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Query Posted : 246
Query Replied : 244
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  • Liqudated damges as income arising out of capital purchases order
    by pradeep on Monday, September 21, 2020  at 10:14 AM

    whether liquidated damages for delay in supply arising out of capital jobs on various purchases order in projects placed by company can be treated as income ? Whether it is to be setoff with respective assets ?

  • 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.

  • Proposed dividend
    by Chirag on Wednesday, February 12, 2020  at 11:48 PM

    Dear Sir, If a Holding Company holds certain % age of shares of Subsidiary company. Query- What will be treatment of Proposed dividend in Consolidated F.S ?? 2) If a Subsidiary company holds shares of Holding company, what will be treatment of Proposed Dividend in Cons F.S IN THIS CASE ?? 3) Also, tell what will be treatment of Dividend declared but not paid (i.e. DIVIDEND PAYABLE) IN Consolidated F.S IN ABOVE CASES ?? Thanks sir..

  • Accounting treatment for investment by holding co. during merger
    by Anshu on Thursday, January 23, 2020  at 05:50 PM

    the company has invested amount of rs. 5 crores and acquiring 99.9% in his subsidiary. During financial year 2018-19, company has created a provision for impairment of investment of rs. 5 crores and completely write off its investment. The company has also applied for the merger with its subsidiary. After merger share capital will be merged with share capital of holding company. Whether the treatment adopted by holding company is correct?

  • Consolidation
    by Gautam on Thursday, January 16, 2020  at 01:37 AM

    Dear Sir, Pls tell the difference between Direct & Indirect Method in Consolidation of Financial Statements (Consolidated Balance sheet) as per Accounting standard ?? 2) Also tell the difference in calculation in above case ?? Thanks..

  • ESOP-02
    by Chirag on Monday, December 23, 2019  at 12:09 AM

    Dear Sir, With respect to my earlier asked query titled-- ESOP by Chirag on Wednesday, November 13, 2019 at 11:58 PM, Pls clarify that why Employee Compensation Expense for the First Year was not calculated considering 360 or 370 employees & then REVERSING the employee compensation expense in Year -2 because Employees who were actually present in 2nd year was 340. Pls clarify.. ??

  • ESOP
    by Chirag on Wednesday, November 13, 2019  at 11:58 PM

    X Ltd announced ESOP for each of its 400 employees on 1.4.16.It grants 200 stock options to each employee at Exercise price Rs30 per share subject to condition of continuous employment for 2 years.Fair Value of option is Rs12 on grant date. No.of employees expected to satisfy service condition in 1st & 2nd year is 360 & 320 respectively. Note- 30 employee left the company in 1st year & 340 employees have actually completed 2 year vesting period. Query- EMPLOYEE COMPENSATION EXP EACH YR

  • Consolidation
    by Vivek on Monday, November 11, 2019  at 02:06 AM

    Sir,A subsidiary company earned a profit of Rs 12.40 lacs in 17-18.During 17-18, Rs 0.55 lacs was received from insurance company against loss of stock due to fire which occurred on 31st Jan.17 in which goods worth Rs 0.75 lacs were damaged and were part of Subsidiary's stock on 31.3.17. Query-Whether above is intra group transaction bcoz they only require adjustment in Consolidation ?? Am i right? 2) Pls tell reason also ? 3) What will be the treatment of above transaction in Consolidation

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