After amendment to AS 11 and Schedule VI on foreign currency transactions involving fixed assets, Can anyone guide me of the treatment of exchange fluctuations for foreign currency loan utilised for purchase of fixed asset from a country outside India? Is gain / loss charged to P/L or adjusted in the carrying cost of Assets?

Please guide.

Can anyone guide me on the following?

A bank guarantee was given by a company which was encashed by the party. Earlier the amount of guarantee was shown as Contingent liability. Though the same is encashed, company is sure to recover the same but this litigation process may take some time. Till the time, do we need to adjust financial records for the amount?

Thanks in advance.

Dear sir,

I finished my IIPU in mar-07 and am now doing my articleship.I decided to do B.Com externally and have taken it up at IGNOU.Will the degree i get here be eqally recognised as those of the regular universities? Will this cause any problem when i complete the course and start applying for a job?
Thank you

What are the imp accounting stds to be refered for May 08. Moreover can ne1 tell me impt sections to be referred for Corporate laws and Income tax.

Dear Sir,

Please guide me for the undermentioned Billing procedure -

- Client Factory at Gujarat prepares Excise Bills Mentioning the Name of Buyer in Rajasthan and consignee in W.Bengal. Basically Rajathan based party is leader to whom contract is given and he wants to route all bills through him.

* In this transaction what should be mentioned on the LR to show it as LR Sale, so that Buyer in Rajasthan can prepare his commercial Bill to party in W.Bengal
* I understand that Gujarat based party will get C Form from Rajasthan based party after giving him E1 Form and in turn Rajasthan based party will get C form from W. Bengal on issue of E1 Form.

- If Gujarat based factory instructs some vendor Factory from Maharashtra to despatch Excisable Material to W.Bengal stating Buyer as Gujarat based party A/c Rajasthan Based party and in consignee the name of W.Bengal party. Again Rajathan based party is leader to whom contract is given and he wants to route all bills through him.

* In this transaction what should be mentioned on the LR to show it as LR Sale, so that Buyer in Rajasthan can prepare his commercial Bill to party in W.Bengal
* In this Maharashtra based party will give E1 Form to Gujarat and get C form, Gujarat based party will get C Form from Rajasthan based party after giving him E1 Form and in turn Rajasthan based party will get C form from W. Bengal on issue of E1 Form.


* Are there any restrictions in the sales tax law on such kind of Sale, which will involve levy of CST again if on the LR or when final place is predetermined. And when it involves more than 3 parties.


* Our main focus is that Ultimate buyer in W. Bengal should get Cenvat Credit.
* CST should be payable once only when 4 or more parties are involved.

Please guide.

Regards,

M. Kumar

Hi..I have cleared PE-2 and registered with IGNOU Bcom(A&F)..My question is whether graduation from IGNOU is considered equivalent to graduation from other universities..for instance if I apply for CPA or MBA course etc, Am I eligible to appear?

Thanyou..

can any one suggest me the best complete book for accounting standards(professional edition and not a student)?

CPE Credit Requirements for members of the Institute

* All the members who are holding Certificate of Practice (except those members who are residing abroad), unless exempted, are required to:

o Complete at least 90 CPE credit hours in each rolling three-year period of which 60 CPE credit hours should be of structured learning.
o Complete minimum 20 CPE credit hours of structured learning in each year.

My Q is : what actually is the meanng of structured learning ?

This is an examination question. it reads as under:-
Total professional tax paid is Rs.5000/-. out of this, Rs.4000/- is paid by employer and Rs.1000/- is paid by employee.
what will be the deduction from salary?

I need the,

Format of certificate to be issued by CA to the company making payment in foreign exchange out of india for services received.