Dear seniors, friends

Please suggest me the accounting treatment of interest paid to supplier on delays payment of money.

Should it be debited to Raw material Purchase (or) it should be shown seperately as a financial charges

Actually one my Client has Imported goods from Japan. And it has paid interest for delay payment. Further it has debited the interest amount in Purchase itself.

My query is that i think Interest charges should not be debited to Purchase.

Me looking forward for Expert Advice

Regards
Jitesh Tibrewal
Singhi & Company
Final Year Article

what is diff between sales,turnover,and gross receipt for tax audit purpose.

One of my new client is running education society (duly registered under the
society act) with gross total receipt of more than Rs. 40 lacs for the f.y.
2009-10. It has not applied to income tax department for any type of exemption
yet. what will be the format of audit report i.e. form 3CB & 3CD under Tax Audit
or form no. 10BB or in any other format.


What will be the position if its total receipt exceeds Rs. 100 lacs for the F.Y.
2009-10.

Thanks

CA.Mkhandelwal

Hi there....can anyone help me with the taxation of sole proprietor having two business concerns and also tax audit applicable to each of them. The sole proprietor is also having some income in his individual name? So can anyone tell me how to report his income in Income Tax Return-4.

Which Profit & Loss n Balance Sheet will form part of his return?????

PLEASE PROVIDE ME FORMAT OF CERTIFICATE FROM TAKEN BY MANAGEMENT FOR VALUATION OF CLOSING STOCK

Hi
Repected Members

Can any on e tell me if any company purchase the material on 5th May and invoice received on 6th june then such material on which date should be recoreded and in which month?

I arise such question because of vat return of May already filed so in which month and date such purcahse should be recorded?

whether Vat credit can be taken in june or subsequent month in same financial year.?

What is Mutual Fund ivestment to be treated as? Current or Long Term? Or does it depends upon Management?

what is the meaning of preferential allotment in audit report?
one of our client allots shares of the private company to its existing share holders does it amounts to preferential allotment?

Hi

Repsected Members

Right now i am doing statutory audit of Public limited which is engaged in Manufacturing.

Now the case is i found that printing and stationary exp. made on TAX INVOICE basis

I feel that input vat paid on such stationary should be claim, but my C.A. told me that such item not used directly in production so credit can' be claimed.

Now i want to know whether My C.A. Committment is correct or not?

Please Reply

thanks
In advance

What are the qualifications required for becoming an internal auditor?