in balance sheet closing stock of the year at cost or NRV whichever is lower is shown. then what about the the stock of previous years which is still remaining in godown??? where we will show such stock??

Dear Friends,

I don't know whether this is the correct forum for asking this query. My query is regarding transfer of Liabilities from one group company to another group company.

'X' is a group of companies consisting Company "A" (India), Company "B" (Africa), Company "C" (Singapore).

Company "A" in India is exporting raw material to Company "B" in Africa and export invoices are being raised from Company "A". In Company "B"'s books outstanding liabilities is on the name of Company "A" and payments are also made to Company "A" through Bank Transfer.

Now Company "A" wants "B" to transfer all its liability on the name of Company "C" in Singapore and make payments to them. All the invoices which "B" has received till date are from Exporter company "A".

What is the procedure of doing this liability transfer from "A" to "C" in "B"'s books? What will be the legal procedure to follow or just a letter or instructions from "A" would work.

Also, at the time of bank transfer bank requires copy of the invoice as proof and all the invoices are of Supplier Company "A"'s name. If we transfer money to "C" on behalf of "A", still bank needs an invoice from "C".

Kindly help me in this regard. An early response shall be highly appreciated.

Thanks in advance.

Ajay Singh

company law main Nov 2014 exams ke liye padna kya kya h?..

winning from a lotteries by a person having the same as business activity . In which head income should be taxable ? why ?

what is paid up in articleship

which book is good fr tax for nov 2014

i want to know about new companies act 2013

What will be the amount of interest u/s 234B and 234C, for given facts as below.

Person is resident sr. citizen,
Tax payable Rs.14721
Tax deducted at source Rs.6801
Balance tax payable Rs.7920

Date of payment of self assessment tax (Rs.7920) is 04/06/2014.

Thanks

In a problem of my daughter,s B.Com. exam, under the head-income from other sources following detail appeared.

VALUE OF GOLD CHAIN FOUND ON STREET Rs.30000/=

How to compute it? Is it liable to be accounted for and taxable? Pl. guide. Exams tomorrow.

Hello Sir, I am a practising C.A. One of my client not get the c from purchaser now what he can do against purchaser.