The XYZ company accepts deposit and pays interest on its deposits. Out of total deposits, a deposit of Rs. 50 Lakhs @ 10% which was received from a person who is a relative of a Key Managerial Person of a company. During the F.Y 2015-16, the gross interest accrued/credited on his deposit was Rs. 5,00,000 (TDS -50,000) but interest actual paid was Rs. 1,80,000/-. As per AS 18, this is a related party transaction but I require clarification on what amount will beshown in Financial statement i.e., interest - Gross or actual paid?

I am working in a manufacturing unit
we purchased old empty plastic drums from kabariwala
value of drums was 75000.00 ( 15000+19500+19000+18000+3500 ) 4 no. of times

kindly help me
in which accounts it should be debited
kindly help

thanks in advanvce

Hi I failed in audit in recent CA Final exams.. I don't understand how to score good marks in audit... I just scored 34...not understanding how to deal with dis subject...

Hello everyone..
Whether Sec 269SS or 269T is applicable in following transaction?
Mr. C gives an unsecured loan of Rs. 3,00,000/- in FY 2014-15 to M/s AB a partnership firm. Now from FY 2015-16 Mr. C admitted as 3rd partner in M/s AB firm.
So what is treatment in Tax Audit Report Clause 31(a) or (b) for FY 2015-16 or AY 2016-17.

I want to know whether there is any difference between the Internal financial controls(IFC) and Internal control over Financial reporting(ICOFR) in simple language and the applicability of both.

if share capital is more than 1 Cr . whether Caro is applicable for private limited company

Hii!!! Can someone please give me a clarity on internal audit of hotel industry ?? like the aging schedule and the rack rates to compare(Difficulty in getting info of other similar hotels)

I have two questions:

1. Can an LLP having CAs as partners, but not holding COP, be appointed as Internal Auditor under Section 138 of the companies Act? the Act does not require the CA to be in practice for being an internal auditor as per my understanding..

2. Can an LLP with a CA and Lawyer as partners, be appointed as Internal Auditor, provided the CA partner signs the internal audit report?

I am a newly qualified Chartered Accountant & want to pursue a career in Internal Audit.
I want to know the top Pure Internal Audit Firms in Mumbai.
Please suggest.

Now i am doing an audit.
In that they have 2 term loans, For a TL they are paying only interest every month and the bank is deducting TDS for it, but for other TL they are paying EMI consisting both principal and interest as well. In the second case bank is not deducting TDS. Please help me is there any provision regarding this..?