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Query Posted : 190
Query Replied : 189
  • 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??

  • AS-26- Intangibles
    by Vivek on Saturday, October 20, 2018  at 05:28 PM

    Dear Sir, As per AS-26, Research expenses incurred by a Rs.10 lacs during first 5 months of year 12-13. Development of process began on 1st Sept,12 & upto 31.03.13, a sum of Rs.8 lacs was incurred as Development expense. From 01.04.13, the new process design was implemented and it will result in After Tax Saving of Rs.2 lacs p.a. for next 5 yrs. Assuming Present value Annuity factor for 5 yrs is 3.7908. Query- Continued...

  • Operating Lease
    by Gautam on Tuesday, October 16, 2018  at 08:21 PM

    Dear Sir,In normal practical scenario, If a company has taken a property on Rent ,then whether it is required to give disclosures relating to Operating Lease as per AS-19 in its Notes to Accounts ?? 2) If not, why sir ?? 3) Whether as per AS-10 , also he is required to give disclosures ?? If yes, pls tell the disclosures ?? 4) Whether LESSOR SHOULD GIVE DISCLOSURE OR Lessee should give disclosure ??

  • AS-19
    by Gautam on Tuesday, October 16, 2018  at 07:27 PM

    Dear Sir, As per AS-19, If Guaranteed Residual Value & Unguaranteed Residual Value at the end of Lease Period is Rs.2000 & 1500 respectively. And if the MARKET VALUE OF THE LEASED ASSET at the end of lease period is RS.4000. Query- Pls tell the accounting treatment (including journal entries) as to what should be done in the Books of Lessor & Lessee EACH, IF THE ASSET IS RETAINED BY THE LESSEE ITSELF (i.e. AT THE END OF LEASE PERIOD) ?? Thanks a lot sir ..

  • Depreciation
    by Chirag on Friday, October 12, 2018  at 01:41 AM

    Dear Sir, A concern is following W.D.V Method of Depreciation. On 31.03.18 its F.Assets after depreciation is Rs.1 lacs. Depreciation Rate is 10%. In FY- 18-19, the concern wants to Revalue its Assets "TO" Rs.185000. Query- How adjustment of Depreciation under W.D.V Method will be done in this case ?? 2) Whether directly the concern will charge 10% depreciation on 185000 from 18-19 ?? Pls tell the accounting with respect to above ??

  • Employee stock option
    by ARUN on Saturday, September 29, 2018  at 03:23 PM

    sir we have offered employee stock option to employee but employee has not excercised the same. so share capital will not increase. we want to only disclosure this basic fact in notes to account. whether this is correct. or any other accounting standard or notes applicable

  • Bank Guarantees
    by Chirag on Thursday, September 27, 2018  at 11:57 PM

    Sir, Bank Guarantee(B.G) is shown under Assets side of Balance sheet of the company. In fact, B.G is CONTINGENT IN NATURE AND THERE WILL BE OUTFLOW FROM BANKs SIDE Only if the company FAILS TO MAKE PAYMENT TO OUTSIDER. Thus, IN MY VIEW IT SHOULD not be disclosed under Assets side. Query- Do you agree with it sir ? 2)If not, Pls tell that why B.G should appear under Assets side of Balance sheet of company? 3)Also, tell whether it should be disclosed under NON-CURRENT ASSET OR CURRENT ASSETS

  • Foreign exchange gain loss on convertible debenture
    by ARUN on Thursday, September 20, 2018  at 05:21 AM

    the company has issued compulsory convertible debenture in foreign currency to USA citizen in f y 16.17 which is compulsorily convertible into equity shares at premium in next year i.e. in f y 17.18. My question is :- (1)since it is not payable back but convertible into equity, whether foreign exchange loss/gain entry to be passed in f y 16.17. (2) in next f y 2017-18, before conversion into equity shares, whether foreign echange loss/gain entry to be passed till date of conversion.

  • AS-9
    by Chirag on Monday, September 17, 2018  at 11:38 AM

    Dear Sir, The provisions relating to installment sale is given in AS-9 as sales price exclusive of interest should be recognised at the date of sale.The interest element should be recognised as revenue, proportionately to the unpaid balance due to the seller. Query- Treatment should be as per AS-19, HIRE PURCHASE TRANSACTION and not AS-9?? Pls clarify why in AS-9 provision is there ?? 2) Cannot understand the accounting of interest in above case. Kindly provide an example for the same ?? Tha

  • AS-10
    by Gautam on Sunday, September 16, 2018  at 03:21 PM

    Dear Sir, A company is engaged in supermarket business. It acquires a new store in Bihar. Expenses are to be incurred for running the shop. So, the company incurs Rs.5 lacs on Remodelling expenses , Rs.2 lacs paid to Staff as Salaries, Rs.1 lacs incurred for Electricty and Wiring Expenses of the store. Query- Which of the above expense should be capitalised and charged to profit and Loss as per AS-10 ?? 2) Also tell the reason as to how to capitalise a particular item in above case ??

  • AS-10
    by Chirag on Tuesday, September 11, 2018  at 10:33 AM

    Sir,X Ltd. is engaged in manufacturing of slippers.Query- How to identify whether SPARE purchased for Machinery of the company should be CAPITALISED OR Charged to Statement of P&L. Pls clarify sir? 2)How to identify that an item (say, conveyor belt) purchased for Machinery should be capitalised OR Charged to Statement of P&L because, IN SOME CASES, THE LIFE OF CONVEYOR BELT IS 5-6 YEARS. However sometimes , life of such belt is ONLY 2 -3 Months. So, HOW TO DETERMINE WHETHER TO CAPITALISE OR N

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