My question is as a Advocate, Advocate is mainting his accounts on payment and receipt basis. He received a demand draft dated 31.03.08 in april 5th Fy 2008-09 from his Company client, Company has deducted TDS on this payment. My question is :- What accounting entry is to be passed in Advocate Books and what will be the impact of TDS certificate for the FY 2007-08.
Reply please.

in case of accounting for private limited company who is engaged in investments in derivative segment-
Whether the daily mark to market margins as accounted at the broker's end should be accounted on daily basis for each future contract upto its settlement/sqarring up?

The movement of the funds will not have direct bearing on my bank account rather it will affect my fund account maintained by the broker. While accounting in the books of company, whether one needs to also maintain mirror account of the brokers transactions in the Fund Account?

Please guide on the accounting treatment to be given in the Company's Books.

ICAI has come up with AS 30/31/32 which follows IAS 39. As per the standard there is no material difference between AS 30/31/32 and IAS 39.
Q. So, is it an exact copy-cat of IAS 39 or there are some changes to take care of Indian Scenario?
Q. When it is said, there are no material deifference, is there still some difference between IAS 39 & AS 30/31/32?

Many thanks
Vikash Rajgaria

Hi all
please tell me the treatment of assets of Rs.5000 or less under company law for following:

1) Do we need to apply this concept on initial Build out capital expense for a new site?

2) Suppose we have bought 1000 chairs of Rs.4800 each for setting up a new site, do we need to expense it off in a single year.
i have a similar query for the bulk purchase of Headsets and telecom equipments individually costing less than Rs.5000 purchased for setting up a new site?

what is meant by the debtors and creditors reconsilation?

We are about to finalise 31.03.2008 balance sheets of all the companies. In this situation, if the court orders for amalgamation w.e.f., 31.03.2005, then what shall be the base balance sheet of transferor company to include in tranferee company. If 31.03.2005 is the base balance sheet, what will be the effect of transactions occurred during the period 01.04.2005 to 31.03.2008

what are the account finalisation points of propritorship as well as company?

1. why is balance sheet not prepared in this system?

2. " non cost transactions are fully recorded by this system". what does this sentence mean and signify?

3. Why do we have to reconcile profits in this system?

1. why is balance sheet not prepared in this system?

2. " non cost transactions are fully recorded by this system". what does this sentence mean and signify?

3. Why do we have to reconcile profits in this system?

1. why is balance sheet not prepared in this system?

2. " non cost transactions are fully recorded by this system". what does this sentence mean and signify?

3. Why do we have to reconcile profits in this system?