A person enters in to business on 1st June,2007 for trading in shares and futures in NSE.
He incurred loss in shares Rs.3000 and in future Rs.12000.
His total turnover is around Rs.60,00,000
Is he liable to audit his account?
Other details are as follow:
Individual
Age 20
Male
Shares turnover Rs.8,00,000
Future turnover Rs.52,00,000
(Future turnover includes Buy and sell of Nifty 10 times only)

The company does not enough authorised capital and received advance aganist share capital. In such case what auditor should do 1. whether the auditors' report to be qualified or
2. attention be drawn by mentioning in notes or
3. disclosure in notes is sufficient.

In the movie "Jane tu Ya Jane na",a Chartered Accountant firm has disclosed the firm name when all the names of directors,producers,actors are disclosed at the start of movie.Is this violation of Clause 7 of Part I of First Schedule.

ICAI has come up with AS 30/31/32 which follows IAS 39. As per the standard there is no material difference between AS 30/31/32 and IAS 39.
Q. So, is it an exact copy-cat of IAS 39 or there are some changes to take care of Indian Scenario?
Q. When it is said, there are no material deifference, is there still some difference between IAS 39 & AS 30/31/32?

Many thanks
Vikash Rajgaria

can u suggest me the accounting treatment for import purchases when the payment was made in advance

Hi,

In cash flow statement of parent company(stand-alone), the company has advanced loans/advances i)to its subsidiary and ii) to its jointly controlled entity.

Under which head should it (i & ii above) be reported (in stand alone CashFlow statement)-- is it financing activity / investing activity / operating activity

While seeing the Balance Sheets of few reputed listed companies ( stand -alone only), I found that one has shown it under "Investing activity " and the other under " Financing activity" . Iam confused.

Plz clarify my doubt. Urgent

Hi,

Where shall loans/advances given to Joint ventures be disclosed in the stand -alone Balance Sheet

1) Loan to Jointly controlled entity @ 10% -- As per AS 27 shall it be disclosed under "Current Assets, Loans & Advances" or is it under "Investments" head.

2) Advances to JV Jointly controlled entity --- is it disclosed under under "Current Assets, Loans & Advances" or is it under "Investments" head.

Plz elaborate as per AS 27

How are the above disclosed in sttand-alone balance sheet of the parent company?

Sir,

i am conducting audit of company. I have to check the Margin Money and Bank Guarantee. so, which documents is required to check the above.what shuold i keep in mind to complete checking of Margin Money and Bank Gaurantee. What is margin money and bank gaurantee.

thanks

What are the contents of Audit Manual?

Suppose commercial production starts from the date 1 apl 08. What about foreign exchange gain or loss for the period prior to 1 apl -08 arising on the assets purchased. Whether the same needs to be capitalised as pre operative expenses?