Single entry question in ipcc june 2014
This query is : Resolved
07 June 2014
Respected Sir/Mam,
I am the student of ICAI writing this mail to basically ask and clear my doubt about single entry question asked in the recent paper of accountancy ( ref.- may 2014 IPCC).
The provision for tax in single entry is considered to be personal expense for properitory business. But in the current exam paper (may2014-IPCC ACCOUNTING)provision for tax,opening and closing balance is given and rate of tax is also given. But as per the solution given by institute , provision for tax is considered to be the business expense. So I am requesting you to give reply whether the treatment is correct or not? Is it a correct treatment?
I am the student of ICAI writing this mail to basically ask and clear my doubt about single entry question asked in the recent paper of accountancy ( ref.- may 2014 IPCC).
The provision for tax in single entry is considered to be personal expense for properitory business. But in the current exam paper (may2014-IPCC ACCOUNTING)provision for tax,opening and closing balance is given and rate of tax is also given. But as per the solution given by institute , provision for tax is considered to be the business expense. So I am requesting you to give reply whether the treatment is correct or not? Is it a correct treatment?
09 June 2014
as per accounting standards and guidence notes by ICAI, prov for IT is considered under profit and loss account.
it is called as profit after tax.
old book and solutions are showing it as personal expenses.
however what ever procedure you follow, doesnt make difference. ultimate objective is tallying balance sheet.
it is called as profit after tax.
old book and solutions are showing it as personal expenses.
however what ever procedure you follow, doesnt make difference. ultimate objective is tallying balance sheet.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Applicability
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
