My query iz relating to cfs
This query is : Resolved
27 October 2011
in d Question two year balances are given but there is nothing mentioned about tax in the balance sheet.........
in Adjustment advance tax paid is given Rs. 5,000. how it wuld b treated in CFS
in Adjustment advance tax paid is given Rs. 5,000. how it wuld b treated in CFS
30 October 2011
Hi Pankaj, I assume that CFS means cash flow statements. In that case, tax paid is shown as (-) from cash from operating activities. Why are u so bothered if nothing is mentioned in the question? It simplifies ur work no?
Regards, CA Shakuntala Chhangani
Regards, CA Shakuntala Chhangani
31 October 2011
mam thnx for rplying..................mam how it can b possible dat any prepaid amount culdn't appear in baalnce sheet..........
31 October 2011
Hi again pankaj, as u wrote that nothing is mentioned about tax in the question, i took it as tax provision as u have specifically mentioned that tax paid has been given in the adjustment. If it is not appearing in the balance sheet and there is no suspense account appearing then it is possible that the payment has not been recorded in the books.In that case, u need to record the same by reducing cash/bank balance and showing advance tax on asset side of balance sheet.
Regards, CA Shakuntala Chhangani
Regards, CA Shakuntala Chhangani
04 November 2011
mam i m 100% agree wid u........but dis Q has been asked in 12th standard CBSE 2011 xam... i think it is wrong.....its my view......i may b wrong..
06 November 2011
If possible, post the question. It may be a good check for our brains.
Regards, CA Shakuntala Chhangani
Regards, CA Shakuntala Chhangani
06 November 2011
okkk............
Liabilities
2002 2003
Sh. cap. 30,000 1,30,000
General Reserve 30,000 55,000
P & L A/c 20,000 30,000
creditors 17,400 22,000
Assets
Fixed Assets 93,400 1,66,000
Stock 22,000 26,000
Debtors 36,000 39,000
Cash 4,000 5,000
Preliminary Expenses 2,000 1,000
Additional Information:
(a). Depreciation on fixed assets charged
during the year was Rs. 20,000.
(b). Income Tax Rs. 5,000 has been paid in
advance during the year.
Liabilities
2002 2003
Sh. cap. 30,000 1,30,000
General Reserve 30,000 55,000
P & L A/c 20,000 30,000
creditors 17,400 22,000
Assets
Fixed Assets 93,400 1,66,000
Stock 22,000 26,000
Debtors 36,000 39,000
Cash 4,000 5,000
Preliminary Expenses 2,000 1,000
Additional Information:
(a). Depreciation on fixed assets charged
during the year was Rs. 20,000.
(b). Income Tax Rs. 5,000 has been paid in
advance during the year.
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