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?

pls let me know what are the different aspects which differentiates internal & concurrent audit from each other.
state the meaning of socks audit & management audit.

thanks & regards,

Nachiket

if deferred tax liability is appear in balance sheet in opening than how to treat if another year also d.t.liability is occured
if accumolated balance is show in provision than diffrence in balance sheet is occured same amount calculate as defferred tax liability in current year.

pls give me the entry made in adjustment in D.T.liability.
with double effect.

Hello,

Original cost of asset sold :Rs415000
WDV of asset sold as on :Rs.334092
Asset sold for Rs 25500/-

the depreciation has been provided as per Companies Act,1956

Will the loss on sale of asset be allowed as per Companies Act for the company?if yes,what would be the amount of Loss?


Thanks & regards

What is the difference between Concurrent audit and Continuous audit and who performs it?

Thank you

Hello,

Original cost of asset sold :Rs415000
WDV of asset sold as on :Rs.334092
Asset sold for Rs 25500/-

the depreciation has been provided as per Companies Act,1956

Will the loss on sale of asset be allowed as per Companies Act for the company?if yes,what would be the amount of Loss?


Thanks & regards