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Query Posted : 148
Query Replied : 148
  • 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

  • Interest free loanq
    by rahul on Wednesday, March 29, 2017  at 05:31 PM

    Interest Free loan amounting to Rs. 500 is given to a party for 10 years. This is a financials asset at amortized cost. Suppose present value of loan at benchmark rates comes to Rs. 400. Loan will be recorded at Rs. 400 and interest will be accrued each year. However, What will be the entry on the date of loan given? As credit to cash is Rs. 500 but recording asset of Rs. 400 so there is difference of Rs. 100. What will be treatment of difference in financials (asset or liability)

  • Redemption of CCPS
    by LALIT on Tuesday, March 14, 2017  at 06:43 PM

    Can a company redeem CCPS issued earlier at premium at breakup/book value in the event of losses and no dividend declared by the issuer company in the event of continued losses?Is there any restriction on redemption of CCPS ignoring the dividend in view of losses?

    by LALIT on Friday, March 10, 2017  at 12:38 AM

    A multistate cooperative society following the format of balance sheet as per Schedule-III of the Companies Act,2013 had made investments in a joint venture company incorporated outside India (foreign company)holding 25% directly and 27% indirectly through its 100% foreign subsidiary in that foreign company through JV agreement.Whether investment in foreign company is to be considered as Investment in Subsidiary or Joint Venture company and to be disclosed in the Balance Sheet accordingly?

    by LALIT AHUJA on Saturday, February 18, 2017  at 04:45 PM

    Classification of amount paid for costly PAINTINGS/SCULPTURE/ART WORK by a company for installation in office. Whether Furniture & Fixture or Investment or to be charged to Revenue?

  • Consolidation of Accounts
    by rahul on Wednesday, July 20, 2016  at 03:24 PM

    A Company was having 31% holding in B Company as at 31 March 2015.A Company was not having any control on activities of B Company. Hence no consolidation was required under AS 21 and consolidation under Companies act 2013 was deferred till 31 March 2016. But in FY 2015-16, A Company has sold its holding to third party and A Companies holding in B Company reduced to 1% as at 31 March 2016. Whether consolidation under Comapanies act 2013 will be required for FY 2015-2016?

  • Valuation of Customer Hedged Inventory
    by Rahul on Tuesday, July 12, 2016  at 03:52 PM

    We are working on Job work basis. Under this we charged fixed amount for Job work from our customers. But for our customer we procure precious metal directly at customer agreed price and when we invoice then sale price include agreed price of metal. Query is if we have precious metal lying as inventory on 31st March, then whether we need to Revalue such inventory on the basis of Cost vs Net realisable value. OR we should value inventory on the customer agreed price because risk is on customer.

  • Project deposit
    by rahul on Tuesday, July 12, 2016  at 11:17 AM

    If entity is given rental deposit for a premise which is under construction then how to value deposit under IND AS 109?

  • Project deposits
    by rahul on Tuesday, July 12, 2016  at 11:15 AM

    If entity have given rental deposit when property in which premises rented is under construction. But subsequently construction not completed and deposit are still lying as is. In this case how deposit should be valued as there is no fixed date upto which deposits will be refunded? How to derive Faire value as there is no fixed date on which deposit will be refunded?

  • Financials Year
    by rahul on Wednesday, June 29, 2016  at 05:11 PM

    Whether Company can have financials year January 2016 to March 2016 i.e. for three months to align financials year as per Companies Act 2016 before 31 March 2016.

  • Minority Interest
    by MOHAN on Wednesday, June 22, 2016  at 04:14 PM

    My query is not understood properly Holding co has one 70% controlled Subsi. On year end, Co. do not hv investment in Subsi. because payment formalities are under process. As per MOA, 70% shares shall be hold by promoter holding co & rest 30% shares shall be hold by other company. Pls suggest,we should show minority interest 30% or no minority interest. As per our E&Y, we should consolidate 100% without showing any minority interest because in case of control, we hv to console 100% not 70%.

  • Provision for Tax assessment
    by MOHAN on Wednesday, June 22, 2016  at 03:50 PM

    Dear Sir, My query is not understood & resolved correctly. Pls resolve. We have one branch office in Kenya, in Kenya assessment is mandatory. In every year, we are creating estimated exp. for consultant fee. etc for tax assessments to be completed in future. we shall get service from the consultant in future, when actual assessment shall be done. Can company create Assessment exp. in current year while service shall be taken in future.

  • Financial Year
    by rahul on Monday, June 20, 2016  at 10:50 PM

    Which is the last date to aline the financials year as per Companies Act 2013? Can Company close its financials as at 31 December 2015 without obtaining tribunal approval and next financial can be 1 Jan 2016 to March 2017?

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