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Query Posted : 253
Query Replied : 249
  • Sales entry period
    by arun on Thursday, May 06, 2021  at 02:15 PM

    dear sir we are raising march bill on 2.4.2021 . Can we show this sales on 2.4.2021 and offer sales income in f y 2021.22 instead of showing unbilled revenue in f y 20.21.

  • Outstanding liability date
    by arun on Thursday, May 06, 2021  at 02:13 PM

    dear sir Some of our supplier is issuing 12 monthly bill and for march 2021 bill they are raising bill dated 2.4.2021. Can we follow bill date as base and pass entry on 2.4.2021 instead of passing provision entry in 31.3.2021, for bill dated 2.4.2021. Because many supplier is passing sales entry on 2.4.21 and offering sales income in f y 21.22. If we pass entry in march then tds will be deducted in f y 20.21 but supplier showing sales in f y 21.22 hence supplier is not getting tds credit.

  • Interest capitalisation on specific borrowings
    by Vivek on Thursday, October 15, 2020  at 09:17 PM

    A company began construction of new building at an estimated cost of Rs 7 Lacs on 1st April19.Specific loan obtained for building is Rs 2 lacs at 9% p.a. Expenditure incurred on construction -- 1st April - Rs 1.5 lacs 1st August- Rs 2 lacs Construction of building was completed on 31st Jan20. Query- Amt to be capitalised as per AS-16 on specific loan is 1.5 lacsx9 for 10 months equals 0.1125 and calculation of 50000x9% should be for 10 months or 6 months? Pls assume to be qualifying a

  • Treatment of exchange loss/gain
    by Chirag on Wednesday, October 14, 2020  at 02:11 PM

    Dear Sir, A company obtained a Foreign currency loan for Non- Qualifying Asset of 5 lacs Dollar. Loan will be repaid in 4 equal half -yearly Installments. Exchange rate on date of taking loan was Rs 70. And on each half-year (i.e. at the time of paying installment) it was 72 , 75, 78, 80. Query- Pls tell the treatment of exchange gain/loss and whether such gain or loss will be recorded for both Interest payment and Loan?? If yes, pls tell treatment and how to do it ?

  • Salary due to Absconding Employees
    by Shankar on Wednesday, October 07, 2020  at 12:01 PM

    Whether salary due to absconding employees is allowed to set-off with notice pay recovery? Whether Salary payable in the above mentioned scenario can be transferred to "Other Income" ? Which literature needs to be referred in this regard ?

  • Treatment of share in loss of associate concern
    by RAJESH on Sunday, October 04, 2020  at 12:29 PM

    When losses in Associate company(Not subsidiary) (AS 23 Applicable), is more then investment value then whether we have to make Investment value Zero or negative. It means we have to book losses to the extent of investment. Suppose 1 cr shares purchased but as per 31.03.2020 share in lossew is 1.20 crore, so we have to show losses of 1 cr only. Though note may be given for remaining. Whether this is correct. Thanks.

  • Treatment of Dividend as per AS-4
    by Chirag on Thursday, October 01, 2020  at 08:43 PM

    Dear Sir, Dividend declared before the end of FY means proposed Dividend, for which no treatment should be done in Books of accounts as per AS-4 ?? Do you agree 2) Dividend declared after the end of FY (say 19-20) requires adjustment in the books of accounts as on 31st March'20 as Dividend Payable ?? Pls explain the case..

  • As - 24 discontinuing operation
    by Bijay on Sunday, August 02, 2020  at 12:51 PM

    A Company "X" is in two lines of business i.e. Construction and Education.For FY 2019-20, for 9 months income & expenses relating to Education accounted in the books of X for which Segment reporting was also made for these two lines of businesses.For balance months, Education related income & expenses accounted separately in Subsidiary "Y" of the Company "X". Now Whether Co. X is required to make disclosure as per AS-24 in FS?

  • Actuarial Valuation - Mandatory or Not?
    by Bijay on Sunday, August 02, 2020  at 12:47 PM

    In case of an AS-Applicable Company where More than 10 employees are working, Is it mandatory to get Actuarial Valuation from Actuary for Gratuity Provision? Or the company can voluntarily choose to make a calculation as per Gratuity Act?

  • Leave encashment
    by arun on Saturday, July 18, 2020  at 06:50 PM

    dear sir The pvt ltd co incorporated on 1.4.2018 and have 28 employees. the company calculates for employees earned accumulated leave for f y 19.20 say for one employee is 18 days. The company estimate that out of 18 days accumulated leave, 10 days leave will be availed in f y 20-21 and 6 days in f y 21.22 and 2 days on retirement. How many days leave provision for f y 19.20 be made.

  • Gratuity
    by arun on Saturday, July 18, 2020  at 06:43 PM

    dear sir a private limited company incorporated on 1.4.2018, has completed two years of operations as on 31.3.2020 and have 28 employees. The company estimated as on 31.3.2020 that 12 employee will complete 5 years of employment with co. Hence we are making Gratuity provision for 12 employee as on 31.3.2020 for f y 19.20. is this correct sir ? or shall we wait for completion of 5 years and after completion of five years of operation, we should start making gratuity provision?

  • Accounting of Government Grant
    by pradeep on Monday, April 27, 2020  at 03:44 PM

    our company got a sanction of Rs 960 Cr towards reimbusement of loss for 3 years of operation from 2016. pl.opinion 1.whether such assistance will accounted as other income in current year ? 2.Whether recast of accounts allocating assitance to last 3 years retrospectively

  • Accounting of Associate
    by Vivek on Saturday, April 18, 2020  at 10:12 PM

    Dear Sir, A Ltd. acquired 40% share in B Ltd. on April 01, 2019 for Rs 3 lacs. On that date B Ltd. had 1,00,000 equity shares of Rs 10 each fully paid and accumulated profits of Rs 2,00,000. During the year 2020-2021, B Ltd. suffered a loss of Rs 10,00,000. Query- Pls tell how Investment in Associate will be shown in 19-20 & 20-21 ?? 2) ALSO TELL THE TREATMENT OF CAPITAL RESERVE/GOODWILL ON THE DATE OF ACQUISITION in CASE OF ASSOCIATE ??

  • Impairment issue
    by Pawan on Wednesday, April 08, 2020  at 02:46 PM

    Dear Sir, In a Financial Year, whether First Depreciation should be charged & Afterwards Impairment should be done OR ELSE Initially Impairment should be done AND AFTERWARDS DEPRECIATION SHOULD BE CALCULATED ?? 2) Whether Impairment of Asset should be done at the beginning of the year or at the end of the year ?? Whether It will impact query- 1 also ??

  • AS-20 Diluted EPS
    by Vivek on Friday, February 28, 2020  at 03:46 AM

    Dear Sir, In Case Convertible Debenture, is issued in 18-19 and it will be converted in 30000 shares after 5 years, then from Ist Year of issue of Conv. debenture till the year of Conversion,30000 shares will come in denominator while calculating Diluted EPS. But in case of ESOP,the no. of shares which will be issued to employees at the time of excersing options, is NOT TAKEN FOR CALCULATING DILUTED EPS RIGHT FROM GRANT DATE OF ESOP. ONly FREE ELEMENT IS TAKEN. Query- Why such difference ??

  • AS-20 - ESOP impact
    by Vivek on Thursday, February 27, 2020  at 12:00 AM

    Sir, In EPS calculation,If ESOP is granted to Employees in 18-19 and ESOPs are exercised by employees in 20-21.Then from 18-19 to 19-20, Diluted EPS will be calculated & in denominator Bonus element in ESOP should be written. However, in 20-21, WHEN shares are issued to employees against ESOP, then in denominator ISSUE OF SHARE IN ESOP AS WELL AS BONUS ISSUE WILL COME IN denominator? 2) In 21-22, Pls clarify issue of shares in ESOP to employees will come as denominator ALONGWITH BONUS ELEMENT

  • AS-16
    by Chirag on Thursday, February 20, 2020  at 05:09 PM

    Dear Sir, Loan Taken from Bank A Rs 100 cr @ 10% p.a taken on 1.7.18 & from Bank B Rs 50 cr @ 8 % p.a on 1.4.18. So,Total Interest cost for the year is Rs 11.5 cr.(7.5 cr + 4 cr) Construction on Qualifying Asset was started in 1.12.18 and in EACH MONTH TILL MARCH'19, expenditure of only Rs 0.5 cr was made.So,expenditure of 2 cr was incurred upto March'19. Query -- How much borrowing cost will be capitalised in this case ??

  • AS 13
    by kapadia on Monday, February 17, 2020  at 09:02 PM

    Excess Provision written back Gross or Net in case of Amalgamation by FARHAD on Friday, February 07, 2020 at 05:58 PM In case of Amalgamation AS 14 Excess provision written back (investments) of earlier years we should be shown as extraordinary item in Profit and loss account or should be taken to reserves?

  • Preference shares dividend
    by arun on Friday, February 14, 2020  at 07:58 PM

    dear sir the company has issued :- "0.001% compulsory convertible cumulative preference shares" of Rs 10 each. as per agreement "they will be entitled to cumulative cash dividend at the rate of 0.001% per annum". Is it compulsory to declare dividend in f y 18.19 or f y 19.20. OR if we do not declare dividend and simply convert along with dividend at the time of conversion say after five year. is it possible. in short is it compulsory to pass dividend entry each year.

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