Dear All,
As I want to know, whether AS-22 applicable on Life insurance companies,
If yes then any exemption to not follow AS-22 to them?
and whether they mandate to show deferred tax in Balance sheet too?
Please give your precious response...

SALARY Payable to PROJECT MANAGER & CONSTRUCTION MANAGER, should be considered as office overhead or it should be proportionately debited to Project Expanses, Kindly Clarify..

A ltd has 60% Shares in B Ltd which inturn has 20% shares in C Ltd. Also, A Ltd hold 14% shares in C Ltd.
As per AS 18, A ltd has substantial control over the financial or/ and operating working B Ltd and B Ltd has significane influence on the financial or/ and operating working of C Ltd.
Also, its clear that A Ltd holds significant share in C ltd, directly as well as indirectly.
My question is how much do we consider A Ltd's hold? 14% + 12% (20% Of B Lts's shares)= 26%, signifying a significant influence over the business or 14% + 60% = 76%, signifying control over the business.

sir i want to know the date on which fixed asset (i.e. building) is to be recognised as fixed asset in the book ? whether on the date on which it is ready to use or the date when it is put to use ? plz clarify the same in light of accounting standards and guidance note if any issued ?

What is the difference between provision for bad debts and provision for doubtful debts?

HI, I WANT TO KNOW DIFFERENCE BETWEEN RESERVE FOR BAD DEBTS AND PROVISION FOR BAD DEBTS..
WHEN WILL A CONCERN CREATE PROVISION OR RESERVE IN ITS BOOKS AND ALSO ITS OVERALL IMPACT ON FINANCIAL STATEMENTS.

THANKS IN ADVANCE.

A ad company takes 50% in advance and then performs the service ie makes ad films for the client and after the service is completed, it receives the balance amt. now my question is, when company should recognize revenue?

One Company has to receive some consideration from the other company for several years say for 3 years, how ever that receiving company booked excess revenue in first 2 yrs than actual revenue due to wrong interpretation of contract agreement, now the company can adjust such excess against actul revenue in 3rd year.

Eg: actual Revenue for 3 years is 4lacs, 6lacs and 5lacs, how ever in 1st year company recognised 5.5 lacs and paid tax on that, in 2nd year 8lacs and paid tax on such income also, now company came to know that it recognised excees of 3.5 lacs so , it wants to recognise income of (5-3.5=1.5 lacs only in 3rd year. can it do so? assume that due date for filing return u/s 139(5) is expired already for first two years

Dear Sir
I will join an Share trading (Stock Broker )company. But i have a doubt. What are the journal entry for that type of accounts.
Any of you are doing this type company accounts.
kindly tell me......

An Invoice raised in FY 12 for $100 was written off as bad debt in FY 13 (say on 31st March 2013). Subsequently the client pays this $100 in FY 14 (say on 2nd April 2014) not knowing that it was w/off as bad debt. Please explain the treatment of this $ 100 received in the light of relevant Guidance Notes. Whether it should be treated as Advance for Future Sales or a new Invoice need to be raised for the equivalent amount?