Forums
Operating Cycle
Financial Reporting
answered on 31-Dec-23 11:48
Assuming that a company has borrowing repayable after 5 years it greater than operating cycle so it is a non current liability. When this borrowing reaches time period less than operating cycle from the reporting date then I have to classify this a current liability. Am I correct in my understanding. Similarly when a company has fixed deposit for 5 years initially I show it as non current asset. When it reaches time period less than operating cycle I have to show it as current asset. I have slight confusion here should I show it as part of cash and cash equivalent. If yes when I have to show it as cash and cash equivalent
latest answer
Yeah. You need to check the maturity from balance sheet datw
swaminathan sundaram
CA Final
★ 110
1
318
Paper 6 Ca Final
Others
answered on 31-Dec-23 17:35
Sir How many Subjects it will comprises ? All it is case law bases MCQ know and is it kind of open book sir ?
latest answer
It will comprise of all subjects ( including self paced one) and it will be open book exam of 4 hours.
M Naresh
CA Final
★ 3K+
1
355
Composition scheme
Indirect Taxation
answered on 02-Jan-24 14:27
Can a person provide ONLY supply of other services (not restra service / goods / mixed supply) under composition scheme ?
latest answer
Tax rate would be 6 percent
Sushmita Chowdhury
CA Inter
★ 2K+
6
329
9(4) RCM
Indirect Taxation
answered on 02-Jan-24 14:28
1) capital goods are exempt from GST ? Isn’t this double taxation if CG and GST both implied on it 2) MrA is a land owner, gave land to promoter…..promoter pay consideration = RCM But then promoter incur construction expense (inward supply) to resell the flat then why can’t he claim ITC on such inward supply ?
latest answer
GST would apply only if consideration for sale of flat is received prior to OC. And moreover it is to be noted that Income Tax and GST implications are different.
Sushmita Chowdhury
CA Inter
★ 2K+
3
362
Composition scheme ECO
Indirect Taxation
answered on 02-Jan-24 14:30
3rd pt If it’s 9(5) service…person supplying is unregistered, still ECO pays tax on such supply Does that mean a person providing 9(5) services can’t opt for composition scheme ?
latest answer
If services is covered under Section 9(5) then ECO would be liable to pay GST. In such case there is no question of composition scheme. And also in case where person is supplying goods through ECO registration is mandatory
Sushmita Chowdhury
CA Inter
★ 2K+
3
413
Charge 9(5) eco
Indirect Taxation
answered on 02-Jan-24 14:31
Please explain the meaning of the highlight I knw it’s other than 9(5) but When will ECO be liable to claim ITC ..example would be helpful
latest answer
Amazon can take ITC on warehousing rent and other expenses if Amazon is liable to pay GST..
Sushmita Chowdhury
CA Inter
★ 2K+
1
366
9(5) ECO, charge
Indirect Taxation
answered on 02-Jan-24 14:32
Wow Momo sold food via Zomato to MrA Food price = ₹100 Commission = ₹10 Zomato will b liable to pay GST on ₹110 ? 9(5) provision apply on commission and food price both ? (Sorry if the eg is vague)
latest answer
Value of supply includes commission. In case of supply of food by restaurant through ECO then ECO is liable to pay GST
Sushmita Chowdhury
CA Inter
★ 2K+
3
462
Red Ink Interest on Bill of Exchange
Accountancy
answered on 02-Jan-24 15:58
Red ink interest is used if due date is falling after statement date. When red ink interest is calculated on bill receivable, whose due date is after statement date, we are debiting the debtor's account. If he pays on statement date, he should get a rebate for early payment, but we actually debited his account. Therefore he is paying extra How does this make sense? Could someone clear this doubt?
latest answer
He will pay on due date only.
Vishnu Muraleedharan
CA Final
★ 32K+
1
587
Query - Financial Instruments
Financial Reporting
answered on 30-Dec-23 16:33
Is Net Settlement means recognise only gain (100*10) not entire trasaction (100*110). Video Details Course: Financial Instruments - FR Module: Financial Instruments - Scope and Definitions Section: Scope - Exclusions
latest answer
IN net settlement, the parties pay or receive the net amount. In gross settlement, physical settlement of underlying happens and amount is paid for settlement. Gain will be same in both cases. You will learn more of this in AFM
Sai Krishna
CA Final
★ 250
1
293
Unable to find Loss on Sale
Accountancy
answered on 31-Dec-23 20:36
How do they arrive upon Loss on Sale of Furniture here? Are they assuming that the Fixed Asset Account is maintained on cost basis? It has not been mentioned anywhere if such an assumption is taken
latest answer
NPO
Vishnu Muraleedharan
CA Final
★ 32K+
3
448