Pls reply urgent...
Vikas Jha (Student CA CPT ) (37 Points)
03 February 2015Vikas Jha (Student CA CPT ) (37 Points)
03 February 2015
Hitesh Khanna
(Accounting & Finance Taxation Company Law Audit )
(839 Points)
Replied 04 February 2015
J. K. Ratan
(Compliance Advisor)
(794 Points)
Replied 04 February 2015
arun kumar sawlani
(C.A.)
(71 Points)
Replied 04 February 2015
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 04 February 2015
you have adopted the principle of Relisable Value.
N SURYA DEEPAK
(cma)
(22 Points)
Replied 04 February 2015
jayakumar
(cafinal student)
(112 Points)
Replied 04 February 2015
Only historical value to be followed, otherwise sufficient case of reveluation needed for the assets. the value must have a evidence for resale or value of the same machine in the market. that time only the revaluation reserve must be created, but the expenses will not be debite in the profit and loss account. it is not a matter cpt or final or b.com, accounting treatment is same for all.
This is why we CA students take multiple attempts to clear the exams. I am also culprit of the same crime.
Those who are giving long explanations are going too far.
Questions say " This has been done" Whether right or wrong, please tell which method has been followed.
Every IPCC, Final student know what will be the right valuation method.But sadly, question does not ask that.
Again, it simply says, This has been done, Tell, What valuation method followed.
So, answer remains (c) Realisable Value
To prove the point, here is ICAI , CPT Accounts,Study material Chapter 1.
Please go to page 74-75, Question 1( iii), and check the answer yourself.
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