Please guide that in new Schedule VI, the preliminary/preoperative expenses have to be written off completely in the Profit & Loss or only 1/5th portion would be written off for the FY 2011-12.

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

Sir,
A compound wall constructed by a company in its own land and shown seperately in the books as compound wall and capitalized the same.
Can i direct them to add the expenses incured for the construction of compound wall to the cost of land?

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?

There are Rs. 85000/- of Service tax
Payable and input service tax of Rs. 8000/- in F.Y 2010-2011.

Service tax payable Rs. 85000/- shown in the balance sheet but neither input service tax credit of Rs. 8000/- set off against service tax payable nor shown in balance sheet.

Now service tax payment made of Rs. 77000/- after set off input service tax of Rs. 8000/- in 2011-2012. Hence Balance Shown in Service tax Payable A/c is Rs. 8000/- in F.Y 2011-2012.

How to treat input service tax of Rs. 8000/- in F.Y. 2011-2012

Please Reply soon....

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

Dear Experts and Professionals

One of my friend father who is having DAAL MILL manufacturing & processing of DAAL. The stock (F.G.S) of which is valued on "MARKET PRICE" basis.

Is it correct to value the same on Market Price basis? As-2 suggest to value Clo. Stock of F.G.S on Cost or M.P which ever is lower.

When i pointed out about deviation from AS-2, he invite my attention that he is valuing Clo. Stk. on M.P (which is higher then the cost price) and the A.O does not have any objection in accepting higher stock.

Further the auditor also reported in audit report that the valuation at Market Price is in line with Sec.145(A) of I.T Act 1961.


Please suggest me the correct treatment. Also clarify what are the possible outcome is valuation at M.P is adopted.

thanking you

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

i have purchased additional 10 ups costing me Rs 20000 ( Rs 2000 per piece x 10 ).
whether it should be capitalised or expensed of ????