Our Company income is commission on sale.

we raise the bill of current month of commission in next month.

i want to know that in which month we Should record the commission income, in the current month or next month when we raise the bill.

Dear Sir
I have query regarding Foreign Exchange Fluctuations Arising Through Amounts Payable To Suppliers ( Creditors ). e.g. We Have imported certain machines From Supplier Of China which are to be capitalised . The Cost of machines is USD 10000 , on the date import the conversion rate of indian currency is Rs. 54/- . The Purchase is booked accordingly ( 10000*54) For Rs.540000/-. Now on the date of Payment the USD rate is Rs.58/- . Means we have to Pay Rs.580000/- ( USD 10000*58 ) . Now my question is whether this loss of Rs.40000/- ( 10000*54 (-) 10000*58 ) should be assigned to the cost of acquisition of Fixed Asset Or should be shown in P & L a/c.
your guidance in this regard will be highly appreciated

I have a Query about recording of Purchase Bills in below mentioned situation.

X and Y are two sister concerns and has trading business. Y has purchased some of the goods in behalf of X for which X has passed journal entries in its books of accounts as purchase and has paid the amount by cheque. However the purchase bills are in the name of Y.

So how to treat these transactions in the books of both the firms?

A CIRCUS OWNER OWNS ELEPHANT. WILL IT BE TREATED AS FIXED ASSET ? IS IT DEPRECIABLE ASSET ?

WHAT WOULD BE ACCOUNTING ENTRY ON DEATH OF ELEPHANT.?

ANSWER ALL QUESTIONS SEPARATELY PLEASE.

I have few queries.

1) Proprietor expired in the middle of a F.Y. The business of the proprietor was inherited by his son. Father was not maintaining any records relating to stocks of the business.The closing stock at the end of the year was to be on the basis of proprietor and it is not practicable to physically count the stock on the day of his expiry. how to calculate the value of stock on the day of his fathers expiry?

2) If in the above situation father had 4 son's, 3 of them do not want any share of the business and wanted to give their share to the 4th son, what can be done in that situation? can they make a MOU to extinguish their rights in the business?

3) How the return is to be filed of the father as well as the son who inherited the business?

in case of banking companies if the amount of principal or / and interest remains undue for more than 90 days it becomes npa and after that it is categorised into sub standard asset and now provision of 10% is to be created for a period of not more than 12 months. my question is whether 90 days to included in 12 months or not?

Can Capital subsidy received from government, investment allowance reserve, and tuf shown under general reserve in the revised schedule vi?

sir what exactly is the difference between unpaid and payable?

Sir,
Our company is a small listed company listed at BSE. Now we have to modify the objects of the company.

1. Is it sufficient to put in AGM Approval
or
2. We have to conduct Postal ballot is compulsorily?

Pl. advise the procedure.

Here is a query
A newly formed company wants to issue cumulative preference share
The divided will be paid as equity shares
can the dividend be converted into equity shares in case there is no profit in the company and reserves are also negative.

do we need to show dividend payable every year or only at the time of conversion

please answer