Revenue and costs arising on account of a contract are to be recognised based on percentage completion method as per AS. But, is there any concept of "average profit" prevailing in AS 7 based on which we have to recognise profits from a contract on the basis of average profits from such contract . If yes, kindly explain with the help of an example, and if not, kindly explain on what basis profits will have to be recognised.

pls any body help me to know what is the depreciation pocedure & rate for livestock

SIR I WOULD LIKE TO KNOW REGARDING AS-16 IS BORROWING COST APPLICABLE ON INVESTMENT?
IT MEANS IF I HAVE A BUILDING IN INVESTMENT SCHEDULE THAN CAN I APPLY AS-16? AND CAN I INCLUDE INTEREST ON LOAN AMOUNT IN THE INVESTMENT SCHEDULE?


pls sir reply as soon as possible

can somebody tel me how to add the over heads to per unit cost and arrived at the selling price.

i've arrived at per kg and want to add all the overheads to it like salaries, rent etc...........

Dear sir/s
what is the right entry of Insurance Premium of any Individual having Profit/income from Business/Profession ?
1) Do we take LI Prem to Capital A/c ? Can We reduced the account of Capital ?
Pls tell me which is right
(A) Capital A/c Dr.
Cash/Bank Cr.
(Nr. Payment of Insuarnce Premium)
(B) Insurance Premium (Assets) Dr.
Cash/Bank Cr.
(Nr. Payment of Insuarnce Premium)

Afterthen Pls tell me if Insurance Premium for ULIP Plan and we will be refundable the amount after the Maturity of Plan when we have to take those amount in Entry.

Most imp :- Pls tell me where we have to take the Premium Payment Amount & Refunded Amount Difference in Accounts on the above case.

Pls guide me in that matter
pls send me any file on my emil ID related to this Query
my Email ID is murtaza_bhagat786@rediffmail.com

Thanks for your advise in Advance

Sir, I need Balance Sheet & P&L A/c Format (in Excel) for the FY 2008-09 to maintain an Account of a Salaried Person.
My E-mail ID : mhlaskar@gmail.com
:: VERY URGENT ::

we are Pre-Engineered Building manufacturer...Can anybody help me in framing tax structure for Pre-Engineered Building ...we are both manufacturer and service provider...is there any friend working with company with same product...

Ours is a State Transport Corporation.
We are using Electronic Ticketing Machine for issue of Tickets to the Travelling public. This has an in built system for generation of tickets, invoices and other related documents. It has got an inbuilt program to update the data in the main computer so that other remittance, reconciliation, initialisation for subsequent use.

QUERY: What is the depreciation rate under i) Income Tax Act
ii)Companies Act.

If a trader in commodities with actual investment of Rs 1,00,000/- but with a turnover of Rs 1,00,00,000/- and loss of Rs 5,00,000/-. Will he have to get his books of accounts audited?
If not how will the sales be accounted for?