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Sec 9 (5) Accommodation Services
Indirect Taxation
answered on 20-May-25 13:27
Sir, in articleship we have a client whose service is similar like goibibo or airbnb, now there is a unique transaction which flows like : Customer will pay amount to airbnb --> air bnb will pay amount to our client --> and client will pay to the owner of the house. Now here two e-commerce operator are there, how will we see the incidence of tax
latest answer
There is a possibility of TWO ECO. That is normal. ECO who is actually paying to supplier will be liable.
Hrishikesh Pradhan
CA Final
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1
204
Clause 2 - Cannot share fees etc
Auditing
answered on 09-Nov-25 16:16
In the Initial Partnership Deed, it is not provided that the legal representative of the deceased partner receive the profits of the firm. Later, after the death of Mr.B firm reconstituted the agreement and add the legal representative provision. can partners do so ?
latest answer
executing a supplementary partnership deed after his death to retrospectively include that clause is not legally valid — because you cannot alter the terms of a partnership after one partner has died.
Harini Desu
CA Final
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3
206
Illustration 19: Comprehensive Illustration on Revaluation
Financial Reporting
answered on 19-May-25 11:34
Sir while computing the obligation of Decommissioning as on 31-03-20X5, there is a reduction in PV of decommissioning which is Rs.5000/- hence due to the entry Decommissioning Liability A/c Dr . To Revaluation Surplus A/c , the amount of Rs.5000 is reduced . Then the revised carrying amount of Rs.7180 is added back to the cost of PPE. Then the revalued amount comes to Rs. 1,14,180. My question is since the 5000 got reduced from decommissioning Liability,it ultimately reduced the carrying amount of PPE as similar to cost model.. Can you please explain this part {cost vs Revaluation}
latest answer
1. The decommissioning liability is adjusted from the revalued amount and not cost based amount. 2. In cases where there is no revaluation surplus, the changes in decommissioning liability would be transferred to P&L. This is not the case with cost model.
Harini Desu
CA Final
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141
Factor
Financial Management
answered on 17-May-25 00:41
Instead of paying interest to the factor, if we ourselves collect the interest directly from the debtors, then that interest will be enough for us. Also, we don’t need to pay any commission to the factor. But now, since our return on investment has increased, we should give a portion of that return back to the factor, to be fair So, my doubt is why we are unnecessarily paid from our pocket with interest and commission to others instead of giving credit with interest to debtors?
latest answer
We dont collect interest from customer. Customer may pay us after 3 months. But we need money urgently. So we sell receivables to the factor
anju B
CA Inter
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1
183
Illustration 17: Impact of Revision in Useful Life
Financial Reporting
answered on 19-May-25 11:39
Sir while following the Gross approach, the difference between ORIGINAL DEPRECIATION and REVISED DEPRECIATION will that be transferred to Retained earnings as net income approach?
latest answer
It depends on the accounting policy elected by the entity.
Harini Desu
CA Final
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1
179
Guarantee accounting
Financial Reporting
answered on 19-May-25 11:39
Sir for last year the opening balance she have been 30,000 right
latest answer
IN the amortisation table, the balance will be as per original. for ledger balance calculation purpose, it would be 30,000.
R Yashwanth Kumar
CA Final
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1
229
Accounting standards
Accountancy
answered on 19-May-25 12:22
Sir can u please explain this point Applicabilty
latest answer
For company form of organisation, MCA notifies Accounting Standards For other than company, it is notified by ICAI. I have covered this aspect in video.
Leela Sowmya
CA Inter
★ 0
1
225
FINANCIAL INSTRUMENTS
Financial Reporting
answered on 19-May-25 11:40
Sir can we pass journal entries like i have attached in screenshot will any marks deducted if presented like this
latest answer
Yes you can pass. But generally the book does not have sufficient space.
R Yashwanth Kumar
CA Final
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2
245
Employee benefits
Financial Reporting
answered on 16-May-25 16:33
Should Employee Contribution to PF be decuted from Gross wages under the head "Salaries and wages". Or should it be shown under Contribution to PF. Since Employee Contribution is not an expense for the Company, I believe that it should be deducted from Gross Wages. Please guide
latest answer
It will be deducted from Gross Wages. Salary Expense To Cash To Employee PF payable
Azmi RZmi
CA Final
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1
181
Advanced itt
Others
answered on 16-May-25 17:00
Can i join advanced itt if i have cleared 1 group in ca inter and finished 3 years articleship
latest answer
I guess no. Still check with ICAI helpdesk.
San Samm
CA Inter
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1
337