Forums
Why is it Performance Obligation over a period of time?
Financial Reporting
answered on 27-Nov-24 15:00
Here in the example, airtel has transferred 200 minutes worth of talk time. Whether the customer utilizes or not, it does not matter to airtel. Airtel is not providing continuous improvement or servicing to the service also to the particular customer. So can you please explain it to me why it is over a period of time and not at a single point.
latest answer
Service has not been performed yet. Service is completed only when the customer uses it.
Manu Jacob
CA Final
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1
188
Doubt
Financial Reporting
answered on 27-Nov-24 15:07
In this problem, why can't we reverse entire additional discount of Rs. 90 instead of 80.36?
latest answer
We have booked the value of voucher as 107.14. So its reversed proportionately.
Manu Jacob
CA Final
★ 6K+
1
219
Non-adjusting events
Financial Reporting
answered on 27-Nov-24 15:10
An entity acquires a subsidiary (Business combination - IndAS 103) after the Reporting period. The share Purchase agreement is being entered into after the date of approval of Financial Statements. But the entity is aware of the plan of acquisition before the approval date. In this case, whether the same to be disclosed in the Reporting period or not, sir?
latest answer
IT depends on what level is the discussion and negotiation. If deal has been finalised, but agreement is done later, it would be disclosed. If it is at initial stage, the company should consider materiality. Also note that in case of listed entities, any such negotiations/deals should be disclosed to exchanges immediately.
Swathi S
CA Final
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1
206
Consolidation
Accountancy
answered on 27-Nov-24 15:12
Trade payables of holding company include ₹35,000 due to subsidy company for good supplied since the acquisition of shares these goods are charged at 10% above cost Accounting treatment ?
latest answer
1. Eliminate Inter-company Balances: The trade payables of ₹35,000 in the holding company and the corresponding trade receivables in the subsidiary's books will be eliminated in consolidation. 2. Adjust for Unrealized Profit: The goods are sold at 10% above cost, meaning the unrealized profit is embedded in the inventory still held by the holding company. Unrealized profit needs to be eliminated from both the inventory and consolidated profit. Calculation of Unrealized Profit: Profit margin = 10% of cost Cost = Selling price / (1 + Profit Percentage) = ₹35,000 / 1.10 = ₹31,818.18 Unrealized Profit = Selling price - Cost = ₹35,000 - ₹31,818.18 = ₹3,181.82
Sushmita Chowdhury
CA Inter
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2
712
SA 220 QUALITY CONTROL ON AUDIT OF FINANACIAL STATEMENTS
Auditing
answered on 28-Nov-24 23:33
IN CASE OF LISTED COMPANIES IS IT PERMITTED THAT QUALITY CONTROL REVIEWER AND ENGAGEMENT AUDIT FIRM CAN BE DIFFERENT.
latest answer
Yes they belong to same firm . It’s at firm level
LAKSHMI NARAYANA perakam
CA Final
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2
660
amt
Direct Taxation
answered on 28-Nov-24 11:25
FROM THESE 5 DEDECTIONS IF ANY ONE IS ALSO GIVE THEN ALSO HAVE TO CALCULATE AMT OR ALL DEDUCTIONS ARE NEEDED?
latest answer
If any of them is given then AMT would apply.
Saniya Balekai
CA Inter
★ 285
1
575
company audit
Auditing
answered on 29-Nov-24 06:58
is this part of our syllabus or for our understanding mam..?
latest answer
Ok sir..thank you sir
shanthini hariharan
CA Inter
★ 10K+
7
608
audit report - 143
Auditing
answered on 29-Nov-24 06:58
mam, may i kindly know under which chapter this comes mam...is this a part of our new syllabus mam
latest answer
Ok sir..
shanthini hariharan
CA Inter
★ 10K+
4
565
Financial statements of company
Accountancy
answered on 27-Nov-24 15:14
Is Accounting treatment for Interest Accrued but not due and Outstanding interest for the year Is same? Does both has to be charged under Finance cost ?
latest answer
The accounting treatment for Interest Accrued but Not Due and Outstanding Interest for the year are generally classified under Finance Costs in the statement of profit and loss.
Ankitha Rao
CA Final
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2
594
Doubt regarding why value of R not taken in sub question 3.
AFM
answered on 27-Nov-24 08:26
Sir , why the value of r not taken into consideration ? Since it included in the formula
latest answer
Thank you Sir 🙌
Prethivi Rajan
CA Final
★ 9K+
2
567