Thursday 14 August 2014

Happy Independence Day

Dear Friends


Wish you all and your family a happy independence Day. Let us pledge , we will not misuse our hard earned freedom and will use it for the progress of this great nation





By

CMA Krishna Dasan .A
A.Krishna Dasan & Co
Cost Accountants
2,& 12FF, DDA Commercial Complex
C2C Block,Pocket 2, Janak Puri
New Delhi-110058
Website:www.cmaglobal.net.in
Email :aknair2002@cmaglobal.net.in

Monday 30 June 2014

COST AUDIT UNDER CO'S ACT 2013


Companies (cost records and audit) Rules, 2014 notified by MCA on 30-06-2014. 

They shall come into force on the date of publication in the Official Gazette

Salient Features:

1. Scop of cost audit limited to very few companies
2. Companies coming under this rules  has to appoint a cost auditor within 180 days from the beginning of the financial year
3. company file a notice of such appointment with the Central Government within a period of thirty days of the Board meeting in which such appointment  is made or within a period of one hundred and eighty days of the commencement of the financial year, whichever is earlier, through electronic mode, in form CRA-2, alongwith the  fee as specified in Companies (Registration Offices and Fees) Rules, 2014

4.cost audtor shall submit his/her report in form CRA 3
5. cost auditor shall forward his /.her report to board of directors of the company within 180 days from the closure of the financial year
6. company shall submit report along with explanantion for any observation in file CRA 4 to central government within 30 days from the receipt of cost audit report


Following new forms have been introduced :
CRA 1: - maintain cost records in form CRA-1. 
CRA 2: - file appointment of cost auditor with the Central Government in form CRA-2,
CRA 3: - Cost auditor to submit cost audit report to company in form CRA-3
CRA 4: - Company to furnish to the Central Government such report in form CRA-4



compiled by:
Krishna Dasan.A
A.Krishna Dasan & Co.
Cost Accountants
2 & 12(FF), DDA Commercial Complex
C-2-C Block, Pocket 2, Janak Puri,
New Delhi-110058
Mob: 98711-28831, 93111-28831

Monday 20 January 2014

VISION OF INDIA BY SHRI NARENDRA MODI

Just listen the speech by a visionary - shri modi

http://www.youtube.com/watch?v=eGg4QW31w7k


By CMA krishna dasan.A
Mob: 9871128831
Email: aknair2002@cmaglobal.net.in
Website: www.cmaglobal.net.in

Tuesday 31 December 2013

Happy New Year

Krishna Dasan.A
A.Krishna Dasan & Co
Cost Accountants
2,DDA Commercial Complex,
C2C Block, Pocket 2, Janak Puri,
New Delhi-110058
Mob:98711-28831
         93111-28831
Email: aknair2002@cmaglobal.net.in
Website: www.cmaglobal.net.in



Monday 30 December 2013

HAPPY NEW YEAR

CMA Krishna Dasan.A
A.Krishna Dasan & Co
Cost Accountants
2,DDA Commercial Complex
C2C Block,Pocket 2,Janak Puri
New Delhi-110058
Mob: 98711-28831,93111-28831
Email: aknair2002@cmaglobal.net.in
Website: www.cmaglobal.net.in

Thursday 5 September 2013

Relaxation of Last date and additional fee in filing Form 23C for FY 2013-14 for appointment of Cost Auditor

 .
As per the General Circular No 14/2013 dated 3rd September 2013 , the MCA has extended the last date for                  filing Form 23C for the FY 2013-14 upto 31st October 2013 with normal applicable Fee

To view copy of circular ,pl click below given link
http://cmaglobal.net.in/OtherpageTheme11024.ASPX?PAGENAME=Cost%20Accounting&CompanyID=1577


By

CMA Krishna Dasan A
A.Krishna Dasan & Co
2,DDA Commercial Complex
C2C Block, Pocket 2
Janak Puri, New Delhi-58
Mob: 98711-28831,93111-28831
Email: aknair2002@cmaglobal.net.in
Website:www.cmaglobal.net.in

Monday 22 July 2013

Cost Records to be maintained by Companies


As per sub rule (2) of Rule 4,of Cost Accounting (Records) Rules , 2011 the companies are required to maintain cost records on regular basis in such manner so as to make it possible to calculate per unit cost of production or cost of operations, cost of sales and margin for each of its products and activities for every financial year on monthly/quarterly/half-yearly/annual basis.

The cost statements are to be prepared for every unit and every product produced, processed, manufactured or mined.

As per sub rule (3), the cost records are to be maintained in accordance with the generally accepted cost accounting principles and cost accounting standards issued by the Institute of cost accountants of india to the extent these are found to be relevant and applicable

These Rules have not prescribed any specific formats for the cost statement.
An illustrative list of Cost Records:
1. Production
1.1. Raw Material consumption register/report;
1.2. Production report;
1.3. Rejections/wastages/scrap report;
1.4. Report on stoppage of machines with reasons;
1.5. Idle time report with reasons;
1.6. Machine utilization report;
1.7. By-Product & Joint Products.
2. Work-in-Progress and Finished Goods
2.1 Process stock register- cost centre-wise and product wise;
2.2 Finished goods stock register- product-wise.
2.3 Daily Stock Accounts (DSA) maintained under Central Excise Law
3. Raw Materials and Stores Accounting
3.1 Goods received register;
3.2 Bin cards;
3.3 Materials/stores ledgers.
3.4 Packing Materials
4. Employee Cost
4.1 Attendance registers/ sheets;
4.2 Wages/salary sheets;
4.3 Leave and gratuity payments.
5. Repairs and Maintenance
5.1 Works order register / card showing material and spares consumed and labour utilized;
5.2 Procedure followed for routine maintenance;
5.3 Details major breakdowns & Repairs;
5.4 Details of Abnormal Repairs & Reconditioning activities.
6. Utilities (Water, Steam, Power, DM Water, Air, Effluent Treatment etc.)
6.1 Records of input and output;
6.2 Record of cost centre-wise allocation of outputs.
7. Overheads
7.1 Details such as production hours, labour hours, machine hours to facilitate distribution of overheads;
7.2 Overheads Keys.
8. Cost Accounts
8.1 Overheads analysis register;
8.2 Cost centre-wise assets register;
8.3 Product ledger;
8.4 Annexures and proformae as per rules, if any;
8.5 Reconciliation of profit/loss as per cost records and financial records. The Reconciliation Statement between cost accounts and financial accounts can also be treated as a Costing Profit & Loss Account. This statement shall normally start with the margin arrived at as per cost accounts and all other items of expenses not considered for determination of cost or incomes not considered for arriving at the margin as per cost accounts would get reflected.
9. Sales
9.1 Product-wise Sales analysis
9.2 Stock Transfer

9.3 Marketing/ Market Research Cost 


Compiled by :
CMA Krishna Dasan A
Mob: 98711-28831
Email: aknair2002@cmaglobal.net.in
Website:www.cmaglobal.net.in