Atharv Sankliya (1354 Points)
07 October 2023
N. A
(JOB)
(45 Points)
Replied 07 October 2023
Joint venture is created by two firms for completing a particular project, or for a definite period of time. Hence, going concern concept is not followed in such case.
N. A
(JOB)
(45 Points)
Replied 07 October 2023
1) JOINT VENTURES DOES NOT HAVE ANY SPECIFIC GOVERNING ACTS .
2) CASH BASIS OF ACCOUNTING IS APPLICABLE IN JOINT VENTURES.
3) LIQUIDATES AFTER DEFINITE PERIOD OF TIME AND ON ACHIEVING PURPOSE
4) Income of a Joint Venture project, may be assessed in the status of an ‘Association of persons’ under the Income-Tax Act.
sabyasachi mukherjee
(27574 Points)
Replied 08 October 2023
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 09 October 2023
Someone is trying hard to override the conceptual framwork. What about leases? They also get terminated! Going concern is only for reporting entities! They try every trick to keep they businesses running.
sabyasachi mukherjee
(27574 Points)
Replied 14 October 2023
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 14 October 2023
Otherwise, its a federal offence and no matter who it is like related parties or third parties if they have deliberate acts to ruin a business. Personally I try to ruin my ex employers because they did not treat me properly. Its all consumer laws now rather than going concern
CAclubindia
