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This query is : Resolved
Jhimmi Singh
(Querist)
01 August 2016
important AS for CA finals
Message likes :
1 times
Amol S Joglekar
(Expert)
01 August 2016
all are important.......dont keep anything for option
Jhimmi Singh
(Querist)
01 August 2016
OK thank you sir
Amol S Joglekar
(Expert)
01 August 2016
you are most welcome.
Jhimmi Singh
(Querist)
02 August 2016
loss due to extraordinary item would itself amount to insolvency
Jhimmi Singh
(Querist)
02 August 2016
or it is seen from insurance point of view
Amol S Joglekar
(Expert)
02 August 2016
the quantum will play a major role.
Materiality of the loss to be considered....
Materiality of the loss to be considered....
Jhimmi Singh
(Querist)
02 August 2016
amount is ₹2lakhs and no insurance policy taken
Amol S Joglekar
(Expert)
02 August 2016
what is your judgement? As compared to size of business...is this amount sizable/material or small one..... accordingly you need to take the call as to insolvency
Jhimmi Singh
(Querist)
03 August 2016
I want to ask if amount due from one party and in case that party suffers loss due to extraordinary and no insurerance cover is there so we should treat it as unrecoverable before that person is insolvent
Amol S Joglekar
(Expert)
03 August 2016
it is judgement...the call needs to be taken as per the situation. Mostly it will be treted as BAD debt...unless of course guaranteed by some body
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