Our factory is located at Andhra pradesh on a land that is taken on 99 years lease. The lease contains an upfront premium and also a rental charge to be paid on monthly basis for the entire duration of 99 years (rent- INR 40 lac/annum)
The initial non-cancellable period is for 33 years and the agreement provides for further 2 extensions of 33 years in the option of lessee (our company) and the possibility of extension is certain at this point as well.
Does this transaction gets covered under IND AS 116? If yes, how to go about arriving at the Lease liability and ROU as per IND AS 116?

One building was taken on lease for 30years which was expired on 21/11/2010 and as per our request, lessor renewed for another 15 years from 21.11.2010 to 20.11.2025 . The entire lease payment for 15 years has been paid on 08.05.2018 amounting to Rs 2.5 crores and legal formalities of lease completed.
This lease payment is single time and no future lease payment for coming years and therefore,capitalised entire Rs2.5 crores during 2018-19


Now,whether IND AS 116 is applicable from FY 2019-20 or to be treated as per IND AS 16

We have changed the constitution from LLP to Private Limited Company w.e.f. 01.01.2020
in the LLP, we were following the depreciation rate as per income tax act.

In the Private Limited, we have to follow the companies act compulsorily.
How to adjust the difference in values of fixed assets due to change in the depreciation rate?

SIR

We are doing logistics business and providing trucks for our business. How will the depreciation be charged?

thanks in advance

1. If the Holding Private Limited Company inot mandatorily required to folllow Ind AS for standalone and Consolidated Financial Statement ?

2. If The Consolidated Financial statements are required to be prepared on line by line basis ?
3. As per last page of Division I of Schedule III of The companies Act 2013 in table under General Instructions for the preparation of CFS it is required to mention Minority Interst (Investment as per Equity Method). What is this Equity Method ?

Dear Sir

In the month of March WE have paid Insurance premium but due to some issue we have cancelled the same in march month. but now in this month june we have received insurance premium refund after deduted Rs.981/- Please suggest entry in the books of account.

Please let me know, Do we get ITC on marine insurance.?

SIR
Direct expenses should be accounted under the group of Revenue Accounts? If it is yes, why it should be accounted like that?
pls give me explanation.

thanks in advance

SIR
A Pvt Ltd Co. namely X providing its own trucks to the business of transport services and issues sale invoices to the party for services rendered.

On the other part, X takes trucks from Y , who also provider of transport service, for hiring and use them to its own business?

Similarly, Y takes trucks from X for hiring?

Finally X has issued sale invoices to Y and Y also has issued its sale invoices to X for hiring of trucks.

Here, Directors for both X and Y are the same.

Is this process correct?
Sale invoice to be acceptable ?
Applicability of TDS if any?
Any contractual agreement needed?

Thanks in advance

I have a query about detailed procedure of reconstitution of the partnership firm after the death of a partner