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Working capital management
Financial Management
answered on 28-Apr-24 13:14
On page 9.52 of module 2 , illustration 8, in cash flow statement, 50 lakh is subtracted as cash required for increase in stock. Please explain why it is subtracted , as also adjustment is done in making entry in profit and loss account of 420 lakhs of material consumed in year 3 .
latest answer
Cash flow statement is not under the purview of FM. Please post in the concerned subject
Anirved Rahatgaonkar
CA Inter
★ 0
1
421
Financial Instruments
Financial Reporting
answered on 29-Apr-24 19:30
Hi Sir, In this problem, Please confirm if my understanding is correct If forward contract was entered, then we would incur a loss of Rs 5 per USD If forward contract not entered (as in question), we will have a profit of Rs 5 per USD. But in either case, the value of Sales/ Revenue will be at 55 only. (Agreed Forward Rate / Forward Rate) Please correct me if I am wrong.
latest answer
Okay sir thank you so much
Susee Arunachalam
Qualified CA
★ 26K+
3
356
Minimum marks
Auditing
answered on 27-Apr-24 15:19
I have to give audit and fm-sm for May 24 and cleared group 1 in Nov 23. Can I please know how much marks is required to clear group 2
latest answer
40 each and aggregate 100
Riya Verma
CA Inter
★ 0
1
436
Capital Gains on Compensation of Compulsory Acquisition
Direct Taxation
answered on 02-May-24 11:45
Dear Sir, Mr.A Land worth Rs. 30 lakh was compulsorily acquired by Govt. He got a part of Compensation Receipt in Year 2022 = Rs. 10 lakh For this Rs. 10 lakh, Can we show Rs. 10 lakh - Indexed Cost = Long term Capital Loss Further, On receipt of Enhanced Compensation on further years, Can we Set off this Long term Capital loss to Enhanced compensation receipt. Please kindly clarify sir.
latest answer
Even though he gets part of compensation, tax would be computed on entire compensation. Since as per Section 45(5), CG would arise in the year in which entire or any part is received. Even if part is received, CG would be computed on full amount of compensation.
Mamidi Vinisha
CA Inter
★ 970
1
551
CA FINAL DIRECT TAXATION
Others
answered on 29-Apr-24 11:52
Dear Sir, When Direct Tax will be launched on Indigo Learn ? Please kindly clarify sir
latest answer
We are sorry that we are not providing CA Final direct tax course.
Mamidi Vinisha
CA Inter
★ 970
4
438
Sale of subsidiary
Financial Reporting
answered on 29-Apr-24 19:26
In the question where the control stake has gone. After sale entry from the consolidated FS, why we are recognising the value of stake at fair value rather than at cost.
latest answer
Equity instruments are generally recognised at FVTPL. Refer financial instruments.
Visakh Sabu
CA Final
★ 20K+
1
295
Presumptive Taxation & Capital Gains
Direct Taxation
answered on 27-Apr-24 10:21
Respected Sir, Mr.A purchased land on Jan 1, 2024 for Rs. 40 lakh Mr.A converted Land into Stock in trade on next day Jan 2,2024. In this case, Can STCG be taken as ZERO as FMV and Cost of Aquisition is same sir ?
latest answer
Most welcome
Mamidi Vinisha
CA Inter
★ 970
3
420
Job Work
Indirect Taxation
answered on 29-Apr-24 00:43
Whether e-way bill is mandatory for sending goods to the job worker place (Intra-State)
latest answer
Thank you Shiva sir.
Surya Ravi
CA Final
★ 4K+
2
363
Ind AS102 share based payment
Financial Reporting
answered on 02-May-24 09:29
Video No 26 Illustration 16 Anara Fertilisers issued 2000 share options. In this question first year employee share based payment expense is 693333 second year it is 1646667 total amount credited to SPB equity at the end of second year is 2340000 (693333+1646667). At the time of cancellation Rs 1620000 is debited to SPB (Equity Reserve). The balance amount in SPB (Equity Reserve) 720000 (2340000 - 1620000). How this balance amount is closed
latest answer
It will be retained in equity or transferred to other equity
swaminathan sundaram
CA Final
★ 110
1
484
Payment voucher
Indirect Taxation
answered on 27-Apr-24 10:10
In payment voucher as it is issue by recepient in RCM, sign should be of recepient right?
latest answer
As per Rule 52, signature of supplier is required but the payment voucher is issued by recipient only at the time of making payment to Supplier.
Liz James
CA Inter
★ 2K+
1
256