What should be the gross value of the transactions with related parties as per AS-18 ( Form 23ACA and Form 23AC ) if balance sheet shows 3 heads .
1) Purchase of goods ( with related parties) .
2) Reimbursement of expenses .
3) Commission on consignment sale received .
Should I fill the gross sum of all above three heads ?
Thank you !
Yes, u should fill the aggregation of gross value of transactions of ur queried heads....
Thank you ! Am I supposed to do the same in form 23AC too .
You are not supposed to write the same is 23AC too.. since all the items you mentioned are revenue nature you have to show in 23ACA,
Items like issue of shares, granting of loans, debentures wich affects the balance sheet if appears in related party transaction as per AS18, then you have to show it in 23AC
In the present case you have to give nil status in 23AC
Agreed with Syam Kamal....
Thanks a lot ! :)
Does gross value of outstanding balances of loan payable plus loan paid plus loan recevied by a company with its associate companies and directors amounts to gross value of transaction under AS-18 which is to be disclosed in form 23AC ?
Thank you !
Not the outstanding balances,, just the entries amount i.e., loan paid and loan received amount....
Dear syam kamal,
kindly explain the 18 Months balance sheet purpose in BPO industry
Regards,
Siva
CAclubindia
