There is a private limited company. It is subsidiary of foreign co. it has received share application money from its holding foreign company.
Now my query is what is the time limit for issuing share to the holding co.

Dear Sir

A Mauuf.Unit pay Cash under table for Purchase Order.The Owner of Firm say its a Promotion of sales.Where should the cash entry accounted.

If I account as sale Promotion is it correct.Is sale prom. Direct Exp OR Indirect Exp. Please say.

Regards

1. what aspect shud check while doing vouching?

2. how to do ledger scrutiny.

What are the thing we should document, while we audit sale, in our working paper ?
Can anyone give suggestion & a format of it? pls mention important things?

removal of auditor before expiry of term and after expiry of term

what is the procedure for audit/reconcilation of EEFC a/c?

Dear All

I am not aware to which form I should post this question but want to know why cant the CA Institute put a cap on this Big 4 audits. By joining / taking CA's they are eating away bread from fresh and really talended people in profession.

I read one article today in one of the web sites where E&y agreed to pay US$ 8.5 Million to SEC for failing to disclose fraudulent financial accounting.

Though the incident happend in US it is the same firm which has numerous audits of companies in India.

Why can it be put under watch list like PWC for satyam in CA website


The link is added from where I read may be memebers could put in the adress bar and have a look on the situation

Thx
Jayaram

http://www.taxguru.in/chartered-accountant/ernst-young-and-six-of-its-current-and-former-partners-charged-for-failing-to-disclose-fraudulent-financial-accounting.html

In stock audit of bank, generally it is mentioned that only paid stock are to be financed. While debtors for 90 days are only to be financed. My question is in arriving at paid stock for drawing power whether all creditors in the books are to be deducted from the stock or whether stock for which payments are outstanding is to be deducted from the stock?

For Ex. Total Stock is 80 lacs,
Total Debtors are 30 lacs ( outstanding for less than 90 days )
Total Creditor are 70 lacs (all creditors which are outstanding for a particular period )
Total Creditors 50 lacs ( which are outstanding for less than 90 days )
Margin on stock is 25 % and on book debts is 30 %
Please guide me in arriving at drawing power.

Thanks

Form 3CA shall be applicable
(i). in the case of a person who carries on business or profession and who is required by or under any other law to get his accounts audited

Form 3CB shall be applicable
(ii). in the case of a person who carries on business or profession, but not being a person referred to in the above clause.

I have a Private Limited Company which qualifies to be a Level 1 entity.

Which form is applicable to me ??

what points should be kept in mind while vouching,specially about revenue stamp?