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Query Posted : 179
Query Replied : 176
  • Operating Lease
    by Gautam on Tuesday, October 16, 2018  at 08:21 PM

    Dear Sir,In normal practical scenario, If a company has taken a property on Rent ,then whether it is required to give disclosures relating to Operating Lease as per AS-19 in its Notes to Accounts ?? 2) If not, why sir ?? 3) Whether as per AS-10 , also he is required to give disclosures ?? If yes, pls tell the disclosures ?? 4) Whether LESSOR SHOULD GIVE DISCLOSURE OR Lessee should give disclosure ??

  • AS-19
    by Gautam on Tuesday, October 16, 2018  at 07:27 PM

    Dear Sir, As per AS-19, If Guaranteed Residual Value & Unguaranteed Residual Value at the end of Lease Period is Rs.2000 & 1500 respectively. And if the MARKET VALUE OF THE LEASED ASSET at the end of lease period is RS.4000. Query- Pls tell the accounting treatment (including journal entries) as to what should be done in the Books of Lessor & Lessee EACH, IF THE ASSET IS RETAINED BY THE LESSEE ITSELF (i.e. AT THE END OF LEASE PERIOD) ?? Thanks a lot sir ..

  • Depreciation
    by Chirag on Friday, October 12, 2018  at 01:41 AM

    Dear Sir, A concern is following W.D.V Method of Depreciation. On 31.03.18 its F.Assets after depreciation is Rs.1 lacs. Depreciation Rate is 10%. In FY- 18-19, the concern wants to Revalue its Assets "TO" Rs.185000. Query- How adjustment of Depreciation under W.D.V Method will be done in this case ?? 2) Whether directly the concern will charge 10% depreciation on 185000 from 18-19 ?? Pls tell the accounting with respect to above ??

  • Employee stock option
    by ARUN on Saturday, September 29, 2018  at 03:23 PM

    sir we have offered employee stock option to employee but employee has not excercised the same. so share capital will not increase. we want to only disclosure this basic fact in notes to account. whether this is correct. or any other accounting standard or notes applicable

  • Bank Guarantees
    by Chirag on Thursday, September 27, 2018  at 11:57 PM

    Sir, Bank Guarantee(B.G) is shown under Assets side of Balance sheet of the company. In fact, B.G is CONTINGENT IN NATURE AND THERE WILL BE OUTFLOW FROM BANKs SIDE Only if the company FAILS TO MAKE PAYMENT TO OUTSIDER. Thus, IN MY VIEW IT SHOULD not be disclosed under Assets side. Query- Do you agree with it sir ? 2)If not, Pls tell that why B.G should appear under Assets side of Balance sheet of company? 3)Also, tell whether it should be disclosed under NON-CURRENT ASSET OR CURRENT ASSETS

  • Foreign exchange gain loss on convertible debenture
    by ARUN on Thursday, September 20, 2018  at 05:21 AM

    the company has issued compulsory convertible debenture in foreign currency to USA citizen in f y 16.17 which is compulsorily convertible into equity shares at premium in next year i.e. in f y 17.18. My question is :- (1)since it is not payable back but convertible into equity, whether foreign exchange loss/gain entry to be passed in f y 16.17. (2) in next f y 2017-18, before conversion into equity shares, whether foreign echange loss/gain entry to be passed till date of conversion.

  • AS-9
    by Chirag on Monday, September 17, 2018  at 11:38 AM

    Dear Sir, The provisions relating to installment sale is given in AS-9 as sales price exclusive of interest should be recognised at the date of sale.The interest element should be recognised as revenue, proportionately to the unpaid balance due to the seller. Query- Treatment should be as per AS-19, HIRE PURCHASE TRANSACTION and not AS-9?? Pls clarify why in AS-9 provision is there ?? 2) Cannot understand the accounting of interest in above case. Kindly provide an example for the same ?? Tha

  • AS-10
    by Gautam on Sunday, September 16, 2018  at 03:21 PM

    Dear Sir, A company is engaged in supermarket business. It acquires a new store in Bihar. Expenses are to be incurred for running the shop. So, the company incurs Rs.5 lacs on Remodelling expenses , Rs.2 lacs paid to Staff as Salaries, Rs.1 lacs incurred for Electricty and Wiring Expenses of the store. Query- Which of the above expense should be capitalised and charged to profit and Loss as per AS-10 ?? 2) Also tell the reason as to how to capitalise a particular item in above case ??

  • AS-10
    by Chirag on Tuesday, September 11, 2018  at 10:33 AM

    Sir,X Ltd. is engaged in manufacturing of slippers.Query- How to identify whether SPARE purchased for Machinery of the company should be CAPITALISED OR Charged to Statement of P&L. Pls clarify sir? 2)How to identify that an item (say, conveyor belt) purchased for Machinery should be capitalised OR Charged to Statement of P&L because, IN SOME CASES, THE LIFE OF CONVEYOR BELT IS 5-6 YEARS. However sometimes , life of such belt is ONLY 2 -3 Months. So, HOW TO DETERMINE WHETHER TO CAPITALISE OR N

  • Money received in foreign currency converted into shares
    by ARUN on Monday, September 10, 2018  at 08:21 PM

    dear sir in year one, we have received loan in foreign currency which was converved into equity shares after two years. In year one , we have passed exchange loss/gain on 31st march and adjusted closing loan balances. In year two (in between the year) now we have to convert loan into equity . Can we first pass exchange loss/gain entry before conversion or we directly transfer to equity shares all loan balances. secondly was our entry passed on year one end correct (for exchange loss/gain).

  • SA-710
    by Chirag on Friday, September 07, 2018  at 01:45 PM

    Dear Sir, Continuing just asked query on SA-710 , Also clarify the following point :- If in CURRENT year Financial statement, we show THE FIGURES OF LAST YEAR, THEN such information is CORRESPONDING FIGURES OR COMPARATIVE Financial Statement ?? Thanks a lot sir ..

  • SA-710
    by Chirag on Friday, September 07, 2018  at 01:36 PM

    Sir,As per Standard on Auditing -710,Comparative Information, Pls clarify the difference between CORRESPONDING FIGURES AND COMPARATIVE F.S. ?? Cannot understand the difference sir ?? 2) As per the definition of Corresponding Figures, WHEN WE WILL SAY THAT AN INFORMATION OF PRIOR PERIOD WILL FORM ""INTEGRAL"" PART OF of Current period Financial Statements ?? Heartiest thanks sir..

  • Related Party
    by Chirag on Friday, September 07, 2018  at 03:55 AM

    Sir, X Ltd. is a company engaged in selling of Fertilisers. One of The WHOLE TIME DIRECTOR of the company is the PROPREITOR of a TRANSPORATION BUSINESS. The Company also take THE TRANSPORTATION SERVICES from such CONCERN. THE COMPANY PAYS VARIOUS AMOUNTS TO THE CONCERN IN THE NAMES LIKE, HAULTAGE CHARGES (so that no delay in made) , COMMISSION to concern etc. Query- WHETHER the PROPREITORSHIP concern is a RELATED PARTY under AS-18 & SA-550? 2) Pls tell DISCLOSURES TO BE MADE AS PER AS-18 ??

  • Accounting issue
    by Gautam on Saturday, September 01, 2018  at 08:03 PM

    Sir,We are a Trader engaged in Garments business. We purchased Goods for Rs.2 lacs. Details of Invoice is- Purchase Amt - Rs.1.50 lacs , Freight Charges- Rs.20000, Packing & Forwarding Expenses- Rs.30000. Thus, Total Value comes to Rs.2 lacs. On 2 lacs GST was charged. Query- Freight charges & Packing & Forwarding Charges , should conceptually be DEBITED TO PURCHASES ACCOUNT as it forms part of ""Purchases Account" OR it should be SEPARATELY Debited UNDER DIRECT EXPENSE-AS FREIGHT & P&Fcharge ??

  • AS-2
    by Chirag on Friday, August 31, 2018  at 08:37 PM

    Dear Sir, As per AS-2 , Please give tell the meaning of Fixed Factory Overhead and Variable Factory Overhead ?? 2) Also give examples of the above ? 3) Sir, Variable Factory Overhead will be INCLUDED in calculating COST OF INVENTORY. Query- Calculation of Variable Factory Overhead will be --- NO. OF UNITS IN CLOSING STOCK, MULTIPLIED BY, VARIABLE OVERHEAD PER UNIT ?? Am i right sir ??

  • SA -520
    by Vivek on Friday, August 31, 2018  at 03:33 AM

    Sir, As per Standard on Auditing 520- Analytical Procedures, the Audiitor procedures in relation to application of Analytical Procedures is Reliabilty of Data. Sir, As per this SA, Reliability of Data is affected by CONTROLS OVER THE PREPARATION OF INFORMATION.Query- Pls tell that how CONTROLS OVER PREPARATION OF INFORMATION affects Reliability of Data? 2)As per Appendix to SA 520 issued by ICAI, how Raw Material Consumption to Production(Quantity) will provide Reasonableness of the amounts

  • Accounting estimates
    by Chirag on Wednesday, August 29, 2018  at 02:45 PM

    Dear Sir, Please tell that HOW Property or Equipment held for Disposal is a Fair Value Accounting Estimate ?? Pls clarify sir. 2) Also, clarify that How Transactions involving the Exchange of assets or liabilities between independent parties without NON - MONETARY consideration is a Fair Value Accounting Estimate ?? Heartiest Thanks sir..

  • AS-10
    by Gautam on Saturday, August 25, 2018  at 09:32 PM

    Sir,As per AS-10, Provision for Decommissioning Cost (D.C) has been provided through discounting at the time of purchase of Asset. Useful life of asset is 8 years. Now query- After 5 years, we found that the asset is not fit for use. How should PROVISION OF D.C be dealt with in this case? 2) Also tell that, if USEFUL LIFE OF THE ASSET IS REVISED TO 10 YEARS. The revision is made in 3 rd year. Then how to deal with Prov for D.C?

  • Provisions
    by Gautam on Saturday, August 25, 2018  at 09:21 PM

    Dear Sir, If a company expects that there is a high probability that an amount of Rs. 2 lacs will not be recovered from a Debtor, then as per AS-29, provision should be made in this regard. Query- Sir, Pls tell the accounting entries to be made for creating Provision in above case ?? Thanks sir..

  • 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 ??

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