Dear all,
Please solve the query-
A purchased a machine in Jan.2010 for Rs. 1100000/- for which he paid Rs. 1000000/- at the time of purchase and rest amount was to be paid after 180 days successfully running of machine. The machine could not run well even for 100 days and A had to spend huge amount on repairs in april 2010. He did not pay the seller the remaining amount of Rs. 100000/- for which the seller could agree only upto may 2011. The due amount was shown in balance sheets of 2009-10 and 2010-11 as payable.
Now,in 2011-12, A wants to delete that entry. What should be the proper treatment . Please suggest.
Thanks

hey experts..

Facts:
company is engaging in trading business, he purchase goods from india as well as outside india.

Query:

1)What is the treatment if goods purchase from outside india and it is still on the way or not received yet and payment has been made in advance,and invoice for this is already been received,

eg.
Value of Goods- 100000$
Date of Purchase- 1/1/12(rate 42 RS/$)
Invoice received- 1/2/12
payment details-
part payment - 60000$ on 1/2/12 (Rs/$ 43)
final payment- 40000$ on 22/2/12 (Rs/$ 44)

suggest-
1) When should i recognized purchase?
2) is it possible to recognized purchase in next year?
3) what should be the treatment as per AS 11?
4) Can we recognized payment as advance for purchase in last year, if yes then what is the treatment of fluctuation of rate as per AS 11?
5) what will happen if only part payment is made and final payment is made after 31 march?

plz do repaly...

Hey Friends,

Please help me with this,

As I know Capitalisation of Fixed Assets will on the date of Installation or say on Put to use date.

Suppose My business is of Projectors which I Sale as well as give on rental basis,

So I Purchase any Projector I treat it in Stock & any Projector when I Rental I Transfer it to Fixed Asset

My Question is if I Want to Transfer One Projector From My Opening Stock How & What will be treatment for this??

Journal Entry for the same in Tally ERP 9??

Sir,
I am doing accounting work in Tally
my client dealing with shares around more than 100 scripts last 20 years with huge turnover

How can I maintain all this with stock in Tally or any good software if any has please clarify

Thanking you
Vikas

My client has paid ROC fees to increase the authorised capital. same has been shown as advance in asset side on 31st march.

As the company is going to issue share on 10th of may they are saying they will adjust it with share premium.

Please tell the correct accounting treatment of the expense. and please give the reference of Accounting standard or companies act.

Thanks in Advance

Regards
Piyush

An FD matures in 180 days and was entered on 1 January 2012. At the end of March 2012, how should we recognise the accrued interest. Should we recognise TDS on accrued interest or else we should recognise only accrued interest.
My question is TDS would be deducted only on 30 June 2012. So do we need pass TDS deduction entry too as at 31 March 2012.

please tell me in cashflow statement inome before change in working capital should include increase or decrease in short or lonng capital or not

Recently I have come across a strange matter..Let me share it with you.

One person purchased some land/plot of Rs 40,00,000/- in cash in the name of Company on stamped agreement (dastavej) in January-2012(Say 20 January when transaction occured)

Company Incorporation date is 3 days after the above agreement date.(Say 23rd January-Certificate of Incorporation)

Company doesnt have any machinery or loan etc till 31-3-2012..It has only 1 Lakh Authorised Share Capital..


Now how to adjust such transaction in book?

*
Please Note That In Stamped agreement, the wordings were

...in the name of...Mr XYZ, director of ABC Pvt Ltd..

Stamp Paper were purchased in the name of
ABC Pvt Ltd..

Will it be consider as property of company or Individual?

If it is of Individual..Can company Accept/Reject it?
What is the Time period for passing resolution or any procedure?

Please tell me when the adjustment entry of advance tax and tds are required to be made agains provision for income tax?

Hi,

In one T?B which I am finalizing now; there are lot of sundry debtors accounts with credit balances [ reason includes- giving discounts, excess payments etc.] there is a rare possibility that we will call and pay back the same to sundry debtors.

What is the recommended accounting treatment ?
Is there any 3 year criteria involved?
Any AS deals with this?

Ours is a listed company.

Shall I credit the said credit balances to P&L ?

Reagards
anil.india