Tally ERP 9 Audit Tools
Income from salary head
Meaning of salary for different purposes
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1. for entertainment allowances
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Basic salary only
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2. Gratuity for employee [covered under gratuity act]
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Basic salary +D.A [ RB]
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3. Gratuity for employee [Not covered under gratuity act]
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Basic salary +D.A [ RB]+commission as a fixed %
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4. Leave salary
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5. voluntary retirement compensation
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6. contribution to RPF
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7. house rent allowance
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8. rent free accommodation
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Basic+ D.A[RB]+commission+Taxable allowance
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Highlights of union budget 2012
Budget-2012-2013 Maharashtra
Price range
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Rate
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Proposed
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vehicles costing up to Rs. 7 lakh
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7%
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Rate shall be increased by 2% on Petrol vehicles and by 4% on Diesel vehicles
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vehicles costing between Rs. 10 to 20 lakh
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8%
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vehicles costing above Rs. 20 lakh
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9%
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Price range
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Rate if it is petrol vehicle
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Rate if it is Diesel vehicle
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vehicles costing up to Rs. 7 lakh
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9%
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11%
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vehicles costing between Rs. 10 to 20 lakh
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10%
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14%
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vehicles costing above Rs. 20 lakh
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11%
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15%
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Existing
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Proposed
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Presently some essential goods such as rice, wheat, pulses and their flour, turmeric, chillies, tamarind, gur, coconut, coriander seeds, fenugreek, parsley (suva), papad, wet dates, solapuri chaddars and towels are exempted from tax upto 1st March 2012.
And tea is presently taxable at lower rate of 5%.
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Exempt up to 31-3-2012
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exemption extended on these upto 31st March 2013
Lower rate of 5 % tax on tea will also continue upto
31st March 2013
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Rate of tax on cotton yarn
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5%
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proposed reduce to 2 per cent
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Tax rate on writing boards and pads, examination pads, black, white or green boards, drawing boards, drawing charcoal, erasers, foot rulers, stapler, glitter pen, sketch pen, pencil leads, oil pastels and envelopes
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12.5%
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proposed reduce to 5 per cent
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Rate of tax on Machineries and equipments used in poultry industry ( To promote poultry industry in the State)
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12.5%
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proposed reduce to 5 per cent
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Tax rate on adult diapers, sanitary napkins, raincoats, safety helmets, ribbons, bow and kajal, articles made from bamboo and rock salt.
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12.5%
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proposed reduce to 5 per cent
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Concession in Motor Vehicle Tax to CNG vehicles
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Proposed to reduce the tax rate by 2 per cent for each of the slabs, on purchase of a new motor vehicle fitted with CNG kit by the manufacturer. The new tax rate will be 5 % for vehicles costing upto Rs.10 lakh, 6 % for vehicles costing between Rs. 10 to 20 lakh and 7 % for vehicles costing above Rs. 20 lakh
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Majority of the dues are disputed in courts of law. In order to settle these disputes and recover outstanding dues quickly, I propose an Amnesty Scheme. In this scheme, if the outstanding electricity duty as on 31st December, 2011, is paid in one installment, it is proposed to waive 50 per cent of interest accrued thereon, subject to withdrawal of pending court cases. This scheme will be in operation from 1 st April, 2012 to 30 th June, 2012.
Budgetary Control Formula and Standard Costing
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Control Ratios:
Activity Ratio = Standard Hours for Actual Production ÷ Budgeted Hours x 100
Capacity Ratio = Actual Hours Worked ÷ Budgeted Hours x 100
Efficiency Ratio = Standard Hours for Actual Production ÷ Actual Hours Worked x 100
STANDARD COSTING
Direct Material Variances:
Direct Material Cost Variance (DMCV) = (Standard cost for actual output – Actual cost)
Direct Material Price Variance (DMPV) = Actual Quantity x (Standard Price – Actual Price)
Direct Material Quantity or Usage Variance (DMUV) = Standard Price x (Standard Quantity for Actual Output – Actual quantity)
Direct Material Mix Variance (DMMV) = Standard Price x (Revised Standard quantity – Actual quantity)
Revised usage variance = Standard price x (Standard quantity for actual output – Revised standard Qty)
Direct Material Yield Variance = Standard Cost per unit x (Standard production for actual mix – Actual production)
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Process Costing Formula
Value of normal cost of normal output = Expenditure of the process – Scrap value of normal loss
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Contract Costing Formula
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Profit to be taken to Profit & Loss in case of Incomplete Contracts.
1. When the work certified is less than ¼ of the contract price: No profits to profit and loss account.
2. When the work certified is ¼ but less than ½ of the contract price :
Profit to date x 1/3 x Cash received / Work certified
3. When the work certified is ½ or more of the contract price :
Profit to date x 2/3 x Cash received / Work Certified
4. When contract is almost complete and further estimated expenditure is given : Estimated Total Profit x work certified ÷ contract price x Cash received ÷ work certified
5. In case of loss :
The entire loss to be transferred to Profit & Loss Account.
6. When the contract is nearing completion:
Profit to be taken = Estimated profit x Work certified ÷ Contract price (or)
Estimated profit x Cost of work to date ÷ Estimated total cost (or)
Estimated profit x cost of work to date ÷ Estimated total cost x cash received ÷ work certified
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Batch Costing Formula
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Overhead Costing Formula
Factory Overhead Rate:
(i) Direct Material Cost Method =Amount of Factory Overheads ÷ Cost of Direct materials used x 100
(ii) Direct Labour Cost Method = Amount of Factory Overheads ÷ Cost of direct labour x 100
(iii) Prime Cost Method = Amount of Factory overheads ÷ Prime cost x 100
(iv)
(i) Machine SHour Rate Method = Amount of Factory overheads ÷ Machine Hours
(ii) Labour Hour Rate Method = Amount of Factory overheads ÷ Total Number of direct labour hours
Office Overhead Rates:
(i) As a Percentage of Factory Cost = Total Administration Overheads ÷ Total factory cost x 100
(ii) As a Percentage to Factory Overheads = Total Administration Overheads ÷ Total Factory Overheads* x 100
(iii) As a Percentage to Sales = Administration Overheads ÷ Total sales x 100
(iv) As a Percentage of Conversion Cost = Total Administration Overheads ÷ Total Conversion Cost x 100
(v) As a Percentage of Gross Profit = Total Administration Overheads ÷ Gross Profit x 100
Selling Overhead Rate:
(i) As a Rate Per Article = Total selling & Distribution Overheads ÷ Number of Products sold
(ii) As a Percentage of Selling Price = Total Selling & Distribution Overheads ÷ Total Sales x 100
(iii) As a Percentage of Works Cost = Total Selling & Distribution Overheads ÷ Total Works Cost x 100
Materials Costing Formula
- Inventory Turnover Ratio: =
8. Input – Output Ratio Analysis = Standard cost of Actual quantity
Process Costing Formula
Contract Costing Formula
Batch Costing Formula
Direct Labour Costing Formula