as difference in foreign exchange rate should be charged to p&l a/c, one of my listed company client is adjusting such foreign exchange credit balance to sales a/c. saying that it ultimately charged to p&l a/c. is the treatment right?

Please tell me how to proceed with the WIP Audit of a pharma Company.and what all documents are needed????

A PARTNERSHIP FIRM HAVING 2 PARTNERS [HUSBAND & WIFE] CARRIED ON THEIR BUSINESS OF SAMPLE ANALYSIS. DURING THE MONTH OF JAN 2009 WIFE DIED. ACCOUNTING METHOD ADOPTED - CASH BASIS. AFTER HER DEATH, HUSBAND CARRIED ON BUSINESS IN THE NAME OF FIRM [INDIVIDUAL STATUS]. MY OPINION IS : BOTH BUSINESS ARE SEPARATE. HE HAD TO CLOSE BOOKS OF HIS PARTNERSHIP FIRM ON THE DAY OF DEATH OF HIS ONLY PARTNER. HE HAS TO TAKEOVER ENTIRE BUSINESS AS AN INDIVIDUAL ON THE SAME DAY AND HAS TO PREPARE NEW BOOKS OF ACCOUNTS FOR BALANCE PERIOD OF THE FINANCIAL YEAR. TAX AUDIT IS REQUIRED ONLY IF ONE OF THE BOOKS HAVE INCOME EXCEEDING Rs. 10 LAKHS. LET ME KNOW, AM I RIGHT OR WRONG ?

If there is no activity in the business during the year. Depreciation should be provided or not in such year?

The facts are as under:

1. I am the auditor of X Pvt. Ltd., who has pledged certain investments (shares in listed company) owned by it, to secure the debt take by its sister concern A Limited.

2. A Limited defaulted, consequently the lender of A Ltd. sold off the investments belonging to X Private Limited to recover its part debit.

The Query is:

1. What treatment should X Pvt. Ltd. give in its books and why? that is should is show as Sale of Investment or continue to show investment.

2. At what price should X Pvt. Ltd. show sale of investment (it also do not have the details as to the price at which the lender of A Limited has sold the investments)

Thank You

For confirmation, does the auditor directly has to send letters to the parties or the company sends it and asks to reply directly to the Auditor??

hi all,
I want to ask whether in the following situation the expenditure can be treated as deferred revenue expense or can directly be charged to revenue or other possibilites:

conpany has entered into an agreement with the AP govt for laying down of road of 57km in the area which is not owned by the company. The expenditure is around 5 crores. the company is charging this expenditure to P&L a/c in the same year of incurrance. what if the company also recieves subsisdy say 50% of the expenditure.

Please clarify soon..

Can someone pls guide me when a C.A. firm is selected for Peer Review audit, what are the requirements the C.A. firm should fulfill & keep ready for verification by the Peer Review auditors ? Is there any draft checklist or questionnaire which could help us in checking if all files & office documents are ready & in order which are going to be checked ? Urgent reply required.

sir,

Petrol expenses for Two wheeler(office use), will we have to pay fringebenefit tax for petrol expenses for two wheeler.

B.suresh

Dear Sir,
What is the difference between Dilutive and Anti-dilutive EPS?