Should Depreciation be provided in th Books by the LESSOR of a Finance Lease Transactiion? If so, will IT- ACT also grants it?

Same Question- What about in OPERATING LEASE

What about in case of pure Hiring of machinery?

A Company's land is sold which generates huge profit. Since land is not subject to Depreciation, can the entire profit ( Cost minus sale price) be distributed by way of Dividends to Share holders ? .

Incidentally, kindly note that the ICAI's EACO ( refer Chartered Accountant - July 2000 issue) is to credit the entire sale proceeds to the P & L Account, the above said profit csn not to be included for computing profit under under Sec. 349 (3)(d) of the Companies Act, 1956 for payment of commission to the managerial Commission.

Repeatedly, what about paying Dividend on the profit on sale of Immovable property?

Hi,

I did't  clear any group of PE-2 held in May2008  so I want to appear  for the same in extended attempt which will be held in Nov 2008 and May 2009 ..kindly advise can i directly appear for the exam  or do I have to  convert   in to PCC. Kindly Assist.

God bless

Shwetha .

Hi all,

Suppose Mr. X is an employee of ABC Co. Ltd. The Company has a movie camera (Original cost Rs.60,000/- and W.D.V Rs.50,000/-)and the same is a fixed asset as per books of accounts of the Company. Mr. X has given charge to take care of the movie cam. One day the same has been reported as lost by Mr. X to his employer. Mr. X wants to compensate for this. Accordingly, he has purchased a new movie camera (having higher technical advantage than the previous one) without informing his employer at a cost of Rs.35,000/- and collected the bill in the name of M/s ABC Co. Ltd. He then prays before the management to accept this. Now, my questions are:
1. Would it be right for the ABC Co. Ltd. to accept proposal of Mr. X?
2. If ABC Co. Ltd. accepts the proposal of Mr. X and takes possession of the new movie camera then what accounting entry is require to be passed?

Please reply in detail with correct accounting treatment and figures in respect of above situation.

In a partnership question, there is loss due to insolvency of one partner.
Nothing has been given about the ratio, in which the loss is to be borne by remaining partners.

Then, whether
a) loss will be borne in PSR by partners or
b) as per Garner vs. Murray

Should the student make note of it or

I wish to know practically how to account for an export bill for say 10,000.00 USD.

Exchange rate as on which date should be used? The date of invoice?, The date of Shipping Bill? or the date of Bill of Lading?

Also, which exchange rate do we use? Do we use the customs notified rate for the particular month? Do we contact our banker, who is to receive the foreign exchange, for its TT buying rate for that particular day? or can we use rates given in websites such as x-rates.com?

Regards

Dear All,

We are undergoing implemation of a project within our plant premises.In relation to that project we have been incurring following Exps.

1. Deposit of fee to Govt Body for availing their premission to use Govt. Land and electricity lines.

2.we have erected some structure outside our plant premises for commissioning of Towers etc.

As These towers are outside our plant can we capitalise the same?

I have incured loss on sale of share.

I want to carry forward this loss to next year.

For this, i want to sold my share to my friend without paying STT.

Am i right or not?

what is stamp duty?on wat it is applicable...
is it the amt of stamp paper which we use or purchase for some purposes?or other than the amt of stamp paper...if i purchase a stamp paper of rs 100,i;e i have paid rs 100 stamp duty?WHAT IS THE CRITERIA FOR APPLYING THE STAMP DUTY?

Hello,
I have few doubts regarding EPCG LICENSE.
1) Can any one tell me what is the use of invalidation letter & Ammendment Sheet in EPCG LICENCE.

2) As the excise duty at present is 14.42% is it possible to make the payment without excise duty (sale against EPCG LICENCE).But the supplier is not accepting for the same. Can any one tell me why like that.

Regards
k.ravi