As per Indas 12, Deffered tax liability should not be created in the case of initial recognition of asset not in business combination where
neither accounting profit nor taxable profit is affected. But examples given in ICAI study material on this, taxable profit is not affectded but accounting profit is affected. So can any one give me the example for above provision.
Amalesh,Bimalesh and kamalesh are partners in a firm with capital of 50000,40000 and 20000 respectively.They share profit and Loss are:
upto rs.10000 in the ratio 4:3:3
Above rs.10000 equally
the net profit for the year ended is 40200 and drawing of tha partners were 6000,5000 and 3000 respectively
interest on capital 10 % per annum
interest on drawing 5%per annum
amalesh get salary 5000 per annum
bimalesh and kamalesh get commission @ 10%eacg on net profit
How to calculate partner's sharing capital
We have planted around 1,000 timber plants
and we have planted 200 fruit plants.
we spend money on taking care of this stuff.
timber will give returns in 2040 and fruit plants will in next five years.
how should I show the purchase of timber plants as fixed asset or expenses.
My organisation is planning to for buying call options as a derivative instruments for hedging FC exposure (Import Remittance). There will be following stages from the time of buying till settlement:
1. upfront premium payment of options
2. MTM at month end/ reporting date
3. At the date of settlement - option to exercise/ not to exercise option.
What would be the accounting for all stages as per IndAS 32/39 and 107/109 given the scenario that we don't use hedge accounting.
In a commission agent who sold the crops to purchaser on the behalf of farmers. Many times commission agent paid advance to farmers for their home need. In a balance sheet Some farmers,s value show in credit and some farmers , value shows debit For example Sohan Singh Dr. Rs. 50000 Mohan Singh Cr. Rs. 50000 In which group I have to show in both values Please advise