Hi,
I am a Nov 2015 C.A. Final student. I had a query regarding applicability of IndAS for Nov 2015 attempt pursuant to notification of MCA on 1st April, 2015.
Further if IndAS is applicable then AS that is applicable now will still be covered in the final portion.
Thank you.

why goodwill is calculated when new partner admits

Anyone can explain MAT.

Interest on debentures is shown as non-cash item in operating activity and also shown as financing outflow but one sided it is added and another side subtracted , so the final effect is NULL so we r not getting exact estimate , any concept behind this.

we are not filed audited bsheet a/y 2013-14, 2014-15 till now. what kind of penalty proceedings on this.my turnover around 1 crore in every year.

Goodevening everyone,
My query is suppose Mr X had made a sale of Rs 5000 and the party has paid the amount after transfer charges i.e., 4950 ( Rs.50 for NEFT). what should be the treatment of this transaction?

What should be the accounting treatment for expense disallowed in the assessment of previous FY. Can we show misc. income in the year of demand raised. For e.g. if Rs. 10 lakhs disallowed as expenses during assessment or survey for FY 2011-12. and now after completion of survey.. demand is raised during FY 2013-14. For Rs.3 lakh as tax and Rs. 1 lakh for interest. Please confirm can we treat Rs. 10 Lakh as misc income during FY 2013-14. And accordingly provision can me made for income tax and interest liability?

Dear Sir,
Pl let me know the accounting treatment of reversal of cenvat credit due to lapse of cenvat credit availment time.
and what will do if opening credit reversed due to lapse of time.

Kindly suggest solution on following issues:-

1) IF BILL RECEIVED DATED 05.04.2015 BUT CONCERN BILL EXPENSES RELATED TO FOR THE FINANCIAL YEAR 2014-15 AND OUR BOOKS STILL NOT CLOSED FOR F.Y 2014-15 THEN CAN WE BOOKED THIS EXPENSES IN MARCH -2015.

OR

WE NEED TO MAKE PROVISION OF THE ABOVE SAID BILLS.IF YES THEN IT IS POSSIBLE TO CREDIT LIABILITY TO CONCERN PARTY DIRECTLY OR EXPNSES PAYABLE ACCCOUT.

Dear Experts, My query is as below:
On recognition of income after it meets recognition criteria, the entry was:

Bank A/c Dr.
TDS Receivable Dr.
To Income A/c Cr

Now as the service could not be performed, refund in full is being made. Now my query is what should be the entry in this case as the TDS receivable has already been deposited with govt. which will be shown as credit in 26 AS and would be received on refund of income tax paid by the department.
So TDS receivable cannot be credited, if this is the case, what should be the appropriate accounting entries.

Income A/c Dr
to bank A/c Cr
to ______ A/c Cr

For any clarification please ask me.