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Query Posted : 206
Query Replied : 205
  • 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 ??

  • Accounting of schools
    by Chirag on Thursday, July 04, 2019  at 02:04 AM

    Dear Sir, With respect to query titled-- Accounting of schools by Chirag on Saturday, June 29, 2019 at 03:09 PM I want to ask that the 'Illustrations' part of AS 9 provides that fees charged for tuition service should be recognised over the period tuition is provided. This means that any Income From Fees received in F.Y. 18-19 for the period of 19-20 in Advance , MUST BE RECOGNISED AS ADVANCE FEES IN BALANCE SHEET IN 18-19. Do you agree sir ?? 2) Is this called as completed service method

  • Treatment of insurance charges at the time of purchasing asset
    by Vivek on Wednesday, July 03, 2019  at 01:47 AM

    Dear Sir, Insurance charges paid at the time of Purchasing Vehicle by a company in F.Y. 18-19 is Rs 64000. Query- Whether a) entire Rs 64000 should be CAPITALISED IN 18-19 to Vehicle a/c or b)Entry for prepaid insurance should be made in this respect and only the portion attributable to 18-19 should be capitalized ?? Pls clarify with reason. 2) If option (b) should be adopted,then we will pass following entry in 19-20-- Vehicle account Dr. To Prepaid Insurance Am i right??

  • Accounting of schools
    by Chirag on Saturday, June 29, 2019  at 03:09 PM

    We are Internal auditor of a school . Capital is contributed by a Educational Society .The statutory auditor is of the view that Expenses and Income should be recorded on Realisation Basis & not on Accrual Basis. They are of the view that as Income & Exp A/c & not P& L a/c is prepared and also the objective of school cannot be profit motive.. Due to this they have not allowed to make Entry for Prepaid Insurance , Entry for Provision expenses etc . Whether they are correct ??

  • Treatment of software purchased
    by Chirag on Saturday, June 29, 2019  at 02:57 PM

    Dear Sir, How to decide that whether Accounting Software purchased by the company for Rs 20000 during the year should be capitalized or it should be charged to P& L a/c ?? 2) Whether renewal of software expenses every year should be capitalized or or it should be charged to P& L a/c ?? Thanks sir..

  • 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

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