Can someone explain me the COGS concept. ERP like Oracle Apps and few others follow the COGS Concept while accounting. Inorder to make accounts as per the New Schedule VI, how will Purchases be calculated?

Hi,

Please give your comments and suggestions for the case given below:


A company is preparing its financials for the first year. They have not commenced operations yet. Therefore the company is proposing to capitalize its expenses as pre-operative expenses to be written off from the year of commencement of operations. All expenses including depreciation on fixed assets is transferred to pre-operative expenses under miscellaneous expenditure. The company will not have Profit & Loss Account for the year.

Deferred taxation effect is not arising here. This will be considered with retrospective effect from the year of commencement of operations.

Is this procedure correct.

what should be the treatment of "share application money" in the books of investor keeping in view AS-13? Shall it be treated as investment or Loans & Advances. pl. support the answer with relevant case law, if any.

please let me know if website development isa capital expenditure and we can charge depreciation on it?

If yes, then at what rate Depreciation be Charged?

please tell me the simple technique of reconciling debtors and creditors. this is my email address : bipinpandey1979@yahoo.com

if you give me some example along with attach files, it will be very useful for me.

Dear friends,

Need your help in the below case:

1. Machinery sold to customer.
2. Servicing of machine done by us.
3. Damaged parts removed from machinery and sent to vendor for repairs.
4. Repaired parts received by us.

Please explain the flow of entries...

if life insurance paid by partnership firm in favor of partner what will be account entry in books of firm and what will be account entry in partners personal books of account??????



Thanks in advance

Hi!

I want to know that it is mandatory for a limited company )not a listed company) to prepare consolidated accounts. If yes kindly give me reference of that section.

Thanks in advance

a person has taken financial bank guarantee which he has given for taking some contracts.

what will be the accounting treatment of it.

explain the role and problems of disclousure..