can u suggest me the accounting treatment for import purchases when the payment was made in advance

Hi,

In cash flow statement of parent company(stand-alone), the company has advanced loans/advances i)to its subsidiary and ii) to its jointly controlled entity.

Under which head should it (i & ii above) be reported (in stand alone CashFlow statement)-- is it financing activity / investing activity / operating activity

While seeing the Balance Sheets of few reputed listed companies ( stand -alone only), I found that one has shown it under "Investing activity " and the other under " Financing activity" . Iam confused.

Plz clarify my doubt. Urgent

Hi,

Where shall loans/advances given to Joint ventures be disclosed in the stand -alone Balance Sheet

1) Loan to Jointly controlled entity @ 10% -- As per AS 27 shall it be disclosed under "Current Assets, Loans & Advances" or is it under "Investments" head.

2) Advances to JV Jointly controlled entity --- is it disclosed under under "Current Assets, Loans & Advances" or is it under "Investments" head.

Plz elaborate as per AS 27

How are the above disclosed in sttand-alone balance sheet of the parent company?

Sir,

i am conducting audit of company. I have to check the Margin Money and Bank Guarantee. so, which documents is required to check the above.what shuold i keep in mind to complete checking of Margin Money and Bank Gaurantee. What is margin money and bank gaurantee.

thanks

What are the contents of Audit Manual?

Suppose commercial production starts from the date 1 apl 08. What about foreign exchange gain or loss for the period prior to 1 apl -08 arising on the assets purchased. Whether the same needs to be capitalised as pre operative expenses?

Sir,
If purchases net of VAT exceed 40.00 Lacs and sales net of VAT does not exceed , then in that case whether Tax Audit is compulsory or not?

hi all
can anyone provide me checklist for a construction company (internal audit).

Dear Sir,

Depreciation as per books is Rs1.40lacs and as per Income Tax Laws is Rs1.50lacs.

On RS 10,000/- (ie 1.50-1.40) DTL is created @33.66% am i right in doing so?
Shall i create DTA in respect of the same

Method followed for Depriciation in book is WDV

Regards,
Pratik

Sir,

If a company is having Net sales of Rs.38.10 lakhs + Sales Tax Rs. 2.45 = Gross turn over Rs. 40.55

Or Professional receipts Rs. 9.00 lakhs + Service Tax Rs. 1.11 lakhs = Total receipts Rs. 10.11 lakhs.

Then whether tax audit is required