Whether Accounting Standard is mandatory for individual businessman And Partnership Firm
A businessmen is engaged in construction business.
He transfer all the expenses to WIP.
He follows the completed contract method for construction business.
Whether such practice is allowed or he has to follow AS-7.
HOW IS THE ACCOUNTING FOR BUILT OWN TRANSFER "BOT" CARRIED OUT IN THE BOOKS OF TRANSFEROR AND TRANSFEREE. IS THERE ANY ACCCOUNTING STANDARD IN THIS REGARD?
Hai,
I have one doubt about fixed asset buyback. We have purchase a new EPBX and sale the old one ie in the buy back scheme. Actual value of New set Rs.28,000/-, Old set Rs.10,000/- the net amount, actual they billed in the invoice Rs.18,000.
What was the treatment in our books of accounts?
Whether it is true the invoice show only the net value ? or how it show?
Shall we accounted the net amount?
Pls help me its urgent............
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APPLICABLITY OF AS