Bhaskaran Chackrapani Warrier's Expert Profile

Queries Replied : 22307

Graduate of Kerala University.

Fellow member of ICAI.

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VISHNU SEKHAR S S says : Bill of exchange
sir, pls give me a breaf explanation about bill of exchange & corresponding journal entries.

Sindhuja Naveen says : Cell phone bussiness
Dear Sir I am already running a cell phone & laptop repairs & service shop. But i need to get a subsidy loan so what i have to do step by step to avail a bank loan at a low rate of interest. 1. I have to create a lease agreement....? please send the format. 2. I need to get a MSME registration certificate. so what is the procedure sir. Please advice me and provide your help sir.

kfgfgdfgffdfd says : sire onnu reply cheyyuga
the accounting policy for 2012-13 is closing stock value of raw material= cost price or market price whichever is is lower 31/03/13- 500 kgs for which costprice is 108 and market price is 100 therefore closing stock value is 500 x 100 = 50000 as on 31/03/13 closing stock of 2012-13 is opening stock of 2013-14 so which of the following is correct working 1 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 consump 500 kgs rs 54000 (108 rs (cp as given above) x 500 kgs) clsng stoc 100 kgs rs 6000 or working 2 o/s 500 kgs rs 50000 purch 100 kgs rs 10000 consump 500 kgs rs 54000 (100 rs (mp as given above) x 500 kgs) clsng stoc 100 kgs rs 10000 ASSUMING ONLY THE OPENING STOCK IS CONSUMED IN THAT MONTH AND NOT THE GOODS PURCHASED DURING THAT MONTH.Which rate is to be applied to determine the value of consumption -opening stock rate or actual cost price?

Harish Shrimali says : Consumable or Power & Fuel.
A manufacturing unit used Furnace oil for the purpose of heat treatment of the material manufactured (Explosive item. It is a mandatory process under Explosive Rule & without which onward process should not be supposed). Here, Furnace oil burnt in a Furnace machine covered (inside) with Fire bricks and material get heat treatment in the machine. I think in this case, Furnace oil should come under consumable item and not under Power & fuel. Where, we should claim CENVAT and VAT credit on the Furnace oil. Please help.

bhavik mehta says : Query regarding form 27C
Dear Sir, In reply to the your query regarding the Form27C Filling, I have a query that in case asessee has not file the Form 27C after collecting the forms , is it valid if assessee file all the Form 27C with Commissioner along with condonation of Delay.??? Thank u sir.