Whether inter unit transfers can be treated as sales?

I would kike to know more about the statutory & genaral reserves of companies ( different forms )in India & other Asian countries.


S.K.

Can Any one provide me syummary of all indian accounting standard as well as us accounting ?

And is there any diff in us accounting & indian if any one clear that to me then plz..........

Govt.company aquired 10000 sqrfitland on payment of Rs.1 for construction of a sub station of power as per notification issued by govt the market price of land is Rs.1000 per sqr fit.what will be accounting treatment in books of account.

Here is the question:

A, B, C & D were in partnership sharing p/l in the ratio of 4:3:2:1 respewctively. they decided to dissolve the firm on 31 Dec. 2006, when their B/s was as follows

Liabilities Amt Assets Amt.
Capital
A 7000 Cash 1000
B 4000 Debtors 25000
C 8000 Stock 12000
D 3000 B/R 7000
Bank Loan 10000 Loss 15000
Loan from B 4000
Creditor 24000
....... .......
60000 60000
....... ........

The Assets were realised as follows
a. Debtors Rs. 25,000
b. B/R Rs. 6,000
c. Stock Rs. 9,000
d. B & D were both become insolvent
Give Necessary a/cs in the books of the firm acc. to the Indian practice.


Now my question is

a. what should be the treatment of loss which is given in the question ? In how many of the partners will it be distributed?

b. Is it right to use Garner Vs Murray to solve the problem if not then what is the actual difference b/w Garner vs Murray and Indian Practice.

1)The duration of project in Software Industry normally is more than a year. AS-7 allows only completed contract method.In such scenario where the comapany cannot raise a invoice till the completion of the contract, but it has incurred some expenditure till the end of the year in performance of the contract, how does it deal with expenditure already incurred?

Is there a concept of 'WIP' in Software Industry?. I have not come accross 'WIP' in reports of IT companies.

2)If the company has received some advance based on milestones achieved, can this sum be deducted from expenditure already incurred and show remaining balance as WIP?

Kindly clarify.

Raw Materials are purchased by a company. The goods are transported through Goods Transportation Agency. The company pays service tax at an abated rate on behalf of the goods transport agency and no credit for service tax paid has been taken by the company.Can this service tax amount be added towards the cost of inventory in the books. If it can be done how will be treatment at the end of the year when closing stocks are physically verified and valued, as per AS-2

I want to know how to create closing stock a/c in tally.

I tried creating closing stock ledger under the group stock-in-hand and entered the opening stock value and entered the closing stock value, but closing stock did not appear either in p& l a/c or in the b/s .

please give your suggestions

Re sir\madam
we are authorised distributor of compressor and our clients are goverment bodies where we billed the client on 100% basis as per po term but, as per po payment terms our client only gives 90% amt against delivery and 10% after 6months to 1 years period after despatch
since we bill 100% our trunover increase and since we receives only 90% our cash flow get disturbed can we show remaining 10% as contingency provision ? since the 10% receivable is against performance bank guarantee and completion of erection and commissioning and acceptance by Client.
Since this affects the outflow and in form of heavy tax burden if the 10% amt turns in lakhs will we can postpon the tax liability to that extent please resolved the query to the earliest

Dear Sir and Mam,

Can you help to set up Fees for Itemization per position:

I am working as a Accounts Officer in one Company. Nature of Business for the company is Medical Transcrption and Software Concern Based on US Client.For the New Client we Charges a Set Up fees Per position is USD 2500/-

We Calculated the Set up Fees Based on the Exisiting Infrastructre. The Exisiting Infrastructre Developed based on OCB Loan from USA USD 96000. That amount has not been repaid still to date.But Our Client is not Accepted our Set up Fees Itemization Based on the Exiziting infrastructure.
Can You Help. It is Possible to Explain to our client based on any Laws or Accounting Rules as per the Indian Act or Give a Structure of Set up fees for Our Client