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Query Posted : 200
Query Replied : 200
  • Cost of asset
    by SACHIN on Saturday, May 11, 2019  at 05:29 PM

    The Company is purchasing the Car in the name of the Company. The part of Car's cost (Say 50%) is recovered from the employee who is going to use that car. On what amount the depreciation is to be charged? On the cost of the car (100%) or reduced cost (50%) Please guide

  • Provision Accounting
    by Chirag on Saturday, May 11, 2019  at 01:10 PM

    Dear Sir, Requesting you to pls help me in understanding the logic that why provision needs to be created in case of NPA in case of banking companies or in case of losses. ?? 2) What will be the effect of creation of provision in above case and what will be the advantage of creating it ?? Thanks a lot sir ..Regards....

  • AS-9
    by Chirag on Saturday, May 11, 2019  at 01:01 PM

    Dear Sir, If sale deed is prepared on 10.04.17. And agreement between customer & builder was done on 15.03.17. Cheque (as advance) of Rs 2 lacs was received on 15.03.17 which was encashed on 17.03.17. Balance money was received in Next F.Y. Total sale Consideration for the land was Rs 25 lacs . Query- What will be sale amount to be recognised in F.Y.17 -18 & 18-19 in the books of builder as per AS -7/ AS-9 principles ?? Thanks sir..

  • Interest on Loan
    by Chirag on Sunday, May 05, 2019  at 01:55 AM

    Dear Sir, If a company obtains Loan for purchase of Fixed Assets like Car, Building , Machine etc , then whether Interest paid on the loan will be capitalised or not ?? 2) If yes, then till which period the company will capitalise the interest cost ?? Thanks 3) If company has given Advance for Fixed Assets, & the Assets will be purchased in next month, then whether in this interest will be capitalised ??

  • Depreciation on Investment property
    by Chirag on Tuesday, April 02, 2019  at 02:44 AM

    Dear Sir, If a company is having a property (Land/ Building) and it is held by the company for investment purpose, then whether depreciation should be charged on such property or not ?? 2) Whether above property should be shown as Investments or Fixed Assets ?? 3) If any property is given on rent by a company, then whether Depreciation should be charged on such property ?? Pls provide guidance in accordance with AS & Ind-AS requirements ??

  • CARO applicability
    by Chirag on Thursday, March 14, 2019  at 08:11 PM

    Sir,In case of applicability provisions relating to CARO 2016,in case of Pvt Limited Company,The Threshold of 1 crore and 10 crores in case of Aggregate of Paid Up Capital and Reserves & Surplus AND TOTAL REVENUE respectively should be checked as on 31st March i.e. If M/S XYZ, Auditor of PQR Pvt Ltd. wants to conduct audit on 25.03.19,then above applicability will be checked on 31.03.19. Right? 2)In case of Borrowings,the threshold is Rs 1 crores AT ANY POINT OF TIME DURING FY 18-19.Am i righ

  • Revenue recognition For Real Estate
    by RAJESH on Wednesday, March 13, 2019  at 09:17 PM

    which guidance note of ICAI is applicable for revenue recognition for real estate sector.Both who are covered by IND AS and which are not covered.Whether Profit has to be booked on making of sale agreement or the year in which sale deed is executed in favour of purchaser.Generally Sale agreement is made during construction period and payment is received in installments through bank loan.

  • Accounting of Pre-operative expense
    by Chirag on Wednesday, February 20, 2019  at 12:21 AM

    Dear Sir, Please clarify the accounting treatment of Pre-operative expenses in case of a newly incorporated company ?? 2) Whether Preliminary expenses relating to incorporation of company will be included within Pre-operative expenses ?? Thanks sir...

  • SA-510
    by Chirag on Sunday, February 03, 2019  at 05:37 PM

    Dear Sir, As per SA-510- Opening Balances, If a company fails to provide for the bad debts in the books of accounts or fails to provide adequate depreciation, then whether Para-7 of SA-510 will be followed ?? OR ELSE, PARA-6(a), of SA-510 will be followed and in the above case, the company will show it as Prior period item in current year F.S ?? 2) Also, tell when an item will be shown as Prior period items in the books in the current year as per Para 6(a) ?

  • SA-570 Going concern
    by Chirag on Sunday, February 03, 2019  at 12:36 AM

    Sir, As per SA-570 -Going Concern, If in the opinion of auditor the Going Concern of the entity is Appropriate But Material Uncertainty exists , then Auditor will issue an Unqualified opinion if disclosures are made in the regard in the F.S. Query-Pls tell when we will say that Going Concern is appropriate but Material Uncertainty exists? 2) Whether any disclosure is prescribed by SCHEDULE-3 in above? 3)Going concern assessment by the entity will be made in the beginning of the F.Y.Am i rig

  • Associate company
    by Chirag on Wednesday, January 16, 2019  at 09:13 PM

    Dear Sir, As per Co.Amendment Act,2017, In Explanation of Associate Company "significant influence" means control of at least 20 percent of total VOTING POWER. Earlier it was SHARE CAPITAL INSTEAD OF VOTING POWER. Query- What is the impact of this amendment ?? 2) If a company is Associate company, then whether Consolidation of Accounts will be required in such case or not ??

  • Provisions
    by Chirag on Tuesday, December 18, 2018  at 03:47 PM

    Sir, A provision is created for expense incurred in current year but whose payment will be made in subsequent year like Provision for Audit Fees/ Telephone expense "Payable". But provision is also made regarding losses like Provision for Bad & doubtful debts, Provision for decline in Value of Investments etc. Query- Pls explain the difference between these two types of Provisions? 2) What is the difference in objectives & nature of these two types of provisions ?? Cannot understand sir. Tha

  • RELATED party if only closing balances
    by ARUN on Sunday, December 16, 2018  at 06:20 PM

    loan of Rs 1 lakh taken from related party which was shown in that year. this amount is still outstanding as on 31.3.2018. is it required to show in notes to account as related party transaction in f y 2017-18 because in f y 17-18 loan not taken but only carry amount of Rs 1 lakh shown as unsecured loan.

  • AS-10
    by Chirag on Friday, December 07, 2018  at 08:55 PM

    Dear Sir, Major Part of a conveyor system is Conveyor Belt. It is shown under Head PPE. But The conveyor belt is FREQUENTLY Replaced. Query- Pls clarify that as it is frequently replaced and generally has a Low price of say 30000 - 40000. Whether it should be Capitalised or shown as expense in P&L A/c ? 2) As per the provisions of PPE, Any item which is for the purpose of day to day servicing is an expense & should be charged to p&l. Pls clarify as to what does day- to day servicing include

  • Impairment of Asset
    by Chirag on Thursday, November 01, 2018  at 07:57 PM

    Dear Sir, With respect to just asked query on Impairment of Assets, Pls clarify that there is mention of---Reversal shall not increase the carrying amount of the asset more than the carrying amount (net of depreciation or amortization) of the asset had no impairment loss has been provided for the asset in prior periods.So,0.75 cr (3.75 -3.00) should be the reversal of impairment loss? 2)Pls clarify that why Recoverable amount of 3.40cr has role at the time of reversal of loss i.e 0.40 (3.40-3.0

  • Impairment of Asset
    by Chirag on Friday, October 26, 2018  at 07:52 PM

    Dear Sir, A company recognised impairment loss in 2011 of Rs 0.75 cr. In 2013, it wants to REVERSE the amount of impairment loss. Carrying amt. of Asset after recognising impairment loss in 2011 is 3.40 crores.Depreciation for 2 yrs is 0.40. So, carrying amt. in 2013 is 3.00. The CARRYING AMT. OF ASSET HAD THERE BEEN NO IMPAIRMENT IN 2013 IS 3.75. RECOVERABLE AMT. IN 2013 is 3.40 cr. Query- Pls tell the amount of Reversal to be recognised as per AS-28 in 2013 ?? Pls clarify in detail sir.

  • Foreign currency loans taken for Fixed Assets
    by Chirag on Tuesday, October 23, 2018  at 02:32 AM

    Dear Sir, As per AS-11, If Foreign currency loan is taken for acquisition of Fixed Assets, then Exchange loss or gain on Balance sheet date will be debited or credited in Fixed Assets A/c. Query- If there is exchange loss on Balance sheet date then it will be DEBITED to Fixed Assets a/c. Now query- Whether Depreciation on Asset will be charged only on Opening Balance OR it will be charged on TOTAL Of (Op. Bal + Ex. Loss ) ??

  • Condition of Finance lease
    by Gautam on Sunday, October 21, 2018  at 12:33 AM

    Dear Sir, One of Conditions for Finance Lease as per AS-19 is -- If Present Value of Lease Rentals and Residual Value is equal to or Higher than Fair Value of Asset , then it is a Finance Lease. Query- Here Residual Value means Both Guaranteed & Unguaranteed Residual Value OR Any one of them ?? 2) Whether Fair Value of Asset in above condition means Cost of Asset to the Lessor ?? 3) How Rate of Discounting for the Purpose of Present Value of Lease Rental will be considered practically ??

  • Unearned Finance Income
    by Gautam on Sunday, October 21, 2018  at 12:25 AM

    Dear Sir, In AS-19, Unearned Finance Income(UFI) will be calculated as -- Gross Investment MINUS Net Investment.Net Investment is Present Value of Gross Investment(i.e. Lease Rental + Guaranteed Residual Value (GRV) + Unguaranteed GRV.) Query- As Present Value of Gross Investment is NOTHING BUT FAIR VALUE OF ASSET. So, If we calculate UFI as-- Gross Investment MINUS FAIR VALUE then whether it will be correct or not ?? Pls clarify ??

  • AS-26 intangibles
    by Vivek on Saturday, October 20, 2018  at 05:33 PM

    Dear Sir, With respect to just asked query- Pls clarify that Amount to be recognised in Balance sheet is Present value of Savings of 2 lacs Or Entire Amount of Expenditure of 8 lacs. OR LOWER OF THE Two ABOVE? Also tell the REASONING for the above ?? 2) As per AS-26, Amortisation should be done on SLM Basis in 10yrs. Whether this 10 yrs is Maximum yrs (i.e. in just asked query, whether Amortisation year will be 10 or 5 yrs ?? Pls clarify??

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