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Cpt doubt accounts

Gaurav Mohnani (OWNER) (536 Points)

13 January 2013

There was a question in CPT Dec 2012.

Q. Loss on issue of debentures are shown under....

a. Assets, Non current assets

b. Assets, Misc expentiture.

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18 Replies

Kashish Gupta (B.com (H) , ACA) (368 Points)
Replied 13 January 2013

it is shown under misc. expenditure head....because it is written off in more than one year in p&l a/c.

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Gaurav Mohnani (OWNER) (536 Points)
Replied 13 January 2013

but according to the new Balance Sheet, there is no heading of Misc Exp.

Radhe (Student) (192 Points)
Replied 13 January 2013

It ll be shown under the Asset, sub head :Non Current Asset.. Under non current Asset: Other Non Current Asset.

Gaurav Mohnani (OWNER) (536 Points)
Replied 13 January 2013

i wrote Misc Exp. bcs it was written in the book. Does ICAI will follow new Balance Sheet rule or Book rule.?

Kashish Gupta (B.com (H) , ACA) (368 Points)
Replied 13 January 2013

than obviosly it will be shown under non-current assets...

as per revised format there are 5 sub headings under head NON-CURRENT ASSET

i) Fixed asset

ii) non-current investment

iii) deferred tax asset(net)

iv) long term loans & advances

v) other non current assets

so it will be shown under deferred tax assets...

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Kashish Gupta (B.com (H) , ACA) (368 Points)
Replied 13 January 2013

Originally posted by : Radhe
	It ll be shown under the Asset, sub head :Non Current Asset.. Under non current Asset: Other Non Current Asset.

Hello Radhe

Greetings of the day

It will be shown under DEFERRED TAX ASSETS

An asset on a company's balance sheet that may be used to reduce any subsequent period's income tax expense. Deferred tax assets can arise due to net loss carryovers, which are only recorded as assets if it is deemed more likely than not that the asset will be used in future fiscal periods.

Read more: https://www.investopedia.com/terms/d/deferredtaxasset.asp#ixzz2Hr3fJr3x