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Foreign Exchange Gain/ Loss not recognised
Financial Reporting
answered on 01-Aug-25 16:38
Hi sir 1.We are not recognising Exchange Gain on Inventory in Consolidated Fs because it's a non monetary item? Or is it as per Ind As 2. So applies only for inventory? 2. We are not treating the 24 lakhs as an exchange gain from Monetary item called Receivables, since 1020 of Receivables cancelled against 1020 of pavables and respective exc loss or gain will get cancelled. Is this correct understanding sir? (Time stamp:12:50)
latest answer
1. In the consolidated financial statement we carry inventory at cost to group or NRv whichever is lesss (consolidation principle. Any unrealised profits are eliminated). IF we translate the balance sheet of subsidiary , Inventory would be valued at closing rate (lf goods were purchased from a third party). however, in this case, goods were purchase from parent so in group books, the profits are eliminated. 2. Correct.
Vijay Ramesh
CA Final
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279
FMV
Direct Taxation
answered on 28-Jul-25 17:40
It is 'not-listed on a recognized stock exchange', right? [Video Time Stamp: 10:36]
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You are right. Thanks for pointing out.
Elzabeth Britty PJ
CA Inter
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240
Marks allocation
Auditing
answered on 26-Jul-25 21:28
Does examiner cut marks in ca exams for spelling mistakes.
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Thank you sir
Pihu Jain
CA Inter
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2
246
Exemption
Indirect Taxation
answered on 28-Jul-25 17:26
Business Facilitator and business correspondent service to insurance company in rural area - exempted Whether agent of bf/bc service in rural area - taxable or exempted ?
latest answer
Law is silent. But technically it should be exempt.
Pradeep Ravikumar
CA Final
★ 1K+
1
230
FUTURES CONTRACT
Financial Management
answered on 26-Jul-25 22:52
Sir, under this type of contract, parties do not know each other, hence it is regulated by agencies such as Exchanges, also it was mentioned that there is no physical transfer of assets. Then what are they trading exactly? SIr, also in this context, i want to understand the futures and options market. how this works. had i been hearing only these terms in my articleship period, from my seniors. Due to which my curiosity exites to know more about these types of market. [Video Time Stamp: 04:15]
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understood sir, thank you.
Vinod Kumar
CA Inter
★ 11K+
2
187
Cross rate
AFM
answered on 27-Jul-25 02:08
Sir please tell if there is any straightaway method to get cross exchange rate with illustration no. 78 [Video Time Stamp: 00:00]
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Thanks a lot sir
Akshat Sharma
CA Final
★ 510
5
288
types of utilities
Economics
answered on 26-Jul-25 16:02
sir for form utility you gave the example of cotton and for place of utility iron&steel. and sir for place utility the material is moved from one place to another to make final product and in form utility the cotton example the cotton is also moved from one place to other then why it was form utility,not place utility as the place of production to cotton is different form cotton t-shirt. [Video Time Stamp: 04:21]
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Utility
Rudransh Aheer
CA Foundation
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1
244
Salary
Direct Taxation
answered on 28-Jul-25 17:40
If a person earns 65000 p.m. then but between FY 24-25 he got absent let's say in the month of July and get 26000 (for 12 days). At the end of the year his salary is 741000 and after deducting 75k under new tax regime it will become 666000 so should we deduct tds monthly or not?
latest answer
Already answered in another query.
Snehashis Mohanty
CA Inter
★ 35
1
222
About Financial statement Analysis
CFA
answered on 26-Jul-25 15:28
Sir, what is Internal Financial Information ?why it is Unavailable to External Users ? Sir I attached a image... in that Read Professor Note only... Explain me sir
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Okay Sir Thankyou.
dhupam jayanth
CFA L1
★ 10
4
197
POST SHIPMENT FINANCE: - Advance against Export bill sent for Collection-(2)
Financial Management
answered on 26-Jul-25 13:14
sir, is this type of finance comes in the series after "(1)-Purchasing or Discounting of Export bill" type of postshipment finance? are these both type of finance comes under the same circle with same bank, like the exporter can get finance from source (1) and then he can get again finace from source (2) with the same bank in a series of availing loan. My Second query is: When in the Preshipment finance, the bank has done so much in favour of exporter, then why these many formalities in Postshipment finance, specifically in case of source (1) type of finance? [Video Time Stamp: 02:11]
latest answer
understood sir. i was thinking that as well, i have a lot more to cover yet I will focus further sir Thank you sir
Vinod Kumar
CA Inter
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2
200