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?

Hello Everyone,

I am solving a problem related to the calculation of Maximum Permission Financing for working capital requirement based on Tandon's committees recommendation and got stuck at one point.

A balance sheet of a company shows the following 1 item under liabilities section.

Secured loans 450 lacs

It also includes the following additional information i.e.
1. Secured loans include installments payable to financial institutions before March 31st, 2009 of Rs. 100 lacs

2. Secured loans include working capital facility expected from Zonal Bank Rs. 300 lacs.

In this scenario, what figure of secured loan should I include in the current liabilities while calculating the financing limit for a bank.

Thanks for your help

Regards,

Babu Shetty

I am working in a wholly owned subsidery which is wholly owned by a foreign company. We bill for them for the services provided. How do we account for the remittance received 1) Income 2) Inter-company transaction. 3) If "Income" are any taxes applicable on the Income received 2) If Intercompany then how to record those transations ? Please explain

Sir,

Could you pls guide me what is profit & loss appropriation account and what is the purpose of it.

pls expalin in detail.

Dear Sir,

If we want to show share stock (business) at market value at 31st March than what type of entry is required to be passed at the end to show unrealized gain or unrealized loss for that. And what entry and adjustment is made when actually sold the same?

Secondly for the fixed deposit that has been matured in next year if we want to make an entry for accrued interest than tds detail is required or we have to pass the entries for interest income only?

Hello sir,

I am appearing for JUne 2009 CA final exam first group. I would like to know whether AS 30. is applicable.


If it is so, please forward me the soft copy of the AS 30.

2) Whether AS (Accounting Statndards)is applicable for Trust.(non corporate enterprises).

3) is it compulsory to maintain the Fixed Asset register for the Trust.

4)what is the difference b/w Quoted & Unquoted investments?

5) Is there any Presentation on Guidance notes on Accounts & Gudidance note on Audit important for the June 2009 exam?

6) Rate of Depreciation under WDV method= 1-(scrap value/wdv value)^1/n

Can u please help me in solving this equation with an example.



with regards,

R. Gurucharan.

DEAR ALL,

TRADING STOCK & FIXED ASSETS ARE LOST BY FIRE. CLAIM IS FILED AGAINST IT.
QTY VALE
TRADING STOCK 1500KG 150000
COMPUTER 1 WDV 1000
CLAIM FILED FOR 150000 PLUS 20000 FOR NEW COMPUTER.
WHAT IS TREATMENT OF ENTRY.
PLZ EXPLAIN IN DETAIL.

Company voluntariliy follwoing AS 21 , 23 & 27 and preparing consolidated financial statements even if its not mandatory for this company. Whether auditor can sign such consolidated financial statements and whther company can submit same for ROC and other statutory purposes?

Dear All

Give a performa of balance confirmation form debtors/creditors as on 31.03.09

Harish