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Query Posted : 224
Query Replied : 219
  • Treatment of CDT in consolidation
    by Vivek on Monday, September 16, 2019  at 02:53 AM

    Dear Sir, S Ltd (Subsidiary Co.) is having Equity Share capital of Rs 15 Lacs as on 31.3.18. H Ltd is holding co. of S Ltd. H Ltd acquired 60% in S Ltd on 1.4.17. S Ltd paid dividend @20% out of pre-acquisition profits & paid Corporate dividend tax @ 17.304%. Query- Pls tell the treatment of Corporate dividend tax in paid in above case for the purpose of consolidation ?? 2) How to calculate CDT in above case ??

  • Contingent liability in consolidation
    by Chirag on Wednesday, September 11, 2019  at 05:31 PM

    Dear Sir, A Ltd (holding company) has Bill Receivable of Rs 3000 in its Separate Balance sheet. Bill of Rs 4000 were accepted by B Ltd ( a subsidiary company). Out of this A Ltd has discounted bill of Rs 1000 which is appearing as a contingent liability in its Separate Balance sheet. Query- For consolidation,Rs1000 will be shown in Bill Payable. So, whether CONTINGENT LIABILITY 1000 SHOULD BE REMOVED IN CONSOLIDATED F.S?? PLS CLARIFY THE IMPACT OF THIS??

  • Consolidation
    by Kamal on Saturday, September 07, 2019  at 06:43 PM

    Sir, What shall be the treatment of pre-acquisition dividend received by the parent company from its subsidiary company

  • Disposal of Asset
    by Krishna Chaitanya on Wednesday, September 04, 2019  at 08:55 PM

    Company has disposed of half of the assets to single party under slump sale agreement. It is very difficult to apportion sale value to assets. It is also very difficult to arrive at Carrying amount of Each asset. How to pass accounting entries in Books of Accounts regarding Slump Sale of Assets and profit or loss arising on sale of the Same.

  • Treatment of Bonus issue in Consolidation
    by Vivek on Monday, September 02, 2019  at 08:28 PM

    Dear Sir, In Consolidation of F.S, Bonus share issue from Post Acquisition Profits by the subsidiary company will reduce Goodwill (i.e.in Cost of control calculation). Why sir ?? 2) What is the logic of reducing Goodwill because entry made by subsidiary will be-- Reserves Dr. To Share Capital ?? 3) As Cost of control is calculated on 'Date of Acquisition of share', thus, whether while issuing bonus share by subsidiary, Parent Co. should again calculate COST OF CONTROL ?? Why sir??

  • Leasing
    by Chirag on Sunday, September 01, 2019  at 03:49 PM

    Dear Sir, Also tell that whether 3 Crore received from Leasing to B Ltd should form Part of Other Income of P&L A/c ?? 2) Whether 1.20 crore paid to A lTd will form part of Expenses in P &L A/c ?? 3) We will prepare Separate Balance sheet of cinema hall. So, as it was closed by us on 30.9.18 so IF WE ASSETS OF CINEMA HALL IN BALANCE SHEET HOW TO CLOSE SUCH ASSETS A/c, Liabilities A/c etc in books ?? 4) Also clarify some important treatments as per your view ?? Thanks

  • Money on leasing
    by Chirag on Sunday, September 01, 2019  at 03:41 PM

    Dear Sir, Continuing just asked query- During the course of operating Cinema hall BY OUR OWN , FOCUS LAMP PURCHASED FOR CINEMA HALL, COMPUTER PURCHASED FOR CINEMA HALL & OTHER ASSETS PURCHASED SHOULD BE CAPITALISED IN BALANCE SHEET ?? Note- In my opinion we should charge it in P&L A/c as WE HAVE AGAIN LEASED THE SPACE FOR 3 CRORE IN LUMPSUM, SO ASSETS FOR CINEMA HALL IS OF NO USE & SHOULD BE CHARGED TO P&L A/c . Do you agree ?? Pls share you deep insights & knowledge on this matter ??

  • Money received from Leasing
    by Chirag on Sunday, September 01, 2019  at 03:36 PM

    Sir, We have a Shopping Mall wherein there is a Cinema Hall. The space of cinema hall WAS LEASED To M/s A Ltd. It pays us Lease Rent every month. On 1.6.18 agreement between us & A Ltd was Terminated & hence we paid 1.20 crores to A Ltd. FROM 1.6.18 to 30.9.18 WE OPERATED THE CINEMA HALL BY OUR OWN. AGAIN ON 1.12.18 WE GIVEN THE SPACE OF CINEMA HALL TO B LTD FOR 3 CRORES ON LEASE. Lease Rent will be given by B Ltd on per month basis. Note- We are a company & charges rent from shops in mall

  • EOM & OM Para
    by Chirag on Sunday, August 25, 2019  at 09:33 PM

    Dear Sir, When Emphasis of Matter Para & Other Matter Para can be given by the Auditor ?? 2) Also mention what types of content can be there in EOM & OM Para ?? 3) Pls give examples of both Types ?? Heartiest Thanks..

  • Services completed but bill made on 1.4.2019 next year
    by arun on Thursday, August 22, 2019  at 12:05 PM

    dear sir The company has provided/completed services for the month of march 2019 but instead of raising bill on 31.3.2019, it has raised bill on 1.4.2019. gst was paid as liability for april month. Can i add this amount as sales in f y 2018-19 and second effect show as "UNBILLED REVENUE" because in this way we can do RECO of gst and financials.

  • ESOP expenses division
    by arun on Monday, August 19, 2019  at 07:22 PM

    pvt ltd co ESOP option granted on 15.6.2018 for 50000 shares to 15 employees at Re 1 exercise price, face value per share Re1. Assume fair Value per share Re1. assume all 15 employee will remain for 3 years. VESTING SCHEDULE is at end of 12 month from grant date vesting of 50% share, 25% each at end of 24 month and 36 month respectively. exps 50000 share X fair value Re1 is Rs 50000.QUESTION (1) how to divide in 3 years. (2) can i book exps on 31.3.2019 for 9.5 month.

  • Treatment of Penalty
    by Chirag on Friday, August 16, 2019  at 10:25 PM

    A company has received from Rs 1 lacs to a contractor for Repairs & Maintenance work in Factory. Repairs & Maintenance A/c is debited in Books of A/c when bill was received from Contractor. At the time of Payment, Rs 20000 penalty was deducted by company due to wrong work done. Query- Entry for this penalty should be -- Contractor A/c Dr To Repairs & Maintenance OR ELSE it should be treated as Income in P& L A/c & entry should be -- Contractor A/c Dr To Income from penalty

  • Treatment of Exchange Loss on Fixed Assets
    by Chirag on Friday, August 16, 2019  at 10:05 PM

    Dear Sir, A company has purchased Stainless steel Plate for a Machine from a SELLER OF CHINA. This Plate is capitalised in Plant & Machinery under Fixed Assets. There is an Exchange Loss of Rs 60000 in this transaction. Query- Whether this loss should be debited to Fixed Assets A/c?? i.e. Entry should be -- Exchange loss Dr.60000 To Fixed Assets 60000 Pls clarify with reason sir.

  • Subsequent renewal of lease and Lease hold improvement
    by Rahul on Thursday, August 08, 2019  at 03:12 PM

    A ltd has into non-cancellable lease for 36 month on 1 July 16. Capitalised lease hold improvement (LI) which are depreciated over lease period. A Ltd renewed lease for 60 Month on 1 July 19 and entire period is non-cancellable. In Aug 2019, Company is finalising financials as at 31 March 19. So which period should be considered for depreciation i.e. original till June 2019 or revised up to 2024? If revised period then which amount should be considered for depreciation over revised lease terms?

  • Disposal of asset during construction
    by Naman on Wednesday, July 31, 2019  at 05:24 PM

    Company is installing shed to cover new factory building whose construction is going on. Whole shed was constructed and was made in Rs 60. However as the quality was not good, it was dismantled and scrap was sold for Rs 6. Again new shed was constructed for Rs 70.this was all done before capitalisation of building. Will cost of FA will be 70 and 54 will be loss on asset (revenue/capital). Or will cost be 124 (70+60-6) ?

  • Treatment of Customs Duty
    by Chirag on Saturday, July 27, 2019  at 04:44 PM

    Dear Sir, Customs Duty Paid on Import of Plant & Machinery should be capitalised to Machinery A/c or it should be charged to P&L A/c ?? 2) Customs duty paid on Import of Raw Materials should be shown by way of Separate A/c in P&L A/c named "Customs Duty" or else it should be added to Basic Value of Purchases of Raw Material A/c in P&L A/c ?? 3) Handling charges of CHA paid in relation to import of Machinery should be capitalised to Machinery A/c or else it should be charged to P&L A/c ??

  • Accounting issue
    by Vivek on Thursday, July 25, 2019  at 05:38 PM

    Dear Sir, Continuing just asked query-- At the time of Sale from Depot, it passes following entry Debtors A.c Dr. To Sales To Taxes And at month end , it passes SALES A.C DR. TAXES A.C DR. TO FACTORY A.c. Thereby transferring the sales made and taxes collected by Depot to Factory A.c. The factory in this respect passes Depot A.c Dr. To Sales To Taxes , In its books of Accounts Query-- Whether all the above accounting done is correct ??

  • Accounting issue
    by Vivek on Thursday, July 25, 2019  at 05:33 PM

    Dear Sir, Reframing earlier asked query-- A Factory sends Finished goods to Depot and treats such transfer of goods as STOCK TRANSFER. At the time of sending the goods,ONLY stock of Finished Goods of Factory GETS REDUCED. The Depot initially records the Receipt as Purchase Ac Dr. To Factory Ac. And then subsequently at MONTH END, IT REVERSES THIS ENTRY, THEREBY NULLIFYING THE PURCHASE A.c. & Factory A.c. Balance query in next post

  • Employee stock option
    by arun on Monday, July 15, 2019  at 01:11 PM

    dear sir company is starting employee stock option. i am reading AS15 employee benefit, guidance notes on employee stock option. is this correct way. or any other law available which i can refer. please guide me.

  • Accounting issue & AS-2
    by Vivek on Saturday, July 13, 2019  at 03:59 PM

    Dear Sir, A Factory is situated in outskirts of a city. The Sales Depot of the factory from where sale of goods is made is situated in the city. Query- How accounting should be done of goods sold to Sale depot by factory ?? 2) If Freight is not charged in the invoice by seller. Instead The Transporter issues Bill of Freight SEPARATELY to the Buyer. Query- Whether such SEPARATE ISSUE OF BILL OF FREIGHT by Transporter WILL FORM PART OF COST WHILE DOING VALUATION OF CLOSING STOCK ??

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