Forums
Sa-500
Auditing
answered on 10-Dec-24 18:38
Can any one explain the answer starting from "The liability towards"
latest answer
It is the obligation of the employer to recognize the liability towards gratuity payment while in service as this is a known liability, meaning payment of gratuity on retirement is mandatory, so creating provision while in employment for amount which will be due to be paid on retirement is required. It is ascertained liability, accruing over a period of time, hence provision to be created while in employment.
Mr M
CA Final
★ 3K+
1
592
Audit report
Auditing
answered on 10-Dec-24 18:43
If all the joint auditors have the same opinion on FS in whose letter head the opinion will be provided.
latest answer
typically each auditor issues audit report on their own letter head. however, the report should clearly indicate the division of responsibilities and name of all joint auditors. If one report is issued, it can be any one of the joint auditors but must clearly mention that is a joint audit. Name of all auditors must also be mentioned.
Puneeth P Hegde
CA Final
★ 400
1
281
Probability
CFA
answered on 10-Dec-24 19:38
Please help in solving the last expected value question with multiple dependent events.
latest answer
Conditional probability P (A) = P(A/B) x P(B) We do this for all 3 scenarios and add them up PLs check screenshot below
Varshini Rao
CA Final
★ 1K+
3
181
Earning per share
Accountancy
answered on 10-Dec-24 14:25
On 1.4.2023 Rocky LTD had 4,00,000 equity shares Of ₹10 each ( ₹4 paid up by all shareholders) . On 1.7.2023. ₹3 was called up and paid by all shareholders. And on 1.1.2024 the remaining ₹3 was called up paid by all shareholders except Mrs. Shesha and Mrs. Shivangi ₹90,000 and ₹ 12,000 respectively. You are required to calculate weighted average numbers of shares.
latest answer
From 1st April 2023 to 30th June 2023 (3 months), the company had 4,00,000 equity shares of ₹10 each, with only ₹4 paid-up. The weighted shares for this period are adjusted based on the proportion of paid-up value, i.e., ₹4 out of ₹10, resulting in weighted shares of 1,60,000. Time-weighted for 3 months, this contributes 40,000 to the WANES. From 1st July 2023 to 31st December 2023 (6 months), an additional ₹3 was called up, making ₹7 paid-up on all 4,00,000 shares. The weighted shares for this period are calculated as 2,80,000, based on the paid-up value of ₹7 out of ₹10. Time-weighted for 6 months, this contributes 1,40,000 to the WANES. From 1st January 2024 to 31st March 2024 (3 months), the remaining ₹3 was called up, making ₹10 paid-up for most shareholders. However, Mrs. Shesha and Mrs. Shivangi did not pay the final call on 30,000 shares and 4,000 shares, respectively. As a result, 3,66,000 shares were fully paid (₹10 paid-up), and 34,000 shares remained partly paid (₹7 paid-up).
Rana Darshan
CA Final
★ 810
1
620
Adjustment 3 me bola hai sir necessary cash should paid bola hai to sir cash account open karna padega na
Accountancy
answered on 10-Dec-24 14:17
Adjustment 3 me bola hai sir necessary cash should paid bola hai to sir cash account open karna padega na
latest answer
You can open cash account or compute cash balance as a working note.
R G
CA Final
★ 9K+
2
673
Sec 80 GG
Direct Taxation
answered on 19-Dec-24 18:31
What does total income under sec 80GG includes?
latest answer
No we do not.
Soon to be CA
CA Inter
★ 4K+
3
660
Impairment Loss - Illustration 21 SM
Financial Reporting
answered on 10-Dec-24 14:29
Sir, will we have to test for impairment of individual CGU first, If the goodwill can be allocated on a reasonable basis.?
latest answer
Okay Sir . Thankyou 😀
R M
ACCA Professional
★ 4K+
10
572
CHARGE OF GST
Indirect Taxation
answered on 11-Dec-24 09:04
Can a manufacturer of Pan Masala or Tobacco or Ice Cream can opt for the Composition Scheme under Notification 02/2019 dated 07/03/2019?
latest answer
No
Santhosh Srinivasan
CA Inter
★ 1K+
1
280
Impairment loss
Accountancy
answered on 10-Dec-24 12:33
What is ans ...what is the conclusion
latest answer
Recoverable Amt will be Higher of A) Net selling Price - Rs. 80 Lakhs B) Value in Use - Rs. 70 Lakhs Hence Recoverable amt is 80 Lakhs. Carrying Amt is 50 Lakhs Since Carrying amy doesnt exceed Recoverable amt there will be no impairment.
Lucky Ten
CA Inter
★ 0
1
744
Deductions from GTI
Direct Taxation
answered on 19-Dec-24 20:07
S.80A(5) - Where the assessee fails to make a claim in his ROI for any deduction under section 10A or section 10AA or section 10B or section 10BA or under any provision of this Chapter under the heading "C.—Deductions in respect of certain incomes", no deduction shall be allowed to him thereunder. S.80AC - Where in computing the total income (NTI) of an assessee of any P.Y. relevant to the A.Y. commencing on or after— (ii) the 1st day of April, 2018, any deduction is admissible under any provision of this Chapter under the heading "C.—Deductions in respect of certain incomes", no such deduction shall be allowed to him unless he furnishes a return of his income for such A.Y. on or before the due date specified under sub-section (1) of section 139. Doubt: In both the provisions it is said that -----> Deductions in respect of items in "Chapter VI-A Part-C" is allowed only if return on income is filed within Due date. What is the difference between these 2 provisions? Isn't it a repetition? or is there any reason behind?
latest answer
Thank you sir
Girinath A
CA Inter
★ 765
2
675