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Explanation
Auditing
answered on 28-Oct-24 20:41
What is bills purchased and discounted.... And how it's an other income for the company
latest answer
It’s used to mange cash flow. It typically involves banks that purchase the bills before the actual payment due date. They deduct interest and make the payment immediately on such bills.
07- Issac Jolly-XII C
CA Inter
★ 16K+
1
578
Reporting
Auditing
answered on 28-Oct-24 20:41
Where does section 143(1) is placed... Is it under the head 'other legal and regulation requirement.
latest answer
Yes. In audit report, under legal and regulatory section.
07- Issac Jolly-XII C
CA Inter
★ 16K+
1
428
Interest on Debentures
AFM
answered on 28-Oct-24 10:41
Sir we are paying 13% debentures against 12% debentures so we have to assume the interest we make every year, is already considered in the year cashflows of 5 Lakhs we receive right ?
latest answer
Yes - you are right - we have solved that way only
Hemachandra D
CA Final
★ 9K+
1
541
Itc
Indirect Taxation
answered on 28-Oct-24 08:46
Why it said value of exempt supply include sale of land Then it said exclude schedule 3 And schedule 3 include immovable property land Pls explain the meaning of this context
latest answer
Thank u
Sushmita Chowdhury
CA Inter
★ 2K+
2
454
Calculation of market price
AFM
answered on 27-Oct-24 16:13
In the answer given in1FIN solution book Market price is Rs.834.48 whereas the value solved in classroom is Rs.848.35 (i.e PV of Cash flows ) there is variation, Whether this can be solved in both cases??
latest answer
Hi Serena, The book has a printing error. There were a few such small errors which we corrected. Pls have a look at the PDF whenever any such issue arises. Deeply regret this inconvenience Link to the book https://1fin.link/resource/c631ed476165487eb04b4477ae3986e3
Serena Charles
CA Final
★ 17K+
1
295
Illustration 67
Financial Reporting
answered on 28-Oct-24 10:06
In case 1, we did not passed the entry for Rs 100 Crs (i.e total exp estimated) but in second case we passed for Rs 110 Crs, why like that? It is little confusing .
latest answer
IN case 1, the government has guaranteed payment of amount. So for fair value of services - 110 is revenue and we recognise 100 as cost. Since only 50 crores is incurred, we accounted for 50 crores in this year.
Hrishikesh Pradhan
Qualified CA
★ 18K+
1
520
Illustration 67
Financial Reporting
answered on 28-Oct-24 10:08
Sir, Could you explain the logic of considering the fair value. I could not understand it as we are incurring cost of Rs 100 Crs so it should be accounted na? i agree fair value in market is high but if i am getting it in low price then it is my benefit and why to account such transaction on fair value.
latest answer
Cost is independently recognised irrespective of revenue. In case of Bhilwara Jabalpur - 50 crores of expenses is recognised in first year. FMV of services is used to recognise revenue. balance amount is recognised as revenue form operational phase.
Hrishikesh Pradhan
Qualified CA
★ 18K+
1
421
Articleship
Others
asked on 27-Oct-24 10:49
Can anyone please suggest a mid size firm for articleship in Coimbatore?
latest answer
No answers yet!!
Thilaga Veerabahu
CA Final
★ 18K+
0
470
AI
CFA
answered on 27-Oct-24 10:17
Answer for this question ?....
latest answer
Thank you sir
Dhakshana Dhakshana
CFA L2
★ 18K+
5
490
Stifling prosecution
Corporate & Other Laws
answered on 22-Feb-25 21:39
"An agreement to present proceedings already instituted from running their normal course using force" meaning
latest answer
Thank you mam
M Pavan
CA Foundation
★ 290
2
986