Suppose
I have imported goods on 1.10.2023 by giving advance of 10000 $ @ Rs.50 per $ i.e Rs. 500000 and we received a goods worth 9000 $ @ Rs.45 per $ i.e Rs.405000 ( this entry was made by considering the Exchange rate mentioned in Bill of entry ) on 23.11.2023 we have booked a profit of Rs. 45000 i.e ( 9000 x 5 ) on 23.11.2023. But what about aur extra payment of 1000 $ to our supplier. At 31.3.24 closing rate is say Rs. 51 per $

What is the treatment of the advance in our balance sheet BS and how it affect our PL

As per AS-11 ???

A Pvt. Ltd. holds a 25% shareholding in B Pvt. Ltd., making B Pvt. Ltd. an associate company of A Pvt. Ltd. Subsequently, B Pvt. Ltd. acquired a 30% shareholding in A Pvt. Ltd., thereby making A Pvt. Ltd. an associate company of B Pvt. Ltd. As per the provisions of the Companies Act 2013, there is no prohibition on the acquisition of shares by an associate company from its parent and vice versa. Considering this situation, my questions are:
Questions:
1. Are there any restrictions under the Companies Act 2013 regarding the consolidation of financial statements of A Pvt. Ltd. with B Pvt. Ltd. when both companies are considered associates of each other?
2. What are the requirements under the relevant accounting standards (AS/ Ind AS) for consolidating the financial statements of A Pvt. Ltd. and B Pvt. Ltd. & B Pvt. Ltd. With A Pvt. Ltd. when each holds a significant but non-controlling interest in the other?

Hello,

My query is related to exchange rate.

how to book exchange in Africa region book keeping where exchnage rate is fluctuating rapidly.

For eg: exch rate 01.01.2023 - 6/ usd and Exch rate 31.12.23- 12/usd.
this way, if m booking forex then its showing huge forex loss in books.

Which is best website for exchange rate.

I am converting only Balance sheet items like Foreign Creditors/Debtor and USD Bank Loan.

Is this correct way?

Second) Same way Land which was also bought in USD on 31.12.22 @6, can i book exchange rate on this land also? or only way is revaluation?
we have done revaluation in May 2024, but I want to take the revaluation as on 31.12.23. is it possible?

Thanks in Advance

1) Bonus Paid to Factory Worker Comes Under Which Head Direct or Indirect?
2) Overtime Paid to Factory Workers Comes Under Which Head Direct or Indirect?
3) Leave Encashment paid to Factory Worker comes under which head direct or indirect ?
4) Payment done to Outsource Technican for Installation of Site Equipment
5) Payment done to Municipal Corporation towards tax

We have incurred an expenditure for trademark search in different countries. Does this expenditure need to be capitalized or not? If not, in which ledger we should post this expenditure.

Dear Experts,
1 A company is remitting the Security depoait to the Electricity Dept.
2 Shall it can be accounted under the group of Loand and Advances?
3 Since this security deposit will not generate any interest income?
4 If it is grouped under investment,there will not be any capital appreaciaiton.
5 Has it to be accounted under either Financial asset or investment?
6 pls clarify that under which group, it can be positioned which will be appropriate one In Stat Audit point of view also.

How to solve this error in TDS 24 Q Qtr- 4 F Y 2023-24? ( Se-10(14) other special Allowance)

What should be done at the time of ESI return filing if we have an employee who was previously enrolled for ESI and now has a salary that crosses 21K?

Sir
I am employed as an accountant in a firm where paint is applied on finish goods for identification of material so I would like to know under which head it should be posted currently I am posting it under consumable store

thanking you

What will the impact as per IND AS 116, if after end lease period, Building owner not extending the lease agreement but allowed 3 months to occupy before shifting for shifting office.
1. 3months rental expenses to be booked as normal rent expenses.
or
2.To modify RoU taking into account 3months allowed by the building owner.

Please suggest.