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Query Posted : 160
Query Replied : 160
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  • AS-16
    by Chirag on Thursday, August 09, 2018  at 02:25 AM

    Dear Sir, As per AS-16, ADVANCE TO SUPPLIER FOR PURCHASE OF TRUCK IS A QUALIFYING ASSET OR NOT ?? 2) If yes or No, Also tell the reasoning for the above ??

  • Discount
    by Gautam on Sunday, August 05, 2018  at 07:46 PM

    Dear Sir, We are a Trader engaged in garments business. We purchased goods from X Ltd. for Rs.20000 . Rs. 2000 DISCOUNT WAS SEPARATELY DEDUCTED FROM THE INVOICE. Thus, GST was charged on Rs.18000. Query- Whether Rs.2000 is Trade Discount or not ?? 2) Whether Discount of Rs.2000 should be shown on the Credit Side of Profit and Loss account OR IT SHOULD BE DIRECTLY DEDUCTED FROM PURCHASE PRICE OF RS.20000 AND RS.18000 SHOULD BE TREATED AS PURCHASE ?? Pls clarify sir ??

  • Provisions
    by Vivek on Wednesday, August 01, 2018  at 01:53 AM

    A company has to prepare Quarterly F.S. as per the provisions of law. The CFO of the company makes "PROVISION FOR EXPENSES" A/C in books of the company. What he actually do is the bill of Repairs & Maintenance , Printing & Stationery, Vehicle Maintenance etc. THE INVOICE OF ALL THE ABOVE EXPENSES RECEIVED IN JULY, WHICH WILL BE RECEIVED IN JULY WILL BE SHOWN UNDER PROVISION FOR EXP A/C AS "PROVISION". Similar case is with March . IS THE TREATMENT OF SHOWING PROVISION IN ABOVE WAY RIGHT ??

  • Revenue Recognition
    by Chirag on Monday, July 30, 2018  at 01:03 PM

    Dear Sir, Pls tell the provisions in SIMPLE WORDS AS TO HOW REVENUE SHOULD BE RECOGNISED IN CASE OF BUILDERS ?? Can't understand the provisions sir ?? Thanks 2) Pls tell that is there any GUIDANCE NOTE IN THIS REGARD ISSUED BY ICAI ?? Thanks sir...

  • Presentation
    by Vivek on Thursday, July 26, 2018  at 02:29 AM

    Sir,A Trader is engaged in the business of garments.The Concern is a propreitorship concern.He HAS A BANK A/C WHICH IS IN "JOINT NAME" with his SON.Query is--- How to show such "JOINT Bank A/c " in the Balance Sheet of the business. Balance is Bank Account is Rs.2 lacs- Whether ONLY HALF OF THE AMOUNT (i.e Rs 1 lacs) will be shown as it is JOINT ACCOUNT OR ENTIRE BALANCE I.E.2 LACS SHOULD BE SHOWN IN BALANCE SHEET?? Pls clarify sir as there is confusion as to how to present it in Balance sheet?

  • Treatment of various items
    by Chirag on Sunday, July 22, 2018  at 08:15 PM

    Dear Sir, In case of Sale of Goods on approval basis by a Trader, when Sales should be recorded in his books of accounts ?? 2) What accounting entry should be passed when Goods are sent on approval basis but approval is STILL PENDING from customer ?? 3) If another business is engaged in Hire Purchase Sales, when Sales should be recorded ?? 4) Whether Interest Income in above case should form part of "Sales" or "Other Income" in P&L A/c ?? Thanks sir ..

  • Accounting issue
    by Gautam on Sunday, July 15, 2018  at 10:27 PM

    Sir, Pls tell one accounting issue.GSTR 3B For the month of March,18 was filed on 21/04/18.And Balance ON 21/4/18 in Electronic CASH LEDGER WAS Rs.134 in CGST and Rs. 71 in SGST. THERE WAS NIL BALANCE IN E- CREDIT LEDGER ON 21/04/18. ON 21/04/18,Rs. 8500 CGST & SGST 'EACH' WAS DEPOSITED IN CASH LEDGER. FOR THE MONTH OF FEB,18 GSTR 3B WAS FILED ON 20/03/18. E CREDIT LEDGER BALANCE ON 20/03 WAS RS.63 -IGST. CASH LEDGER WAS NIL ON 20/3/18. Query- Which Amounts will be SHOWN IN ASSETS SIDE OF B/S?

  • Revenue from Operation
    by Chirag on Sunday, July 15, 2018  at 04:22 PM

    Sir,In my earlier query,Revenue from Operations you told that :- Indirect taxes such as GST(or previously, Sales tax, Service tax, Purchase tax etc.) are generally collected from the customer on behalf of the government in majority of the cases. Accordingly, revenue should not include GST. Now Query- Sir, Excise Duty is also collected from customer on behalf of government. But Cannot understand sir, that why in Excise Duty we First ADD IN SALES AND THEN DEDUCT IT. But no such treatment in GST ?

  • AS-11
    by Chirag on Sunday, July 15, 2018  at 04:14 PM

    Dear Sir, We purchased goods from Gulf Country for 10000 DOLLARS. Exchange Rate was Rs. 62 . We made "ENTIRE" payment to the CREDITOR IN DOLLAR , WHEN THE RATE WAS RS. 67. Query- Pls tell the accounting Treatment as per AS-11 in this regard ? 2) Also, tell the treatment of Exchange Loss in this case ?? Thanks sir.

  • Stock Valuation
    by Vivek on Friday, July 06, 2018  at 02:51 AM

    Dear Sir, As per the provisions of AS-2, the Stock of Linen & Utensils with the Hotel, should be Valued at Cost Or NRV, whichever is lower, OR it should be valued at Cost only ?? If only at Cost , Also tell reason ?? Pls clarify 2) If Cost Or NRV, whichever is lower, then pls help that how to determine Net Realisable Value, as it is very difficult for calculating in case of Linen & Utensils ?? Pls share your views sir.... Thanks ..

  • Revenue from Operation
    by Chirag on Thursday, July 05, 2018  at 03:49 AM

    Dear Sir, Earlier under VAT Scenario, Excise Duty was Added to the Revenue from Operations first ,and afterwards it was Deducted. Query- Whether the Same treatment have to be done with GST ALso OR NOT ?? 2) If not, pls tell the logic why not sir ?? Thanks sir...

  • Accounts
    by Chirag on Thursday, July 05, 2018  at 03:41 AM

    Dear Sir, As per the provisions of PPE , WHETHER PARTS OF MACHINE SHOULD BE CAPITALISED OR THEY SHOULD TREATED AS REVENUE EXPENDITURE AND DEBITED TO P& L A/c ?? 2) If in relation to Fixed Assets, IF WE CHECK THAT LIFE/ USAGE of ANY PART OF MACHINE IS GREATER THAN 1 YEAR,THEN CAN WE CAPITALISE IT ?? Whether this principle can be applied to machine parts also ?? pls clarify Thanks

  • Treatment of factory building
    by rajesh on Friday, May 25, 2018  at 11:53 AM

    Our co. is engaged in devel.f Integrated Text. park .Leaseis for 99 years.The bldg.is also constructed by co. and recovered cost by raising dr note from lessee. The ownership of bldg is also with lessor but lessee can mortgage land and bldg with prior permission of lessor.The lessee is showing the land and building in its bal.sheet and claiming dep. on bldg.. lessor is showing in its assets and showing amount recd. from lessee in reserves as capital contri. from members.whether both are correct

  • Revaluation of Lands
    by LALIT on Monday, April 16, 2018  at 11:16 PM

    In case of commercial buildings purchased with proportionate share of underneath land but for the purpose of classification in the books based on the valuation reports have been bifurcated separately and classified as such in the books under Land and Building heads. Now, the company wants to go for revaluation model during the year 2017 and wants to get the revaluation of lands only. Whether revaluation of buildings of inseparable lands is required as Class of asset as per Para 39 of AS10?

  • Recording of contingent asset in books
    by Gautam on Friday, April 13, 2018  at 01:01 PM

    The Company is engaged in export of telecommunication services. It write off service tax in its profit and loss based on the Assessment order in its own case. Now Appellate Authority has adjudicated appeal for 5 years, where it has allowed the claim of the Company. The order was received by Company in April, 2018. Whether company is required to record the service tax reversal in its books or wait till the time for filing the appeal by department is exhausted. Kindly give your views.

  • Leasehold Land-Amortisation
    by LALIT on Wednesday, December 13, 2017  at 03:43 PM

    Land taken on lease for 50 & 90 years from authorities. Whether amount incurred for purchase of leasehold land can be depreciated/amortised over the tenure of lease and under what legal provisions? If not amortised/depreciated, whether the auditor has to make any reference in the Statutory Audit Report?

  • CFS
    by Kamal Garg on Thursday, August 03, 2017  at 12:17 PM

    ABC Limited acquired 100% equity share capital in PQR Limited on 30.6.2017. So on ABC Limited the requirement to prepare and present CFS would be applicable. As far as year 2016-2017 is concerned there would be holding company's interest as well as minority interest, but how about the comparatives to be presented, as in the comparative year there was no holding company interest

  • Bought items
    by Sharad on Saturday, April 22, 2017  at 06:29 PM

    can bought out items be treated as stock-in trade? As the Bought out items are simply procured and sent to customer site with out claiming any CENVAT. should the purchase of such items shown separately as Purchases as stock in trade or it can be the part of the total purchases.Pl advise.

  • Construction cost
    by prabhatkumar on Saturday, April 22, 2017  at 01:14 PM

    sir,In joint development agreement land was developed by developers and against used of land developers has given flat and shop to land owner free of cost as per JDA. when developer finalize his books of accounts what amount is to be taken in developers books of account 1. construction cost into area which was given to land owner or stamp duty value 2. is this amount is credit to sale consideration in building memorandum account please advise

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