active partner and want to do my own full time job. Can I do the same ? What is the process for the same ? Can I become an honarary Partner if there are only 2 partners (including me) ? If I become honarary partner ( with Zero % Profit sharing ratio) can it be considered as a Registerred Partnership firm ? ( because As per partnership agreement there should be a profit motive.)

my self is practicing ca in pune. please any body can give me a audit report format of private limited
business and company

Sir,
What is credit & what is debit.

In assets & liablities ,which side debit comes n which side credit comes?
as well as P&L a/c/ Balance sheet /TRIAL BALANCE also.

PLZZ EXPLAIN ME IN DETAILED.....

THANX ALL IN ADVANCE

I am a Concurrent auditor of Central Bank of India. I want to know that if, stock statement not received in prescribed time limit then penal interest to be charged. Now penal interest charged on what amount if system does not calculated interest properly.

Doubts in COMPANY AUDIT:
1. If there are partners not holding COP in the firm, will it affect the eligibility for appointment?
2. A partnership firm has 4 practicing CA partners of which 2 are working and 2 are dormant. Is the firm eligible for accepting audit of public company?
3. A partnership firm having 3 practicing partners and 2 partners not having COP where a partner not having COP is indebted to the company for Rs. 2500. Is the firm eligible for appointment?
4. A practicing CA holds redeemable pref shares in a company. Is he eligible for appointment? What if the pref shares were convertible pref shares?
5. As per sec 224(1B), branch audit is to be excluded from computing the ceiling limits. However as per ICAI notif, it is to be included. But in what sense to be included, as an audit of a company or just one audit assignment?
An auditor has 10 public companies having paid up cap greater than 25 lakhs. He got an offer of audit of 5 branches of a public ltd having share capital 30 lakhs. Can he accept? In other words will it be 1 audit assignment (unit count) or a one company audit?

what is repo rate?

Home loan of Rs ………… sanction by bank


Three companies and three individual directors are borrowers for the above home loan which was utilize towards the purchase of flat. The relative house property (flat) stands in the name of two directors.
Bank ’s sanction letter is addressed to all the six borrowers namely three companies and three individual directors.

Q .1 How the liability is to be reflected in the balance – sheet?
In what proportion?
And whom to debit?

Q.2 Since underlying property is owned by individual directors and EMI is also paid by them, will it be in accordance with Accounting Standards and Principals, just to show contingent liability by way of note in CARO report as well as in Notes to Accounts without showing liabilities in balance sheet ?

A Person declares his income u/s 44 AE showing deemed income as Rs.3500 per month per tankar as per the provisions of this section and his gross receipts exeeds from Rs. 60 lacs,

Q-1. Is he liable for tax audit??

Section 44AB state that the provision of Audit will apply on a person carrying on business u/s 44AE and claiming his income to be lower than the profits or gains so deemed to be the profits and gains of his business.

Q-2. Is it Assumed that the above provision of sec-44AB will not apply if he declares his deemed income according to the provision of sec-44AE(i.e 3500 or above per month per goods carriage)and his gross receipts exeeds from Rs. 60 lacs?? AND

Q-3. If he owns more than ten goods carriage, than provision of tax audit apply ???

And
Q-4. Is he liable to deduct TDS under contractual payments or salary payments??

please answer this query with judgements or circulars related to it.