About Accounts of Subsidiary Abroad

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Amit Deokule (Querist)
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07 November 2008 Dear All,

I would like to know whether we need to maintain ledger of the Subsidiary in our Indian Accounting records provided the subsidiary is treated as cost centre.

How the section 212 of Companies Act applies in this case?

If Earlier the subsidiary is profit centre but now it is cost centre.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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07 November 2008 NO.
You have to attach the balance sheet of subsidiary to your company's annual report.

Amit Deokule

Amit Deokule (Querist)
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07 November 2008 Dear Sir,

Another query in connection with this-

1. In such scenario, if subsidiary sends us revenue for whatever project Indian company has done for them or if Indian company has more than 51% stake in such subsidiary company then what could be the implication in regards with revenue booking?

Amit Deokule

Amit Deokule (Querist)
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10 November 2008 Dear Sir,

Another query in connection with this-

1. In such scenario, if subsidiary sends us revenue for whatever project Indian company has done for them or if Indian company has more than 51% stake in such subsidiary company then what could be the implication in regards with revenue booking?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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13 November 2008 You have to merely account the revenue from foreign subsidiary, that is all.

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