Is it possible to convert a certain amount of Creditors(Who was silent for the last 5 years) into Reserves as per AS

Can a certain amount of Creditors(if they are silent for 4 years) be converted into Reserves as per AS

How should the accounts of a person dealing in sim cards and recharge cards be maintained? e.g. A person purchases recharge cards of Rs.100 at Rs.90 from a Company and sells the same at Rs.100. In what manner the difference of Rs.10 be accounted for so as to avoid any provisions of Tax Audit.

How to pass entries for Issue of Right shares

In Hire purchase accounting the vendor deals in both cash sales and HP sales such being the case, the stock reserve for closing HP stock is to be ascertained using the loading percentage on HP price, will the loading has to be computed by HP price - Cash Price Or HP Price - Cost Price?

Dear all

Please give me accountind entry in case if a firm purchase material from b , & b sent the material to a , & a give advanced payment for material , & material loss in transit

that the time what entry we will pass in a book & insurance calim received after one month from the date of loss in trasit ,


ple give reply


thanks

Dear Sir,

I would like to know the accounting treatment of free gift along with Fixed asset purchase.
Eg: If 10 gm of Gold Bar(M.V)-Rs.10000 is been gifted along with the Car(Cost)- rs. 10,00,000 then plz tell me the accounting treatment i.e, jounal entry.

1. sale of motor car in a patnership firm to company .

2. whether cost will be original cost -deprecition as per company act 1956 or dep . as per income tax for the year 2008-09 also .

3. any income tax liability involved.

4. any sales tax liability /vat is involved

1. sale of motor car in a patnership firm to company .

2. whether cost will be original cost -deprecition as per company act 1956 or dep . as per income tax for the year 2008-09 also .

3. any income tax liability involved.

4. any sales tax liability /vat is involved

I want to know what is the rate of depreciation on two wheelers used in the business.

Thanks