Hi, Can someone give the examples of tangible & intangible current assets & not fixed assets? Will debtor, cash at bank be an intangible asset?
Answer nowBusiness: Clearing & Forwarding agent
total receipts > Rs. 40,00,000
very low margin on receipts
comm. income ranging between 4 to 5 lacs
should i treat the diff between receipts and payments as commission ?
My client receives exemption in Sales Tax based on the salary given to the staff for first 5 years of company in existence.
We get the amt. of exemption after 5 years completion.
Now, on year end, the position is that we recd. grant of say Rs. 100 and take set off in Sales tax for Rs. 40 and balance Rs. 60 still stands in VAT Receivable A/c (Govt. Grant).
What is the proper accounting treatment at the time of getting Exemption or Grant , at the time of monthly set off with VAT Payable . How to show Grant in Financial statements?
Basically, I am confused whether it is a revenue grant or capital grant.
Dear Experts,
I have put this query sometime before too..but it is not being replied thats why i have again posted here because that question may not be viewable now by the experts.
Please tell me how i have to pass while entering in a Forward Contract and honouring that forward contract.
With regards,
Rajesh
I am receiving Commission for achieving target for every month on last day of month through Credit Note and amount is adjusted with my invoice value. So please tell me how do I passed journal entry in the books of A/c.
Answer nowWhether purchasing company can create DTA in case of amalgamation where selling company has losses.and purchasing company has virtual certainty.let me know the treatment under both the method of amalgamation.also refer ASI 11 issued by ICAI.
Thanks in advance
What are the formalities and procedures to be followed to redeem the preference shares of a company? Do they differ in respect of private and public companies? If yes, to what extent?
Answer nowdear sir,
How to calculate INR value of a foreign purchase bill? Which exchange rate is to be used, rate prevailing on bill of entry or date of payment?
Why do we do so? Any rule or notification in this regard?
Is there any accounting Standard or guidance note on what all payment can be treated as pure expenses of the AOP ,& what all will be part of the utilization of funds collected for any particular form.Like in case of a RWA they have collected X amount as maintenance fund but general expenses like Audit fee ,conveyance charges will be purely expenses or part of utilization of fund(this question i want to ask is respect to income tax also as what all can be taken as expneses & deduction can be claimed from income from misc.sources)
Answer nowDear Experts,
I am auditing an closely held company. We have to calculate EPS for that. They also have issued bonus shares in the middle of the year.
While calculating bonus shares....
We have to deduct the following from the Net Profit as computed in the P&L account.(There are no preference share holders)
Provision for Tax
Deferred Tax Liability (If there is deferred tax asset should we have to add?)
Dividend Distribution Tax
Transfer to General Reserve
With regards,
Rajesh
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
Intangible current assets