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.

DEAR SIR/ MADAM

BANK O.D. IS COVERED UNDER CURRENT LIABILITIES OR SECURED LOANS. PLEASE TELL

THANKS INA ADVANCE

DEAR SIR/ MADAM

INTEREST RECEIVED FROM TRADE DEBTORS AND SUNDRY DEBTORS IS TREATED AS BUSINESS OR PROFESSION OR INCOME FROM OTHER SOURCES.
PLEASE TELL

THANKS IN ADVANE

I am a businessman.I purchase goods from calcutta, chenai, delhi, banglore payment of purchased bills are made by sroff(Financer) to the relevant parties by cheques and thereafter the same is repaid by me to the sroff (financer) by cheque after 10 to 15 days with interest.

Now my auditor raising a query that the above amount will be treated as loan which is not accepted by account payees cheque and hence the transaction is against the provision of Income Tax Law i.e. section 269SS.

The second query reised by the auditor is that the payment to the parties against purchased is not by account payee cheque which is also against the provision of Income Tax Laws i.e. section 40A(3)

Kindly give me the solution about the above queries and let me know whether the auditors view is correct or not

Dear sir/madam,
Please clerify me when should be booked export sale.

1)Commercial invoice date.
2)Shipping bill date
or any other date for proper revenue recognition.


Regards,
Suraj

Hello Sir,

In Annexure-I Part -A to Form No.3CD, SHOULD WE INCLUDE IN INTEREST RECEIVED column the amount received from Income tax authority on Income tax refundable.

One of our clients business is to buy and sell land and properties, flats etc.

Accordingly properties of which possession has been acquired will be shown as stock in trade under current assets. but what abt those properties which are still in construction and possession has not yet been acquired ?
will it be shown as capital Wip under fixed asset ? but it is not fixed asset.
kindly help me

Hi Plz any one tell me about Concurrent, Stock & Revanue Audits of Various bank. How, When and Where to apply for such Audits

Kinldy reply me on any of the following my mail address.

lovelyabhu@yahoo.co.in
andesai1998@gmail.com

In 07-08 profit was 20 lac.
No. of shares 15,000 for 10 months, 20,000 for remaining two months as 5000 additional shares were issued for cash.
No. of shares (Avg.)= 15833 shares
EPS:- Rs. 126.32

Now, in 08-09, profit is 25 lac.
No. of shares 20,000 for 12 months
EPS:-Rs. 125

PROBLEM IS FOR THE RESTATED EPS IN BALANCE SHEET FOR PREVIOUS YEAR 07-08, WHAT IS THE NO. OF SHARES FOR 07-08 ???

whether take 20,000 shares issued for whole 12 months in 07-08, or to take 15,000 shares for 10 months and 5,000 shares for 2 months.

Please give me solution

in my case, i have made a payment to my purchaser party by financer or Sroff, and the same amount paid to financer or sroff for 15 to 30 dayeswith Interest by me an account payee cheque.

in accounting, I am debited the purchaser party and credited financer or Sroff, and some time i need money so i recd. account payee cheque from financer or Sroff. and interest dr. and deducted t.d.s. @ 10.3%


the above situation in my accounts, so please solve my problems that can this account covered in sec. 269ss & 269t or not (explain deeply with example)