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Sqc 1
Auditing
answered on 25-Apr-25 13:33
Engagement performance brief please
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Engagement Performance ensures that audit work is done carefully, checked properly, and follows all the rules — so the final output is reliable and of good quality.
Eswar Aakash
CMA Final
★ 57K+
2
184
Cost of fund to bank
AFM
answered on 19-Apr-25 11:58
What does cost of Fund to bank mean here Why did we added it while calculating final loss And why haven't we converted into another currency(AUD,JPY)
latest answer
Conversion
Gauri Shete
CA Final
★ 5K+
2
175
AS 11
Accountancy
answered on 21-Apr-25 12:02
A company based out of India exported goods worth $10,000 to a customer in the US on 30th June 2017. The customer settled the amount on 30th April 2018. The company closes its financial statements on 31st March of every year. The exchange rate of 30th June 2017 was Rs. 60/$, on 31st March 2018 was Rs. 61/$ and on 30th April 2018 was Rs. 60/$. What is the foreign exchange gain or loss in this transaction to be recognised in the profit and loss account for year ending on 31st March 2019? If you are accounting for gain in the year 2018, arent we overstating revenue to the extent of 10000? as the amount is unrealised. can we account it as gain ?
latest answer
Date | Event | Rate (INR/USD) | Amount (USD) |Amount (INR) | 30-Jun-2017 Sale recorded (initial recognition) ₹60 $10,000 ₹6,00,000 31-Mar-2018 Year-end balance sheet date ₹61 $10,000 ₹6,10,000 30-Apr-2018 Settlement received ₹60 $10,000 ₹6,00,000 Now as on 31st mAr 2018, there is a gain of 10,000 on customer receivable. This gain is recorded. We do not know how much would be the settlement value on 30th April 2018. Also for monetary items - we know that we would be receiving 10,000 $ and current worth of those $ is 6,10,000. Hence a gain of 10,000 is recognised. It like having a foreign currency at hand.
gokul___g _
CA Inter
★ 9K+
1
212
Legal Services
Indirect Taxation
answered on 19-Apr-25 16:06
Just want clarification, Services by court or tribunal does not constitute supply as per sec 7(20(a). Servises by advocate /tribunal to and business entity are covered under RCM 9(3). Services by tribunal or advocate to business entity whit TO less than equal to 20 lakhs is also exempt. are all these provisions correct.
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Thanks
Neha Pradhan
CA Final
★ 9K+
2
192
AS 11
Accountancy
answered on 21-Apr-25 12:16
which exchange rate is usually used when translating net realizable value of an inventory into foreign currency? If it is the rate at which the net realizable is determined. It should be the closing rate right, because usually NRV is determined at the end of financial year? Is that the reason. If yes why does attached MCQ has two options one is closing rate and rate on date on which NRV is determined.
latest answer
Financial statements may be prepared for interim period as well . So you take the date on which NRV was determined.
gokul___g _
CA Inter
★ 9K+
1
280
Interest calculation
AFM
answered on 19-Apr-25 11:49
I didn't get the principal qmount plus interest calculation of step 7
latest answer
Int + principal
Gauri Shete
CA Final
★ 5K+
1
231
Calculation error
AFM
answered on 19-Apr-25 07:11
Hi Sir, Can you please check the computation here once. I feel like there's some mistake in the answer. I just worked out the Question and am getting a different answer. Opening NAVs are as follows MFX - 11.00 MXY - 10.50 MFZ - 9.05
latest answer
It is a May 24 Q. My solution is correct. You may have made a mistake in your working pls check link below for Sugg Ans of May 24 Shared from *1FIN by Indigolearn* Free Resources Suggested Answers https://1fin.link/resource/45e528e147b74cb1ad3e8ac4e191784d
JAYESH M.S
CA Final
★ 0
1
199
Clerical error in Case 1 of Question ii)
AFM
answered on 19-Apr-25 07:07
13.8% + 2% = 15.8%, but in the solution, you've arrived at 14.8%. Contrary to the solution in the video, the inflation premium is added to market risk premium, and their sum is multiplied with beta in the notes. From the other query, I've got my doubt cleared that inflation premium is not multiplied with beta. Please correct me if I'm wrong
latest answer
It should be 15.8% and answer should change accordingly I realized this at 7. min 30 seconds and corrected the solution too - pls have a look In notes, please download latest P600 + from resources, we had already corrected the solution This is from May 18 QP last Q have a look at ICAI solution https://1fin.link/resource/4b0bea2805644b5586211734c61b3397
Ruthvik Reddy Adala
CA Final
★ 5K+
1
184
Tax benefit
Financial Management
answered on 19-Apr-25 07:16
Sir , @13:40 previous year of all tax savings forward to every cfat of particular years sir like Y1 cfat+previous years tax benefit, y2 cfat+ in previous years one year tax benefit In other view, if we choose this further processing option we won't get tax benefit like previous option kadha sir Sorry sir .. for disturbance
latest answer
We are considering both cashflows after tax i.e option 1 as well as option 2 so issue of ignoring tax benefit does not arise
anju B
CA Inter
★ 21K+
1
193
R&D
Financial Management
answered on 19-Apr-25 14:48
Why R&D(which is cost to a co.) is considered as sunk cost What are the costs relevant for cfat and what are not can you please explain it sir
latest answer
I recommend you to read page no. 7.8 - 7.12 in module 2 . You would probably understand it.
anju B
CA Inter
★ 21K+
5
199