Whether rate of depreciation sholuld be charged as continous plant and machinery...?????


Actually my question is whether all the Asset used in hotel industry should be classified as Continous Plant and Machinery(According to Companies Act) and rate of depreciation should be charged as 5.28% or the dep. should be given of as per shift allowance.

this query arised because according to companies act an asset can be only classfied as continous assets if it is designed and required to be operated

I am Currently engaged in the Audit of a Public limited Company. After Inspection of purchase vouchers, i have seen that old excise Rates @10%/14% are charged by A dealer even if invoice are Raised after Excise Rates are Reduced(24.02.2009) to 8%.
Dealer says that he has purchased these goods before 24th February 2009 therefore he has charged Excise @14%/10%.
In these Scenario Company are Paying excess Excise Duty.
Company can Claim Excess Excise Duty paid as CENVAT CREDIT but Working Capital Requirement of the Company is Increased.

Does the dealer response regarding Excess Ex. Duty is Correct. Please tell me Reasons in this Case.

I am Currently engaged in the Audit of a Public limited Company. After Inspection of purchase vouchers, i have seen that old excise Rates @10%/14% are charged by A dealer even if invoice are Raised after Excise Rates are Reduced(24.02.2009) to 8%.
Dealer says that he has purchased these goods before 24th February 2009 therefore he has charged Excise @14%/10%.
In these Scenario Company are Paying excess Excise Duty.
Company can Claim Excess Excise Duty paid as CENVAT CREDIT but Working Capital Requirement of the Company is Increased.

Does the dealer response regarding Excess Ex. Duty is Correct. Please tell me Reasons in this Case.

HELLO,
CAN ANY ONE TELL ME THE KEY POINTS THAT I KEEP UNDER CONSIDERATION WHILE PERFORMING EXPORT SALE VOUCHING.

My client is very upset with his former statutory auditor of Private limited co. He wants me to appoint his auditor during this financial year. So tell me the way of change of statutory auditor of the co. Present statutory auditor does not file his form 23 in ROC (checked from mca site).
Now we dont have time to call EGM also. Is taking resignation from him is the only simple way out without tension

Case : X Ltd. was incorporated on 01-02-1998 and Mr. P was appointed as auditor by the Board of Directors in their meeting held on 03-03-1998.

According to sec. 224, the board of directors shall appoint the first auditor of a company within one month of the date of registration of the company by a valid resolution. Further, if the board fails to do so shareholders shall appoint first auditor in the general meeting.

In the present case the date of incorporation is 01-02-1998 and the directors have appointed Mr. P as the first auditor on 03-02-1998 i.e. to say after one month.

Query : was this appointment valid or it should be deemed as void so that it could give rise to the powers of Central Government conferred upon it by sec. 224(3)

hiiiiii,
The co. has incurred exp. of Rs. 40000. The payment of exp. is made by the co. directly by depositing cash into party's bank account.
So whether this exp. is going to be disallowed because of payment exceeding Rs. 20000 by cash???????????????

why is interest paid to shareholders u/s 208 during long gestation period?
Plz explain with an example.

i require the format for the co-operative bank concurrent audit reports plus audit checklist and list of imp points and area to be taken into account while carrying ou suh audit... its urgent.......!!!!!!

My auestion is about CARO applicability.

Will share application money pending for allotment be considered while calculating paidup share capital for private company ??????

Please answer with reason...............