sir, for calculation of deferred tax asset/liability whether the following differences will be considered as timing difference ?
1. profit on sale of fixed asset
2. profit on sale of shares which is exempt
u/s 10(38)
3. profit on sales of listed security where indexation facility opted and tax paid @20%

Dear sir its very urgent.
I have join a small firm. The firm hasn't keep the books of accounts. So I had prepared the chart of accounts. Now I have a doubt. How to account the Fixed assets. There are number of Fixed assets like Furniture, computers, Fixtures and so on. assets are purchased on different months and different years, some of them have no purchase bills.
So how can I prepare the fixed assets ledger and old depreciation.
OR
Depreciation start with current year accounts with original cost (Purchase price)
Thanks in advance.

26.05.2009 (PVT LTD) our company computers purchased on credit 52120/-
10.06.2009 our company computers purchased on credit 35500/-
07.07.2009 our company computers purchased on credit 5375/-
05.08.2009 our company computers purchased on cash 26520/-
04.12.2009 our company computers purchased on cash 40400/-

but they dep calculated 17539/-

passed jv

accumulate depreciation on computers a/c Dr 17539/-

To Depreciation a/c 17539/-

what is the calculation

Dear sir please give me solution for my Que:
A firm has sales of `75,00,000 variable cost of `42,00,000 and fixed cost of
`6,00,000.It has a debt of `45,00,000 at 9% interest and equity of `55,00,000. At what level
of sales, the EBIT of the firm will be equal to zero?
And at what level of Sales, the EBT of the firm will be equal to zero?
Please Give detail calculation!

Para 12 of AS-2 is as under.
Interest and other borrowing costs are usually considered as not relating to bringing the inventories to their present location and condition and are, therefore, usually not included in the cost of inventories.

As per AS-16 "Borrowing costs are interest and other costs incurred by an enterprise in connection with the borrowing of funds."
and
"A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale."

Para 15 of AS-16 is as under.
Expenditure on a qualifying asset includes only such expenditure that has resulted in payments of cash, transfers of other assets or the assumption of interest-bearing liabilities. Expenditure is reduced by any progress payments received and grants received in connection with the asset (see Accounting Standard 12, Accounting for Government Grants). The average carrying amount of the asset during a period, including borrowing costs previously capitalized, is normally a reasonable approximation of the expenditure to which the capitalization rate is applied in that period.

Now, the question is as under.
Interest cost should not form part of inventory as per AS-2 as said above. But, relevant provisions of AS-16 provides for the capitalisation of borrowing cost related with even inventories by using the words "for its intended use or sale", "progress payment received".

So, why such controversies are there between these two Accounting Standards?
And How to resolve it?

sir i am working in a chartered accountants firm as a paid staff.I am very much confused about passing the entry of deferred tax asset/liability in the books. please guide me how the entry will be passed

one of our client took a place for rent for business premises.
the furnitures were already built in by the earlier tenant. this company purchase the same for 1 cr. where as the bill available for 70 Lacs only . can u please help me how i need to account the same. and on what amount i need to charge depriciation.

Good Morning everyone.
I have a Query Regarding Live tax paid on purchase of vehicle.
What is the Accounting treatment for the same , should it be capitalise or charged to revenue ?

In which report of tally, Dispatch Document No is available which I have entered while passing sales voucher. I require to export this report in excel / .csv / xml or even text file.

Please help me out.


Regards,
Martin

why preference shares can't be redeemed when they are partly paid up.why we have to convert first into fully paid up and then redeemed it.whats the logic behind that?