ONE PRIVATE RELIGIOUS CHARITABLE TRUST RUN A PERUMAL TEMPLE. THE TEMPLE MDOTIFIED AND RECONSTRUCTION DURING THE YEAR 2018-19(KUMBASIHEKAM). DONATION AMOUNT RS. 12.50 LAKS RECEIVED FROM HIS TUURST MEMBER. . TOTAL EXPENSES RS.11.75 LAKS. THE BAL AMOUNT OF DECLARE IN INCOME AND EXPENDITURE A/.C? ARE THIS AMOUNT CREAT IN KOVIL KUMBASIHEKAM FUND IN BALANCE SHEET LIABILITIES SIDE
We have the business of Marbal Cut piece. preceding year we have show the Gross profit. in books of Account. 8.07% and same the last year 2018-19. Please Suggest to me its genuine gross profit (means to say its plus or minus ) Can we need to face any problem. Audit report mention Closing stock has been valued at cost or NRV whichever is lower and retail method has been followed for valuation of stock, 2. Closing stock has been taken as valued and certified by the proprietor.
We Want a clarifiaction on the Following issue:
Actually My Audit firm is Partnership firm (Having 2 partners ) at the time of Appointment as a statutaory auditors for a period of 5 years. After completion of 4th year one partner retired, the firm became sole proprietorship firm. Now my doubt is sole proprietorship firm can be appointed for another 5 years or not?? The Comapny belongs to Class of Companies as mentioned in the S.139(2) of the companies act,2013. Please give your valuable suggestions.
Recently as we know Ind AS 116 is applicable from 1st April 2019.
As on that date i have evaluated few contracts under Ind AS 116 and completed Limited Review , now for Q3 i want to evaluate some other contracts under Ind AS 116 which i have missed out on 1st April 2019.
Is there any clarification that the time limit for evaluation is till the year end i,e 31/3/2020 so that it will not impact my q1 & q2 results.
If yes mention the source.