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

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