we need to consolidate the financials of a company.it is having a subsidiary acquired at the middle of the previous yr.is there any concept of pre & post expenses ?? how to consolidate profit and loss account ?consolidation of balancesheet was learnt in the final syllabus.

Some shareholders of one company are holding 52% shares in another company. Will it be considered as a subsidiary company because of indirect ownership through shareholders for the purpose of preparation of consolidated financial statements? Or the company or its subsidiaries only need to hold the shares and not its shareholders for that purpose?

sorry!!!!!!!!!!!!!!!

Dear All,
One of my friends failed to deduct TDS for making installment payment to the builder. The payment given to the builder is on 27.04.2015 & 06.07.2015. Now he want to be pay Interest i.e. 1.5% p.m. for the late of payment of TDS.

My query is - Is it any penalty for no deduct the TDS or he his only pay the interest for late payment.

Please reply ASAP

Thanks & Regards
Rateesh

1)transaction :- Goods worth Rs. 100000/- by fire insurance co and admitted claim with paid by insurance co. 60% discount???
2) Goods worth Rs. 50000/- and cash 20000/- stolen by employee ????
please , give me the ans. of above transaction entry with explanation and which ledger would be created under this trans. and under the group of ledger ???

Hi Experts,\

i need your assistance in preparing the financial accounts of a school for bank loan requirement. i have been provided te bank statements for the last 3 years and the voucher of expenses. Request your help.

Sounak

SIR
SERVICE TAX PAID ON FRIGHT INWARD TO BE ACCOUNTED AS FRIGHT EXPENSES -CLARIFY

Salary related to past year paid in current year, in the past year's have not accounting for this salary.
(this salary related to increment in salary which pay with retrospective effect)
and the reason of increment is strike of labour for increment. please advice me for accountig for this arrear salary.
(this party under tax audit)

Dear Sir, I am an employee with a partnership firm, I used to withdraw my salary only for the amount I require, I was assured 12 % interest on the remaining amount at the year end, but now they are telling that interest cannot be given on deposits from employees. It it true ? In the books of account they have deposits/ loans from relatives, and they are giving 12% interest on that amount, but not on my deposit. Is there any rule which says not to give interest on employee's money with the firm?
Please help in this regard.

What is the logic behind the Initial Recognition Exemption?
When any land is purchased and recorded in the books, it does not affect both accounting profit and taxable profit. So, can it be considered that no DTA/DTL is to be created on it?