Depreciation for Machinery

answered on 11-Mar-25 10:46

Hi Sir, Shouldn't we compute Depreciation for Machinery before computation of DTL

latest answer

Here information on depreciation for tax purpose is not given. Also first we compute depreciation and then carry out revaluation. if all information was given, we would have computed depreication and then revaluation. Also computed tax base post depreciation and computed deferred tax.

priyadharshini priya

CA Final

★ 1K+

1

17

DTL for increase in liability

answered on 11-Mar-25 10:43

Hi Sir, Shouldn't we recognise DTL for increase in value of Creditor.

latest answer

Tax base will also increase.

priyadharshini priya

CA Final

★ 1K+

1

18

Classification into Current Assets

answered on 08-Mar-25 08:33

Sir, For example if a company is intended to sell the PPE individually and it is confirmed that it will sell by the end of the financial year i.e within one year. Should it be classified as Current Assets.??

latest answer

Okay Sir. Thank you.

K Vamshi

CA Final

★ 5K+

2

24

3rd Edition

answered on 07-Mar-25 14:09

Sir where can I find the 3rd Edition FR notes pdf

latest answer

Notes are same that you have in printed book. soft copy available inside INd AS course.

Hemachandra D

CA Final

★ 8K+

3

41

Ca final all paper trend analysis & chapter wise weightage

answered on 07-Mar-25 14:58

Dear sir Kindly share CA final papers past trend analysis till Nov24 exams and chapter wise weightage

latest answer

IDT is updated. Please check it. Thankyou

Raja Saiteja

CA Final

★ 5

2

64

Doubt

answered on 07-Mar-25 14:11

Hi Sir, I have a doubt. For example an entity whose functional currency is USD and presentation currency is INR. An asset was purchased for 100 USD and exchange rate on this date is 80. The amount should be recorded at historical price since it is non monetary asset so Rs. 8000. However while presenting financials non monetary asset is recorded at rate on 31 March eg 85. So asset should be recorded at Rs. 8500. I am getting confused. Can you please explain at what rate do we finally record it.

latest answer

If functional currency is USD all transaction would be recorded in USD only. You will not record at 800. Then for reporting purpose, you will convert the USD balance sheet using applicable exchange rates.

Manu Jacob

CA Final

★ 6K+

1

21

When impact is asked, is it okay if we write journal entries or do we have to compulsorily write it statement format?

answered on 07-Mar-25 14:09

When impact is asked, is it okay if we write journal entries or do we have to compulsorily write it statement format?

latest answer

If impact is asked, we need to explain. JOurnal entries may be given as additional content.

Manu Jacob

CA Final

★ 6K+

1

20

Query on Non-cash consideration transactions

answered on 07-Mar-25 14:15

Dear Sir, In the given scenario, the value of goods/ services received and provided is the same, i.e., 50,000/-. What if there is some gap between the value of goods/ services provided/ delivered and the value of goods/ services received as a part of non-cash consideration transaction under IND AS 115.

latest answer

For revenue recognition we will measure the value of non-cash consideration received and recognise revenue at that amount. If I receive non-cas consideration worth 10,000 and I have transferred goods worth 11,000. Transaction price is 10,000. If the value of non-cash consideration cannot be determined, then we will use standalone selling price of the goods or services.

Chaitanya Sai Gupta

CA Final

★ 2K+

2

24

While considering potential share for Diluted EPS we have considered 25000 shares for 9m... Then for interest portion why are we not considering interest on 25000 for 3m?

answered on 07-Mar-25 14:38

While considering potential share for Diluted EPS we have considered 25000 shares for 9m... Then for interest portion why are we not considering interest on 25000 for 3m?

latest answer

After conversion of 25,000 convertible bonds, we would consider them as a part of normal equity for computation of Basic EPS. Till the date of conversion i.e for first three months, we consider them as dilutive. We have added back interest on these bonds for 3 months.

Manu Jacob

CA Final

★ 6K+

1

22

Can you please explain why we have taken only year 1's interest for calculation of Diluted EPS?

answered on 06-Mar-25 19:07

Can you please explain why we have taken only year 1's interest for calculation of Diluted EPS? Why did we not take year 2's interest while calculating profit available to shareholders?

latest answer

Please ignore this. Thank you

Manu Jacob

CA Final

★ 6K+

1

19