CAclubindia

Queries Replied : 281

A CA and MBA in finance..I am here to share knowledge,help people..widen my horizon by being in regular interaction with the CCI members.

I talk less but i speak more

contact email id: ca.poojamay2012 @ gmail.com

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sundaramoorthy says : set off carried forward and losses
I have received message about losses for retired/deceased person can be set off How and why pls tell me the reason?

Hemal says : TDS
hi pooja, i have to pay one of my vendoran amount of EURO 5200 for reimbursement of expenses. The vendor does not have a PAN or TRC.Please advise of the rate of TDS applicable,

CA Amit Rajput says : Please give your comment
****Welcome to all experts to join in discussion **** I have a case about a an Investment (private limited )company which maintaining books of account on mercantile basis. But company records income on receipt basis from April to Feb and in the month of march a consolidate receivable from April to Feb is recorded and for month of march on receivable basis. my question is that is this practice of following cash basis accounting for 11 month and in March remaining receivable on consolidate basis i.e.(receivable less received) and for only month of march on pure receivable basis is Correct ??? Means following cash basis accounting for 11 months and Accrual basis accounting in month of march is correct or it will be treated as hybrid system. Is there any clarification from ICAI or Department for following accrual basis accounting through out the year? Pls join in discussion

Kartikeya Goyal says : Thankx, Further queries based on your reply
Hi Pooja, Thanks for quick response. My further queries based on your reply are: 1. The goods destroyed by fire are Finished Goods so I feel that reducing the same from Purchases is not an apt treatment as its value includes other costs also. Had it been raw material, reducing from purchase would have been right. 2. Insurance Claim Receivable is a current asset and will have to be shown in Bal Sheet so that receipt of claim in next year can be adjusted from it, hence it should not be transferred to Profit & Loss A/c.