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Query Posted : 136
Query Replied : 136
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  • 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?

  • Adhoc provisions for Tax Assessment Exp.
    by mohan on Friday, May 27, 2016  at 01:28 PM

    Dear Sir, We have one branch office in Kenya, in Kenya assessment is mandatory. In every year, we are creating estimated exp for tax assessments (consultant fee. etc). Can company create Assessment exp. while actual assessment shall be done in latter years

  • Consolidation of Subsidiary
    by mohan on Friday, May 27, 2016  at 01:21 PM

    We hv 1 holding company & one 100% Subsi. in India & one 70 % controlled subsi. at Nepal. As on 31st Mar, we do not have investment in Subsi. because payment formalities are under process of investing money. As per MOA, 70% shares shall be hold by promoter holding co & rest 30% shares shall be hold by other company at Nepal. Pls suggest,we should consolidate 70% or 100 % . As per our E&Y auditor, we should consolidate 100% because in case of control, we hv to console 100% not 70%.

  • Consolidation of Subsidiary
    by mohan on Friday, May 27, 2016  at 01:20 PM

    Dear Sir, We hv 1 holding company & one 100% Subsi. in India & one 70 % controlled subsi. at Nepal. As on 31st Mar, we do not have investment in Subsi. because payment formalities are under process of investing money. As per MOA, 70% shares shall be hold by promoter holding co & rest 30% shares shall be hold by other company at Nepal. Pls suggest,we should consolidate 70% or 100 % . As per our E&Y auditor, we should consolidate 100% because in case of control, we hv to console 100% not

  • Service Tax-Rent
    by Ketan Inani on Tuesday, May 03, 2016  at 08:48 PM

    A manufacturing concern can avail Service Tax Credit on DC Rent ... the place of removal is also DC. Please give the relevant extract

  • Cal. of EPS in case of share split or reverse split
    by Ramakant on Thursday, April 07, 2016  at 07:15 PM

    There are two companies, X Ltd. and Y Ltd. At the beginning of a particular year X Ltd and Y Ltd have 100 equity shares and 200 equity shares respectively. During the year, X Ltd. has divided its one share into two shares and Y Ltd has consolidated its two shares into one share. Both the companuies have not adjusted BEPS and DEPS of previous years presented in the financial statement. Is it correct?

  • Segment reporting
    by Sunanda on Tuesday, April 05, 2016  at 11:14 AM

    A company is engaged in the business of manufacturing and selling of monitors, mobile phones and TVs. It has identified three segments on the basis of products, i.e., Monitor Segment, Mobile Phones Segment and TV Segment and all these segments are reportable as per AS 17. In the Segment Reporting co. has reported amount of capital employed for these segments in place of carrying amount of assets and liabilities of these segments. Whether Segment Report prepared by the co. is in line with AS 17?

  • Creating reserves against decline in value of investment
    by Sanaya on Wednesday, March 30, 2016  at 05:23 PM

    A company has certain investments which includes both current and non-current investments. At the end of the year, the company identified decline in value of a current and a non-current investment which was of other than temporary nature. So, it transferred an amount equal to the decline in value of both investments from profit to investment fluctuation reserve. Whether the above accounting treatment of diminution in value of investments is correct?

  • Amortization of premium paid for loan restructuring
    by Swati on Tuesday, March 29, 2016  at 02:31 PM

    A company treats premium, along with prepayment charges of loans, paid to banking and financial institutions for the restructuring as deferred revenue expenditure and amortise over a certain period. Whether the accounting policy of the company is in order?

  • Inventory- a qualifying asset or not?
    by Surender on Monday, March 28, 2016  at 05:54 PM

    A company is engaged in production of tennis balls. To save production cost it produces balls in bulk. During the financial year ended 31stMarch, 20XX it has taken one secured and one unsecured loan, both are for general purpose. The company can utilize these loans for any work. While valuing closing inventory of balls at the end of that year, the company has included interest on above loans in the value of inventory. Is it correct valuation of inventory?

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