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Difference between Illustration 4 and 8
Financial Reporting
answered on 12-Feb-25 12:10
Sir illustration 4, at end of second year also no provision is recognised for filters, and for illustratoin 8 provision is recognised In both cases it has a legal requirement But in illustration 8 - since enitity have contnaminated the land(present obligation as a result of past event) which will require to restore, so provision required but in illustration 4 - even though contamination of air happens, due to smoke, but it will not require anything as such to clean up, it will require to pay penalty only, so provision for penalty is this the case, why the treatement is different ?
latest answer
Contanimated land can be identified and govt can force to clean up. For air pollution thing, the device is not yet fitted. So only penalty. The case should have been better framed by ICAI. It like you need to carry a PUC for your vehicle. If you do not carry, you pay penalty. Now if you do not get your vehicle tested for PUC, there is no outflow for PUC testing. Only penalty is required to be provided.
Hemachandra D
CA Final
★ 9K+
1
292
Ca direct entry
Others
answered on 10-Feb-25 09:03
So i have completed graduation in life sciences stream so i want to go for ca direct entry
latest answer
Yes you can.
Aleti Vamshi krishna
CA Foundation
★ 0
1
265
Nov-2024 Provision question
Financial Reporting
answered on 10-Feb-25 21:29
Sir I have attached the Nov-2024 MCQ case study and question, in this case the answer is Provsion for 100 crores is it becasuse amount of 60L not reimbursed within 3 months, so it creates a doubtful about whether will receive or not say if the penalty was leveid on feb month, so as on year end march, only 2 months completed, as per agreement 3 months time to get reimbursement so in this case provision is 40L and contigent liability 60L as Reimbursement will be virtually certain considering as per terms of business/contract is this right ?
latest answer
In real life that is how it works. The other party would refund the amount. ICAI has drafted the question pretty vague. There is a statement which says it is unfavourable to the arrangement. Also in case of joint operations, the other party is bound to reimburse.
Hemachandra D
CA Final
★ 9K+
1
266
Cash sale
Accountancy
answered on 10-Feb-25 09:07
What is the cash sale? detailed explanation
latest answer
The buyer pays immediately after receiving goods or services.
Rishana Ramees
CMA Inter
★ 0
1
257
Introduction to gst
Indirect Taxation
answered on 10-Feb-25 12:34
Sir how does input tax credit apply to IGST in gst law
latest answer
IGST credit can be utilized for payment of output IGST, then CGST or SGST in any order or any manner.
Prajwal H M
CA Inter
★ 260
1
291
security valuation - illustration 5
AFM
answered on 07-Mar-25 15:15
why haven't we considered EPS(1-b) in the numerator of earnings growth model, instead of EPS?
latest answer
This is one method Instead of using dps We are using eps as all eps pertains to shareholders
Ali S
CA Final
★ 8K+
3
255
Illustration 9
Financial Reporting
answered on 12-Feb-25 14:41
Sir in this case where offshore oilfield is constucted, is it not a resoration cost related PPE, in which we would have included the PV of restoration cost, why seperate provision ?
latest answer
Dr. PPE (Ind As 16) Cr. Provision (Ind AS 37) These accounting are interlinked.
Hemachandra D
CA Final
★ 9K+
1
250
person of indian origin
Direct Taxation
answered on 10-Feb-25 12:36
is it -he or his parents or his grand parents should be born in undivided India (OR) Every one should be born in undivided India to be a person of indian origin?
latest answer
If himself or any of his parents or any of his grandparents are born in undivided India.
Ajay Kumar
CA Foundation
★ 1K+
1
286
Additional conditions
Direct Taxation
answered on 08-Feb-25 23:53
For the (c) qtion - is it Resident or Resident and ordinarily resident - if the TI (other than FI) is >15lacs.
latest answer
I got the answer in next video sir. Thank you.
Ajay Kumar
CA Foundation
★ 1K+
1
296
GRASPING OF CONCEPTS
Indirect Taxation
answered on 10-Feb-25 12:33
sir as i am attending both the groups should i finish the classes of TAX ( gst +inc tax) by watching the videos fast by spending 12 hrs per day & revise it daily by practice of problems OR watch it slower by watching 6 hrs a day and then practice problems accordingly. which would be better option for grasping the concepts?
latest answer
Try to revise along with classes itself and solve questions simultaneously. It would be better.
Sandeep
CA Inter
★ 50
2
312