Querry
This query is : Resolved
02 April 2013
If retained loss is more than capital of the company this is contrary to the articles of association, whether this is shown as a qualified opinion in financial statement?
20 May 2013
Yes it is one of the requirement in the audit report whether there is cash losses or not and this is to be given as notes to the accounts also
05 March 2014
Please answer me
Instead of calculating provision for gratuity every year company calculated provision (end of service benefit) during the year and charged to expense for the last couple of years accumulated provision this year. This will come around half million and it will really affect the profitability of the firm. So my question is company can show the gratuity provision this year in full and charged to expense for the previous years in current year financial statements?
Or
Company can show each year 25% and complete this within 4 years?
Or
Company can show this as prior year adjustment and show the full amount as current year expense
Or
Company can create an head like prior year adjustment under noncurrent asset and portion of these will transferred to expenses each year
Please answer me
Instead of calculating provision for gratuity every year company calculated provision (end of service benefit) during the year and charged to expense for the last couple of years accumulated provision this year. This will come around half million and it will really affect the profitability of the firm. So my question is company can show the gratuity provision this year in full and charged to expense for the previous years in current year financial statements?
Or
Company can show each year 25% and complete this within 4 years?
Or
Company can show this as prior year adjustment and show the full amount as current year expense
Or
Company can create an head like prior year adjustment under noncurrent asset and portion of these will transferred to expenses each year
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