In Office we pay monthly salary and account once in a month and pay PF & ESI accordingly.

In FActory we pay weekly wages. In this case how to account wages for the particular month and calculate PF & ESI. Since for calculating PF & ESI calender month wage will be taken. Whereas payment will be based on weekly which will not exactly ends up by month end.

Advance thanks for clarification

Cheques become stale after the expiry of six months from the cheque date. The bank may dishonour the same and on confirmation from the drawer it can be paid.

However, i want to confirm the liability of the banker in case it makes payment against a stale cheque. Please mention the relevant section also.

A company purchased some Machinery and it is received in Factory on 1st Mar 09. Bill from Vendor is dated 25th Feb 09. After all installations and work, the Machinery gets ready to be used on 15th Apr 09 whereas it is actually put to use on 1st May 09.
a) Now, When the Machinery be taken into books?
b) Will dep be charged for 2008-09 either in Cos Act or Income Tax Act?
c) What will be date from which dep should be calculated?
d) Any other statuatory requirement if applies?

Respected Experts,
Through the 2 years (2007-08 & 2008-09) Balance sheet figure can we find the current year's (2008-09) Sales turnover.

If so, kindly guide me.

My company's retirement benefits funds are handled by LIC for Gratuity and Superannuation. Based on tle actuaral valuation, premiums are charegd by LIC every Year. They provide us actuary ciertificate in this manner and the bases of calculating premium.

My question is , since LIC does autural valuation every eayr, whether, company must do actural valuation on its own for compliance of AS 15

A firm uses crane for its manufacturing unit.. it also let it on rent at times. Would this income be part of manufacturing A/c or P&L a/c..

How to account for investment in associate in case where the associate was the subsidiary of the holding company and due to allotment of share of subsidiary it becomes associates?

As provisions are made on estimated basis they are not accurate. I want to know whether the year end provision is to be reversed in the next year or the bills are to booked against them.

Also as TDS is also applicable on provisions then how to make their payment.

Dear All,
can any one explain me what is contra A/C and what type of transaction is to be passed in this a/c.(answer will be highly appreciated)

thanks
regards,
shabbir

CAN ANY ONE SUGGEST as we do in AS 20 EPS... IF RIGHT SHARES ARE ISSUED , N WE CALCULATE WEIGHTED NO OF SHARES..... SUPPOSE IN CASE OF DIVIDENDS.. WE HAVE 1000 SHARES ALREADY ISSUED.WE ISSUE 1000 RIGHT SHARES ON 1 JAN... DIV DECLARED ON 31 MARCH...10 %... SHALL WE TREAT IT ON 2000 SHARES OR EQUIVALENT SHARES. 1250(1000{ORIGINAL} + 1000{RIGHT}*3/12).
thnx in advance