The indian accounting principles are divided in to two
types accounting concepts, and conventions and one of the
of the accounting concept is dual aspect of accounting
system according to this system every journal entry should
be posted according to double entry system means for every
debit there should be equal credit to what comes in debit
it should comes in credit also and its a successful system
of double entry system
The product valuation determination process is essential to
ensuring that Indians receive payment on the proper value
minerals being removed. Indian tribes and individual Indian
owners receive all royalties generated from their lands.
tribal representatives have expressed concern that the
properly ensures the correct royalty is received. Failure
the data described in this information collection could
result in the
under valuation of leased minerals.
Most Indian leases contain the requirement to perform
for comparison (dual accounting) for gas produced from the
According to 30 CFR 206.176, dual accounting is the greater
following two values:
(1) The value of gas prior to processing less any
(2) The combined value of residue gas and gas plant
resulting from processing the gas less any applicable
any drip condensate associated with the processed gas
downstream of the point of royalty settlement without
processing, less applicable allowances.
On August 10, 1999, MMS published a final rule titled
to Gas Valuation Regulations for Indian Leases'' (64 FR
43506) with an
effective date of January 1, 2000. This regulation applies
to all gas
produced from Indian oil and gas leases, except leases on
Indian Reservation. The intent of the rule was to ensure
mineral lessors receive the maximum revenues from mineral
their land, consistent with the Secretary's trust
with lease terms. The rule requires lessees to elect to
actual dual accounting under 30 CFR 206.176, or the
methodology for dual accounting under 30 CFR 206.173.
dual accounting concept is nothing but double entry
system,where debit transactions will b recoreded in debit
side and credit transactions will b recorded in credit
side,finally ledger accounts will b prepared for both debit
and credit transactions.
Dear Sir, i am working automobiles manufacturing company.
pls tell me following under head in tally 9.00:-
Type of A/c= ledger under creat
Sales = Sales Account
Purchases= Purchase Account
Excise Duty on Sales=????
Education & she=???
Cenvat on Purchase=???