in SOLLUTION GIVEN BY ICAI OF Q. N 18 of of value added statement (RTP NOV'12)... excise duty is not considered in
cost of bought in material... rather it is shown in govt payments..... is it right???
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Confusion in rtp nov'12
Replies (4)
Yes, you can follow either of approach
Note must be written for the same.............
me to had similar prob so i had mail praveen sharma sir mail nd reply are as under;:
hii sir
sir can u pls mail me the correct sol of rtp q 18 (value added statement)...
sir i had following problem in that ques or rather contrast with rtp ans
ED treatment -not as per our class assumption
application statement is made only for 4 people (why not 6)
loss on sale of fixed asset -why not treated as extraordinary item in VAS
reply
Dear Student
Here the treatment of Excise duty is not correct you should follow the concept provided in the class. If there information related to any party out of 6 parties not available then you have option to leave it.
Sale of old fixed assets is not extraordinary since we have already separeted depreciation amount every year and we know that the fixed assets will be scraped after a certain period.
Regards
ETEN CA
Academic Team
in acc rtp q 16 360000 should be 320000???????????
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