Sir, I wanted to know about the accounting traetment of statutory demands raised by the income tax or sales tax department against which an appeal has been filed by the company. As of now as we have a proof of demand being raised shall it be recorded as liability or on the basis of doubt it should be recorded as contingent liability ??

i m auditing a pvt ltd which incurring losses more than its networth. i wants to know any foot notes required in financial statements for this? if yes let me know what to write in foot notes

Read more at: https://www.caclubindia.com/user_pm.asp

Friends

One of our client purchased 20% sharesholding in Partnership. The company has paid Rs.10 lacs to purchase shares in the partnership firm and Rs.5 lacs has paid to the retiring partner as Goodwill.

Total investment from the company is Rs.15 lacs.

How to disclose in the financial statement, whether to disclose Goodwill as intangible asset separately in FS or total investment Rs.15 as investment as AS 13.

Hi,
One of are companies had Rs 2000000 in account on 29th March, however they issued cheque of Rs 2700000 on 31st March. Should i show Bank O/D and if yes where in the balance sheet as per schedule iii companies act 2013. Is there any other way to present if I dont want to show negative bank balance provided all the expense pertains to FY in question.

I (A Company) have received some amount as security money Rs. 10 lakhs against fixed assets issue to an agency.
agency after some time close his business and did not return my fixed assets. How will i treat this amount of Rs. 10 lakhs in my books of accounts.

I will be thank full if anybody reply soon.

Resp. Sir,

1. In Partnership firm whether IT paid during the finance year (Self Assessment of Previous F.Y)
to be transfer to Partners capital account before Finalizing a Balance Sheet.

2. In Partnership firm whether IT refund received form IT department to be transfer to Partners capital
account before Finalizing a Balance Sheet.

Please guide/ advise.

Regards

Can any one let me know why deferred tax on land to be created.
We neither depreciate the same or going to sell in near future.
Please give a light on this under US GAAP and IND As.

Dear Sir,
What is CDR and CMS in Banking and how to pass journal entry in the company book.

Please advise

Dear Experts

What includes in Finance Cost, whether Bank Charges includes finance cost which requires to be added to P & L as Non Cash Items ?

Well, I came across this que in a interview.. written test.. the question was as below :

"Outstanding in Account - Is it a Liability or Asset"

Can anyone brief me the ans .?