Not for profit organisation

answered on 23-Sep-24 11:14

Where should adjustment of depreciation is to be made for sports material and printing and stationary

latest answer

You can directly take the closing balance. depreciation amount is shown in Income & Expenditure account.

Sathya S

CA Foundation

★ 3K+

1

281

Consolidated financial st

answered on 23-Sep-24 11:14

Unrealised profit WHY is not shown in analysis of profit and deducted from consolidated reserve and minority ?

latest answer

It is adjusted separately. You can show in analysis of profits as well if subsidiary has sold to holding.

Sushmita Chowdhury

CA Inter

★ 2K+

1

241

AS 17 - Segment Reporting

answered on 23-Sep-24 15:18

Para 50 and 51 respectively refer to a 'customer-based geographical segment' and 'asset-based geographical segment'. Is this just another way of referring to a Geographical Segment based on Location of Customer / Asset respectively?

latest answer

Thank you sir!

Vishnu Muraleedharan

CA Final

★ 32K+

2

319

AS 4- Disclosure for non adjusting events

answered on 20-Sep-24 11:08

15. Disclosure should be made in the report of the approving authority of those events occurring after the balance sheet date that represent material changes and commitments affecting the financial position of the enterprise. Is para 15 relating to the disclosure of events affecting validity of the going concern assumption? Or is it speaking about all events occurring after BS date in general?

latest answer

If it is an adjusting item then it will adjusted in financial statements, If not adjusting and material then disclosure is necessary If going concern is affected then they shd prepare FS not assuming going concern

Vishnu Muraleedharan

CA Final

★ 32K+

4

347

AS 16

answered on 23-Sep-24 13:46

We should capitalise when the asset in under construction right? But in this Qus.why don’t we capitalise and held in capital WIP?

latest answer

Ready for use. for borrowing cost- substantially ready for use.

Soon to be CA

CA Inter

★ 4K+

7

373

Buy back

answered on 16-Sep-24 12:52

Sir in this question we need ₹25lac for buy back. So we take ₹20lac from securities premium, ₹2lac from fresh issue and ₹3lac from revenue reserve. But question says investment sold for ₹22lac for the purpose of buy back. So where did we use this ₹22lac amt ?

latest answer

One is equity side adjustment comprising of reserves. Second is asset side adjustment - as we need money to pay to the shareholders (as pointed out by Tharun)

Ajaykumar Parit

CA Inter

★ 815

2

280

AS 19

answered on 16-Sep-24 12:52

Can anyone send me the solution?

latest answer

Which part do you have a doubt?

Mainak Chakraborty

CA Inter

★ 0

1

298

Consolidation

answered on 13-Sep-24 12:51

Share capital + reserve and surplus of subsidiary is rs100000 Holding Co own 90% I.e rs90000, but paid rs120000 so extra rs30000 is also received by subsidiary ? then why not showing in books of account ?

latest answer

We show it as a part of goodwill.

Sushmita Chowdhury

CA Inter

★ 2K+

1

271

AS 22 Accounting for taxes for income

answered on 14-Sep-24 11:54

In this question how come the timing difference is 4 Crs. As per accounting income :- sale proceeds is 8Cr and cost of investment is 4crs therefore accounting income is 4cr. As per taxable income it is the same 4crs .So why they are saying timing difference of 4crs exists?

latest answer

1

Niveta Rajkumar

CA Inter

★ 6K+

6

306

AS 5 net profit and loss, Prior period items and change in accounting policies

answered on 13-Sep-24 14:37

Is selling land to tide over liquidity problems is an extraordinary item?why is that so? why receipt of govt grant is a extraordinary item?

latest answer

extraordinary items are those that are both "unusual in nature" and "infrequent in occurrence".

Niveta Rajkumar

CA Inter

★ 6K+

2

338