07-10-2009, 07:06 PM
" have already mentioned that these assets are property of company and will be shown to enhance its net worth, whether used by company or any of its employees, it will remain the property of the company and depreciation will also be charged in its accounts."
Our problem is that we are not willing to listen to anybody and always trying to assert our orders.
i have said 100 times that this is private company having only one director.which means it is a single member company and its director is also its owner. when a capital(asset) is introduced into the business by its owner we make following entry
ASSET DR.
CAPITAL CR.
these assets have always been the property of director who introduced it as capital.they are never the property of the company.
now that they are not used for business purpose then as i said before they will be treated as
CAPITAL DR.
ASSET CR.
BUT instead of quoting or mentioning any IFRS sections u keep on saying i have said,i have mentioned etc etc. who ever u r and whatever ur qualification is keep ur orders to urself.dont try to assert it over others.
is adami ko sawal samjata samjata aik week ho gia ha.plz somebody else come and help me.
he is trying to be a professional aur believes that depreciation calculate karna sa is ki azat ma koi faraq par gai ga. Depreciation professional calculate nai karta tu kia chaprasi calculate karta ha.
i know this is a professional forum but i advise u to read professional ethics for accountants (of whichever body u belong too) time and agian.
i am here to increase my knowledge through different queries.i m not competing with u.whoever u r and whatever ur quaiification is,it does not matter to me.have patience or plz dont reply.
"At last your question "I QUOTE SUBSECTION (8) OF SECTION 13"
Answer
There is again misunderstanding of your concepts,
This para indicates that "if an asset has been provided by a company to its employee at concession, then only such part shall be included in taxable income of employee, which has actually been borne by the company i.e. An asset of worth 10,000 has been given by a company to its employee at Rs. 2,000 then Rs. 8,000 ( bore by company)will be included in taxable income of employee."
once again although i wrongly quoted as subsection (8) of section 13 instead of subsection (13) of 13 but i completely pasted the whole subsection 13 in my earlier post.
This clearly proves that u r just trying to find faults in others post and not using this forum constructively.u r even not bothering to completely read the others post.hahahahahha.
Our problem is that we are not willing to listen to anybody and always trying to assert our orders.
i have said 100 times that this is private company having only one director.which means it is a single member company and its director is also its owner. when a capital(asset) is introduced into the business by its owner we make following entry
ASSET DR.
CAPITAL CR.
these assets have always been the property of director who introduced it as capital.they are never the property of the company.
now that they are not used for business purpose then as i said before they will be treated as
CAPITAL DR.
ASSET CR.
BUT instead of quoting or mentioning any IFRS sections u keep on saying i have said,i have mentioned etc etc. who ever u r and whatever ur qualification is keep ur orders to urself.dont try to assert it over others.
is adami ko sawal samjata samjata aik week ho gia ha.plz somebody else come and help me.
he is trying to be a professional aur believes that depreciation calculate karna sa is ki azat ma koi faraq par gai ga. Depreciation professional calculate nai karta tu kia chaprasi calculate karta ha.
i know this is a professional forum but i advise u to read professional ethics for accountants (of whichever body u belong too) time and agian.
i am here to increase my knowledge through different queries.i m not competing with u.whoever u r and whatever ur quaiification is,it does not matter to me.have patience or plz dont reply.
"At last your question "I QUOTE SUBSECTION (8) OF SECTION 13"
Answer
There is again misunderstanding of your concepts,
This para indicates that "if an asset has been provided by a company to its employee at concession, then only such part shall be included in taxable income of employee, which has actually been borne by the company i.e. An asset of worth 10,000 has been given by a company to its employee at Rs. 2,000 then Rs. 8,000 ( bore by company)will be included in taxable income of employee."
once again although i wrongly quoted as subsection (8) of section 13 instead of subsection (13) of 13 but i completely pasted the whole subsection 13 in my earlier post.
This clearly proves that u r just trying to find faults in others post and not using this forum constructively.u r even not bothering to completely read the others post.hahahahahha.
