Cpt doubt accounts

Page no : 2

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

Hi Radhe,

its deferred tax asset only because it will help to save future tax expense of company...i think so :/

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Nitish Sharma (not yet) (122 Points)
Replied 15 January 2013

Hi! according to my knowlege answer should be "c"

c) Assets, miscellaneous expenditure

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Rashee Saxena (CA and CS Student) (93 Points)
Replied 28 January 2013

@ Gaurav Mohnani.......

In Nov/Dec 2012 exams, ICAI has asked questions based on revised schedule, as also notified by it earlier. But when book was printed there would be schedule VI under practice, hence answer is misc. exp.

So the correct answer is Non-Current Asset as misc exp doesn't find any place in revised schedule.

In such a cases where amendment has made in practice but not applied in exams, a footnote resoleves the problem of delimma. Simply place it at the end of ques specifying the assumption you have taken i.e. old/new n you r done with.

Juuhhii Agarwal (El Tiburón lindo......) (1159 Points)
Replied 07 February 2013

I would like to inform all CPTians that all these doubts can be addressed in ASK A QUESTIONS section of my blog www.castudyarena.com where I have already posted two notes on ACCOUNTING FUNDAMENTALS and am in the process of uploading NOTES on all the four papers of CPT.

Fellows I need all of YOU to go THROUGH my sample noted and give your valuable feedback enabling me to improve further. I am hopeful of putting all the notes before June2013. The link for latest post is https://www.castudyarena.com/cpt-accounting-fundamentals-notes-2/