hello, if i become nri is it mandatory to tell bank that i have become nri?
if required then in how much time?
if i have any loans running for business or home loan will i have to close or those will continue?

i have been paying all my emis timely and will continue but don't want to close just because i become nri.

if i avail overdraft and business loan on proprietorship current account (abcd name) from bank then

a) can i continue using existing current accounts with other banks in same name (abcd)?
b) if I become nri then will it be possible to continue that od and loan?
c) what affect od will make on my personal banking or any other current account with different name or same name?

Good evening all,

X co has taken premises on lease for 6 years. as per AS-19 Leases. it qualifies as operating lease. However can you please let me know weather IndAS 116 is applicable to this transaction to recognise as lease liability and lease assets. If so can you please provide lease workings format.

Note : lessee shall not sub lease and only lessee shall have right to terminate

Sir,

We have installed Elevator in our Plant (Uses of Elevator is material to shift from ground floor to 1st floor of Raw Materials). Some technically problem we gave order to service provide to repair it and given AMC. We want clarification on it that whether we booked this expenses.

We have paid Stamp Duty charges to Govt. Authority relating to transfer of Moveable Assets due to demerger. Whether such amount is need to be capitalized or to be expensed out?

As per the standards when a Govt. Grant takes the form of transfer of a Non-monetary asset, such as land or other resources. Both the grant & asset are accounted either at Fair value or at Nominal value.
Example: Govt. provides land to the entity
why should we recognize the same grant twice as the grant is only provided in the form of land once?

FREIGHT COST INCURRED ON PURCHING OF MATERIAL IS TREATED AS EXPENSE OR TO BE INCLUDED IN THE VALUE OF PURCHASE .

i purchase goods [food grain and pulses] and received bill for full amount party issue 4% discount on bill amount.please advice me should i pass entry after discount amount or for full bill amount .as if i record full bill amount my gross profit is showing excess.bill amount 100000 discount 4000 payment 96000.please advice me with legal view what is correct?96000 or 100000
with thanks

During F Y 20-21 one partner retired and one was admitted as on 30.06.20
Provisional accounts need to be prepared as on 31.03.21
My question is in provisional accounts as on 31.03.21 how will the treatment of share of profit to old, newly admitted and retired partner be shown ?

Respected Members,

Kindly solve my below confusion, please.

Event 1: One employee regularly spends his own money on office expenses and other purchases for the site. He has submitted bills but will collect money from me(Accountant) partially.

Event 2: Another employee takes money from me(accountant) in advance regularly for the expenses and settles the bills partially.

Can I create their ledgert under Current assets or Current liability?

Kindly help me