Accounts Articles

Taxation Entries

Posted by Member (Account Deleted) 11 October 2012 121179 Views

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

Posted by MOHAMMAD SALIM 10 October 2012 132955 Views

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

Posted by CA Sourabh Agarwal 08 October 2012 33414 Views

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)

Posted by SANYAM ARORA 05 October 2012 136184 Views

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

Posted by CA Sourabh Agarwal 26 September 2012 40180 Views

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

Posted by Nirmal Shah 01 September 2012 54747 Views

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

Posted by Vivek Hebbar 28 August 2012 102305 Views

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

Posted by Sanjay Chauhan (IFRS) 27 August 2012 30903 Views

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

Revised Schedule VI - An Overview

Posted by Aravind.. 13 August 2012 56318 Views

What is the primary objective of a financial statement? A financial statement is the language of a business through which it communicates. It is a summary of the business performance for a defined period. A summary always req

Demand & Time Liability of Savings Bank Account

Posted by Member (Account Deleted) 09 August 2012 49919 Views

DEMAND AND TIME LIABILITY OF SAVINGS DEPOSITS DEMAND LIABILITY IS ONE WHICH IS DEMANDABLE AT ANY POINT OF TIME WHEREAS TIME LIABILITY IS ONE WHICH IS CORE PORTION AND NOT DEMANDABLE FOR A LONGER PERIOD. WHEN INTEREST ON SAVINGS DEPOSITS