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

Dear Sanyam Arora,

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

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? 

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

Good effort bro, keep sharing...

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

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.

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

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

Thanks for sharing Sanyam sir.

good efforts waiting for next one to come

be more eloberative next time please...

thanks for sharing

really helpful...waiting for part2...

TFS...n keep sharing

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

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......

Done Brother.

It was a Blunder but wasn't intentional.

Thanks for letting me Know.

Regards

Sanyam