SIR,
i faced a problem in audit....one of our client has passed following journal .he has deposited 12lac for 3 years as fixed deposit with HDFC bank...at 31 st march he received intrest statement stating 50000 as intrest accrued on above and 5000being TDS deducted.total FD value being 12.5 lac..he passed following journal

TSD(receivable) 5000 Dr.
Intrestreceivable 45000 Dr.

To intrest accrued on FD(indirect income) 50,000

i found it right but my question is it will affect p/l a/c ...as i heard interest on fd must be capitalized in to FD balance in balance sheet.... if above entry how will it be capitalized????????

In case of Pvt Ltd Co. being installation Stage during period under audit up to 31.03.2011,How to be reported in Statutory Auditor's report as per Co.Act particularly to CARO's Point's/clauses the following points as under:-
i) The Co. has taken unsecured Loans from Directors & their Relatives and Secured/Term Loan from Banks so far Section 301 of Co.Act is concerned
ii) As the Co is under insttallation stage whether the clause as to maintenance of Cost Accountinf Records as per section 209 (i) (d) of Co Act.is applicable or not. if yes then how to be reported as the Co is going to set up Foundary Unit.

good morning Every one
Can any one tel me complete procedure of TaxAudit? After Vouching what are to be prepared? what points are to seen? what forms are to be prepared? i need a complete procedure. plz help me urgent.
thanks in advance

my friend have a partnership firm and the firm earn Rs. 12,00,000/- and the net profit earn from the firm is Rs.56000/- (ie below 8%) but the amount received is 12.00 Lakhs below 60.00 Lakhs
1. is it necessary to audit u/s 44ab. and is it mandatory of digital signature?

HELLO EXPERTS,

OUR CLIENTS PURCHASE RECORDS HAVE BEEN SEIZED BY CUSTOM AUTHORITIES.

WE, AS THE AUDITORS, NEED TO EXEMINE THE RECORDS BY OBTAINING THE XEROX COPIES THEREOF.

KINDLY SUGGEST ME AT THE EARLIEAST,, THE FORMAT TO REQUEST THE RECORDS IN XEROX COPIES FROM THE CUSTOM AUTHORITIES.. I KNOW WE HAVE TO MAKE A DESCLAIMER IN OUR REPORT..

KIND REGARDS-

ABHIRAM

Respected Experts,

currently m doing internal audit of a company...

my client Reimburse mobile bill of its employees after showing Bill, actual or limit which ever is lower..

m facing problem in employees having prepaid num how may i know there actual useage??

Please help its urgent..

Thanks in advance for your worthy suggestion

how should the interest subsidy on term loan received by a textile mill under Technology Upgradation Fund (TUF) be accounted ?

Please let me know th reply of following:

If a person books a expense of Rs.14000/- on 11.07.11, then of Rs.15000/- on 12.07.11, then of Rs.11000/- on 13.07.11 of the same party, the whole outstanding of Rs. 40000/- was paid on 22.07.11..then section 40A(3) will not apply....

Please tell if i am right or not???

Dear Experts
I would like to know the implication if one Company is disposing hazardous scarp more than standard as per Tamilnadu pollution control board.and under which section


Regards
Bikram Jena

What Is deferred tax asset and deferred Liability???
How it is calculated????