Finalization of balance sheet (practical aspect)

Page no : 2

Abhijeet Deshpande (Co-Founder & Manager @ Tax-Yantra) (1171 Points)
Replied 05 October 2012

Really helpful, since it is half year end audit in process now for me

1 Like

CA Pradeep Kumar (Practice) (78 Points)
Replied 05 October 2012

Dear Sanyam Arora,

Please check your DTA / DTL section. It should be DTA not DTL. Since we are claiming 20000 less depreciation.

1 Like

ashisha (Practising CA) (261 Points)
Replied 05 October 2012

Good effort.. although i have my doubts regarding fixed deposits being shown under cash and cash equivalents.. could u explain a bit more on that?

1 Like

Bhushan Jaju (Student) (970 Points)
Replied 05 October 2012

nice query...just waiting for the same question..!!

1 Like

BALASUBRAMANYA B N (CCI STUDENT....) (44668 Points)
Replied 05 October 2012

Good effort bro, keep sharing...

1 Like

CA Mohit Garg (CS Student) (213 Points)
Replied 05 October 2012

First of all thanks,

I loan is taken of 100,000 in 2001-12, payable in 5 intalment, i.e. 20,000 each year & first instalment due in next year say 2012-13.

At the time of preparing balance sheet on 31.03.2012

Than in Non current 80,000

& in current 20,000,

Pls confirm, whether I'm right or wrong, what is correct presentation

1 Like

Abhijeet Deshpande (Co-Founder & Manager @ Tax-Yantra) (1171 Points)
Replied 05 October 2012

Yes Mr. Mohit. The presentation is absolutely correct. Since we assume that 1 year will be considered as a bifurcation between current and non-current items, the payment due in next year shall be classified as current liab whereas payments due over 1 year shall be classified as non-currents.

As in your case, total liab is Rs. 100,000, out of whhich Rs. 20000 being due in next yeaar shall be classified under Current Liab and balance of Rs. 80000 shall be under Non-Curr.

1 Like

CA Mohit Garg (CS Student) (213 Points)
Replied 05 October 2012

Thank bro,

Pls comfirm one more point regarding

provision for taxation

If current tax for 2011-12 is 150,000

than provision for 2011-12 is to be created for 170,000, how ????

And here current tax means tax as per income tax or as ber books of account maintain under companies act

prateek kataria (student) (33 Points)
Replied 05 October 2012

Current Tax means Tax as per IT ACT .....................

(Guest)

Thanks for sharing Sanyam sir.

CA Anushree jain (CA) (1531 Points)
Replied 05 October 2012

good efforts waiting for next one to come

be more eloberative next time please...

thanks for sharing

ananya (know thyself) (930 Points)
Replied 05 October 2012

really helpful...waiting for part2...

TFS...n keep sharing

Hardik Dave (IPCC and CS Professional(FINAL) Student) (15533 Points)
Replied 05 October 2012

Realy wonderful article.smile. Thanku for sharing , keep sharing bhai. Very useful article for all article students.

SANYAM ARORA (“It's hard to beat a person who never gives up.”) (20168 Points)
Replied 06 October 2012

Originally posted by : Veeral Gandhi
	Thanks for sharing such a valuable information, Sanyam...Waiting for Part 2, Part 3...

Thanks a lot brother.

Yes ofcourse Part 2 & 3 will be posted soon but subject to availability of time.

Regards

Sanyam

SANYAM ARORA (“It's hard to beat a person who never gives up.”) (20168 Points)
Replied 06 October 2012

Originally posted by : kishore
	Hi Sanyam Good Morning If the Depreciation as per Companies Act is Rs: 70000/- & The depreciation as per Income Tax Act is Rs: 50000/- Then Deferred Tax Asset arises on account of Providing Less Depreciation as per IT Act & not Deferred Tax Liability.. Do check it Once......