Start accounting in new company

This query is : Resolved

FCMA CS Pardeep Khaneja (Querist)
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07 February 2012 Dear Experts

I have joined in a company in which commercial production yet to be started. Please guide me how to start accounting in that company.

Till know we are undergoing for registeration under Central Excise, VAT and Service Tax. We are having Sales office at banglore. Previously we are importing material from Headoffice Japan and selling it in india. Now we are going to start production in India. Please guide how to start accouting process in Capitaliztion, Accouting, Taxation etc.

Regards
Pardeep Khaneja

CA Parth Shah

CA Parth Shah (Expert)
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07 February 2012 Sir,
As you were already doing business and its not totally new business, the 1st activity you have to perform is Migration of data. Well, to start up with new accounting is not having any predefined procedure. Just keep on recording transactions as and when you incurr in light of Generally Accepted Accounting Practice regarding capitalization and other transactions.

FCMA CS Pardeep Khaneja

FCMA CS Pardeep Khaneja (Querist)
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20 March 2012 Sir

All the pre operative expenditure are capitalized or some of the expenses we have to book in profit and loss account. Please guide.

Regards
P Khaneja

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