What is the accounting treatment for repairs due to an accident on vehicle used for the purpose of company and subsequently some amount recovered from insurance co.

FRIENDS,

MY QUERY IS GIVEN AS BELOW:

A COMPANY RAISED IN JUNE 2007 USD 50 MILLION THROUGH FCCB REPAYABLE ON OR BEFORE JUNE 2012 BY-

I) ISSUE OF EQUITY SHARES OF RS 10 EACH @ RS. 1,000, OR

II) PAYMENT OF CASH AT A PREMIUM OF 45%.

IN OCT 2008 COMPANY'S SHARE WAS TRADING AT RS. 325 EACH IN BSE.

COMPANY DECIDES TO REDEEM FCCB WORTH USD 25 MILLION BY ISSUE OF EQUITY SHARES AS IT'S FACING LIQUIDITY CRUNCH.

TO GIVE EFFECT TO ABOVE SCHEME COMPANY BUY BACK 12,50,000 SHARES @ RS. 350 EACH.
AFTER BUY BACK IT REDEEMS FCCB OF USD 25 MILLION BY ISSUING THE 25,000 SHARES @ RS. 1000 EACH TO FCCB HOLDERS.

NOW WHAT WILL BE THE ENTRIES IN THE BOOKS FOR THE BUY BACK OF SHARES & REDEMPTION OF FCCB. ?

PLEASE ANSWER IN ELABORATIVE MANNER.

I have one Dought regarding Valuation of Shares as closing Stocks. Can we Value them at Cost ?

what is capital goods? Examples of capital goods.

I am having a PPF a/c of my HUF operational from last 10 years. The first block of 15 years is not complete and will be complete in 2014. 1. Can I continue to subscribe Rs. 70000/- per year 2. Will I earn interest in this A/c for the previous amount and for amounts invested upto 2014 ? 3. Can I claim exemption under section 80-C from Income Tax for HUF.
Please advise.
Thanks and Regards
Rajesh

HI,

Vehicle is not owned by coy. But petrol expenses reimbursed to directors for their own car used for official and personal use. where to account this exp. in vehicle maint. or Local conv.

Dear Experts,

I m activated feature in Tally INTEGRATE ACCOUNT WITH INVENTORY.

I want to change value of closing stock.

How can i do this. please advice

hi, i wish to know which accounting standards (AS) are important from exam point of view for PCC Nov'09? Also plz refer some good books for the same which can help me in preparing for the AS (both theory and practical)

regards
amita

Suppose "A Co." has taken Foreign Currency working capital loan of Us$7,40,000 from a nationalised bank and same day/8th July'08 entered into a forward contract @ 44.935 with Delivery date 6th Aug'09.

Us$ rate 31st march'09 -50.53
Forward rate 31st march'09 -51.98

What will be gain/loss as at 31st march'09

Can anyone give me the deatil list of acounting entries to be passed for provision of Income tax.alongwith the advance tax paid and TDS receivable.

Whether the entries for provision of TAx are shown net of advance tax, tds receivable, provision written back etc or the advance tax,TDS is shown separate?