Accounts Articles

Accounts Payable Process

Ki$hor B 12 October 2012 at 12:08

I was puzzled when my colleague, a new joiner, came up and said I find the Accounts Payable process a double dutch, payments made by cheque should be easy peasy (lemon squeezy). I peeped into his educational background and found him

Treatment of Proposed Dividend under Revised Schedule VI

MOHAMMAD SALIM 12 October 2012 at 12:07

A) INTRODUCTION Revised Schedule-VI has been promulgated by Ministry of Corporate Affairs, Government of India vide Notification No S.O. 447(E) dated 28th February,2011. In said notification reference has been made to the Accounting Standards noti

Taxation Entries

Member (Account Deleted) 11 October 2012 at 13:06

The actual taxation entries are most important things as they clears the Balance sheet picture and gives real result. Before going to understand the taxation entries, we should clear the various heads relating to Income Tax. [1] Provision for In

Revised Schedule VI Head Wise Classification Concepts

MOHAMMAD SALIM 10 October 2012 at 11:28

As we know the Revised Schedule VI has introduced a concept of classified balance sheet. Para 1 and 3 of General Instructions for preparation of Balance Sheet defines current assets / non-current assets and curre

Specific Issues in Revised Schedule VI - Part - II

CA Sourabh Agarwal 08 October 2012 at 11:54

In continuation of earlier article on topic Specific Issues in Revised Schedule VI, I am now here to discuss certain issues on Assets Side of Balance Sheet. Here we have a residual head named as Other Non Current Assets&

Finalization of Balance Sheet (Practical Aspect)

SANYAM ARORA 05 October 2012 at 11:19

Greetings of the day to all the members of CCI Family. INTRODUCTION In this Article I will be discussing about some vital issues which arise while finalizing the Accounts. There are some points

Specific Issues in Revised Schedule VI

CA Sourabh Agarwal 26 September 2012 at 11:16

Financial year 2011-12 has elapsed and nearly all companies have prepared there financial statements in accordance with revised Schedule VI. With every change, lots of clarifications and guidance material is made available to stakeholders, however,

Analysis of Clarification issued by MCA Dated 9-8-2012

Nirmal Shah 01 September 2012 at 12:55

Accounting treatment of Foreign exchange fluctuation (Forex) is covered under various standards as follows: AS 10 - Forex on liabilities for FA purchase etc, AS 11 - Forex on Monetary items, forward cover forex, forex on Long term monetary items e

Cash basis of accounting followed by non corporate entities

Vivek Hebbar 28 August 2012 at 11:27

Note on Cash Basis of Accounting followed by non-corporate entities in India Non-corporate entities in India may include an individual, a proprietory concern, a Hindu Undivided Family (HUF), a partnership firm, a LLP, a trust, etc. Unlike a

Functional Currency's consequential Impact on Deferred Tax

Sanjay Chauhan (IFRS) 27 August 2012 at 12:00

In continuation of my previous article, this article highlights the consequential impact of having two sets of functional currency (one for GAAP reporting and other Tax submissions) on deferred tax computation under Ind AS 12, which again is based