Dear Friends,
We have Received some amount for issue of Shares.
For the amount related to premium we should Credit Share Premium A/c or Security Permium A/c?

DEAR SIR/MADAM

PLEASE CLARIFY MY DOUGHTS IN CASH PAYMENTS ABOVE RS. 20000/-

1. CASH SALES AND PURCHASES ABOVE 20,000 IS ALLOWABLE OR NOT IN TRADING A/C

2. ANY EXPENDITURE REFLECTED IN TRADING AND P&L IS PAID ABOVE RS. 20,000 LIKE DIRECT AND INDIRECT, REVENUE ETC.,

THESE ABOVE TWO CASES IF DISALLOWED UNDER WHICH SEC IS DISALLOWED

1. AMOUNT PAID TO SUNDRY DEBTORS AND REPAYMENT TO SUNDRY CREDITORS, LOANS AND ADVANCES PAID TO OTHERS IS ABOVE RS. 20000 IS ALLOWABLE OR DISALLOWED IF DISALLOWED UNDER WHICH SECTIONS IS APPLICABLE. PLEASE TELL

THANKS IN ADVANCE

is it possible to reduce cash transactions in no's.that is cash exp cash pur cash sales .....because cash related transactions ar having huge possible to prone............

Please, tell me what should we have to check in stock audit of a manufacturing company..............reply, it's urgent

DEAR SIR/MADAM

ABOVE 20,000/- CASH PAYMENTS IS DISALLOWED ONLY PROFIT AND LOSS A/C REFLECTED ITEMS OR INCLUDING THESE ITEMS ALSO LIKE TRADE CREDITORS, SUNDRY CREDITORS,GIFTS PAID,SUNDRY DEBTORS LIKE LOANS GIVEN TO OTHERS AND CAPITAL EXPENSES LIKE DAUGHTER MARRIAGE EXPENSES DR IN CAPITAL ITS ALSO PAID ONLY CHEQUE ABOVE TWENTY THOUSAND PLEASE TELL

THANKS IN ADVANCE

pls explain me what is a concurrent audit???
even explain me internal/external/statutory audit??
is IT audit u/s 44AB a statutory audit or external audit??
be detailed!!!

If i am verifying the transactions of bank statements from my clients bank books, i found out that the opening balance of bank book is 5000 matching with closing balance of last year balance sheet but opening balance of bank is 4000.
Now i found out that last yrs reconciliation one cheque was issued but was not presented of 1000 so was deducted and balance was matched with bank but why balance in this financial year bank book is same of bank book of last yrs???????
Can u clear my all concepts?????
Related to bank statemenst and bank entries

What is meaning and difference between statutory, internal, external audit?

If more types than specify the meaning and difference

HI Friends,

Please clerify me meaning of gift under fbt.

If com distribute some item (quantity purchased from market)to its employee on the occassion of festival celebration.
what is this
1) Gift (5%)
2) festival celebration(20%)

Thanks
Suraj

I am on an audit and facing following problem

For eg. Client made a provision for telephone expenses of march,08 of Rs 5,00,000 and closed its book of accounts.
In april it was discovered that expenses for march is only Rs 4,50,000.
So he reversed the balance Rs 50,000 and credited expenses account i.e, he passed following entry:

Provision for expense a/c Dr. 50,000
To Telephone Expense 50,000

I know this entry is wrong and it shall be taken to other income.. can you help me by providing me the relevant provision of company law, accounting standard and income tax for the same, to prove my point.