Hi mates,
this company i audit maintains a trust for the gratuity fund with LIC,can anyone pls brief me up on all the accounting entries to be passed while making:
1)annual payment to the fund
2)provision for gratuity payment
3)interest on gratuity fund(recvd)
4)insurance premium for gratuity
5)payment of Gratuity

i found out the following account heads in the tally prog. relating to gratuity
Insurance Premium gratuity, SBI gratuity(bank account), LIC of India, Interest on gratuity LIC deposit,SBI(main bank a/c),gratuity

hi evvery body,
please answer the following with reasons

a company imported machinery from outside india, and the payment has been made by the banker of the company on producing the documents and there is no current liability regarding the transaction, but at the end of the year there are some outstanding LCs(in foreign currency) which were shown in contingent liability.

According to AS 11 we should not reinstate the asset for currency fluctuations, but asper the companies act
wht are the entries to be passed if to be reinstated
the asset should be reinstated

what is the course of action in this case please advise with reasons.

Facts of the Case :

Status of Assessee : Individual
Places of Business : 1). Himachal Pradesh
2). Andhra Pradesh

Assessee has separate auditors for two concerns.

Query:

1). Can an individual have two auditors?
2). Which auditor's name is to be mentioned in the Income Tax return Form as ITR form has place for only one auditor?


Please resolve the problem.

with regards.

Reply to : camksolan@yahoo.co.in

Facts of the Case:

Status of Assessee : Individual
Profession : Doctor
Gross Receipts
from profession : Rs.9,75,000/-
Net Income from
Profession : Rs. 4,76,000/-

Assessee also deals in sale and purchase of shares on NSE & BSE through a broker on daily basis i.e. intraday and inter day transactions on which STT is deducted broker also charges interest on late payments.Total transactions in the year 2007-08 exceeds Rs. 60,00,000/-. Assessee incured a loss of Rs. 3,79,000/-.


Query:
1). Whether loss on NSE and BSE transactions be treated as Capital loss or Business loss.

2). Whether loss can be carried forward?

2). Whether Tax Audit is applicable?

3). If Tax audit is applicable than in which form audit report is to be given?

4). What will be the status if Receipts from profession is Rs. 11,00,000/-?


Please resolve the query

Reply to : camksolan@yahoo.co.in

The firm is engaged in construction business.

The WIP of the firm Exceeds 40lacs.

The firm doesnt have any purchase, sales and gross receipts.

Whether firm is liable for tax Audit.

Dear All
I am doing audit of MFI which is registered as a society. They have taken some amount of unsecured loan from a pvt limited company. Is there a limit on the
a) Unsecured loan amount
b) Interest paid against that loan

My Clent want to create deferred tax Asset on brought forward loss
what are the audit evidences to be collected from the company to substatanciate the virtual cirtinity of getting profits in future years

A Business has the following details:

Net Purchase of Rs/-6000000(Sixty Lakhs)

And

Net Sale of Rs/-3800000(Thiry Eight Lakhs)

Whether he is liable for Tax Audit.

dear sir
in case of presentation of financial accounts is the disclosure of previous years figures compulsory. if so under which standards .
2) are even the figures of the previous year are required in the balance sheet also
3) in case of a proprietor having investments in mutual fundds or shares ,,is it correct to show them in the books of business as they are not business assets.

Dear all,
i am doing audit of an mfi registered as a society. What is the implication if i include grant from promotors to increase the networth of the society. and what is the treatment if there is an amount collected from members for some purpose. what is the maximum limit of interest to be paid on unsecured loans? please this is urgent