Forums
Reserves
Corporate & Other Laws
answered on 04-Feb-21 19:19
While preparing FS of a company incorporated on May 2017, the profit for the year 2017-18 will be carry forward and added with the profit of 2018-19 as opening. Likewise while preparing FS for the year 2019-20, will it carry forward the profit of the year 2018-19 only OR the whole profit including 2017-18s to 2019-20? For eg:- Profit for the year 2017-18:- 30,000 Profit for the year 2018-19:- Opening Balance : 30,000 Current Profit : 50,000 Total : 80,000 Profit for the year 2019-20:- Opening Balance : 80,000 or 50,000 ??????? Current Profit : 65,000
latest answer
Okeii
Balamurali Unnithan M S
CA Inter
★ 3K+
2
618
Loan from Director
Corporate & Other Laws
answered on 05-Feb-21 11:29
After the incorporation of a company on 2nd April, 2019, one of the directors resigned and another one joined on January 2020. So what's the treatment of loan from the resigned director for the year 2019-20?
latest answer
Thank u so much sir.
Balamurali Unnithan M S
CA Inter
★ 3K+
6
768
1st chp new icai material
Information Systems
answered on 27-Apr-21 16:01
3 sections was added in icai material sec 66F sec 67 , 67A, 67B
latest answer
You can check here https://www.indigolearn.com/resources/Updates/Changes-in-May-21-ICAI-Study-Material/CA-Inter/9fee643bc03747e98da966c0cf3541c2
Nivetharaman Raman
CA Foundation
★ 11K+
5
598
Regarding ITC on motor vehicle
Indirect Taxation
answered on 05-Feb-21 18:33
ITC is allowed when car is purchased by a company for taxable supply of transportation of passengers...My question is 1. Car is purchased by a registered person for Renting out that car for taxable supply of transportation of passenger...ITC allowed or not ?? 2. Car is purchased by a company for taxable supply of transportation of their employees ...ITC allowed or not
latest answer
Thanks for the wonderful reply
Suryakanthi Sornalatha T
CA Inter
★ 5K+
6
713
Direct entry
Others
answered on 04-Feb-21 12:00
Is it possible to convert from cpt to direct entry
latest answer
Andhra Pradesh Which year u studying degree
B VGR
CA Inter
★ 980
10
618
Process costing
Costing
answered on 04-Feb-21 14:27
Is it abnormal gain or abnormal loss
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Thanks
Ginni Giri
CA Inter
★ 134K+
10
696
Fire insurance
Accountancy
answered on 04-Feb-21 19:06
Waht does the insurance company compare the insured stock with ?? STOCK ON THE FIRE OR DAMAGED GOODS ??
latest answer
Total stock as on date of fire.
Reetikaa R
CA Final
★ 7K+
1
584
Capital Budgeting
Financial Management
answered on 04-Feb-21 19:01
In this problem, why are Indirect Material and Supervision costs included in Cash flow?
latest answer
for cashflow purposes, it is irrelevant whether the expense is direct or indirect.
Raja Raman
CA Inter
★ 0
3
593
Capital gain
Direct Taxation
answered on 05-Feb-21 18:44
(A) and (B) are relatives, (A) transfer immovable property to (B) for inadequate consideration for requirement of cash, (B) raised home loan from bank, Will It be tranfer under capital gains chapter? If yes what is taxable in hands of (A) ,received amount or stamp duty value? What is cost of acquisition in hands of (B)? If no under which section (A) is claiming exemption? What is cost of acquisition in hands of (B)? Hint:There is no family settlement agreement between A and B.
latest answer
(A) - transfer taxable under capital gains. Capital gain would be Valuation as per stamp valuation authority reduced by cost/indexed cost of acquisition. Exception - As per Sec 50C no adjustments shall be made in a case where the variation between stamp duty value and the sale consideration is not more than ten percent of the sale consideration. (B)- stamp value taken as other income u/s 56(2)(x) and Cost of acquisition would be what is taken as sale consideration for A
Vanga.Trinadha Reddy
CA Inter
★ 0
1
644
Measures of central tendency
Maths & Stats
answered on 04-Feb-21 11:29
How to do this question , please explain the idea and logic Q) the average salary of a group of unskilled workers is 10000 and that of a group of skill workers is 15000 . If the combined salary is 12000 , then what is the percentage of skilled workers ?
latest answer
Thank you sir
nisam M
CA Final
★ 23K+
2
855