From the following figures and ratios, draw out a Balance Sheet

1)Fixed Assets/Turnover Ration (Cost of Goods Sold) 2

2)Debt Collection Period 2 months
3)Current Ratio 1.5
4)Debt Equity Ratio (Total Debt/Equity) 0.6

5)Current Liabilities to Net Worth 0.8
6)Reserves to Bank Balance 4
7)Consumption of Raw Materials 40% of Cost of sales

8)Stock of Raw Materials 3 months’ consumption

9)Stock of Finished Goods 15% of Cost of Sales

10)Bank Balance 1/30th of Sales
11)Fixed Assets Rs. 6,00,000
12)Gross Profit 1/5th of Sales

Dear professionals

Can a company completly substitute its articles with another set of articles.

The company became deemed public company but its articles were that of private company and according to the provisions of sec 43A of the cos. act the company can retain the identity of Public company.

Can co. alter its articles to have the provisions of public co. by substituting it with another set of articles.

Thanks&Regards
Deepika Bhardwaj

if we gives prompt pymt dis. to exort customers, dis should be debited to p&L or deducted from sales.
As nt a trade dis. should be debited to PL instead of reducing from sales.
But is there any backup fr this?? is the treatement we gives in PL is covered anywhere in AS or elsewhere??

i have one child and i getting educational allowance rs. 200/- p.m so how much amount deucted as deduction from taxable income

Dear Sirs/Madams,

I am seeking for yours assistance regarding following query.

My parents are joint owners of residencial flat.
My mother's name is shown as first owner and my father is second.
My parents has availed housing loan from financial institution.The loan amount with interest is debited from my mother's saving bank account. The said saving bank account is not a joint account.
I want to know can my father avail the Income tax Deduction u/s 24(2) int. on housing loan and section 80C -repayment of principal amount of loan as being one of the co-owner ?
My mother do not want to take the benefit of the above deductions.
If, my father can get deduction , then at what percentage i.e. 50% of int & repayment amount or full amount ?
Further guide me to which section or approved case in the Income Tax Act should I refer ?

i took loan for purchase of plot with a condition to start construction within two years. my query is i can claim deduction of principal amount in EMI from the year in which i took loan or can i claim it when i start my construction and also upto wat period if time.

Can a manufacturer and exporter purchase raw material used in the manufacture of finished goods for export against form H?

If no, what it the exporter's liability in case where he has purchased goods by issuing form H?

Thanks.

Respected sir,
In the assessment proceedings u/s 143(3) of the IT Act the AO has added about Rs. 30,00,000/- on the ground that some of the cash creditors were not doing transactions in their bank account since a long time. Beside this some of them opened their bank account before two or three days ago from their transactions. Even they are income tax assessee and filing their ROI regularly. All the balances are properly shown in their balance sheets.
Is it justifiable that the AO is making addition on these ground. If you have some case laws favoring the assessee's case then please suggest. My mail address is subhneelmishra@yahoo.co.in

Thanks with regards
(Subhash Mishra)

Gud evening Sir,
Sir i have a small query regarding my examination. I'm going to give my exams on june but still i didnt get the call for ITT classes. Last date of submitting the examination forms is 20/03/09. Is there any option so that i can be eligible for my exams.As my frndz were telling that till April classes were full in the institute and i can take provisional option and can give my exams in june and can do my ITT classes after my examinations.
Is this true? Plz help me ........

I have scored 165 marks (PASS) in Group-1 of Pcc-Nov.-2008 Exam.
But in Group-2 marks are as under

costing-60
I.Tax -63
I.tech -28
Total -151

So, in which subject i have to appeare and how much to score in it?

If there is less than 30-marks in any subject of the group,than I have to surrender exemption?

In one group one can have 2 exemption?