Can any one please help me how the related party disclosure is given in the audit of a private limited company??
please provide the proforma for the same....
CA Mukul Mittal (CA in practice) (384 Points)
15 September 2012Can any one please help me how the related party disclosure is given in the audit of a private limited company??
please provide the proforma for the same....
CA Manish
(Job)
(5264 Points)
Replied 15 September 2012
| ABC LIMITED | |||||||||||
| NOTE 25: OTHER ADDITIONAL NOTES / INFORMATION Contd.. | |||||||||||
| Rupees in ___ | |||||||||||
| J. |
|
||||||||||
| A. | Relationships: | ||||||||||
| 1. Subsidiaries | |||||||||||
| ABC Limited | |||||||||||
| XYZ Private Limited | |||||||||||
| 2. Key Management Personnel and their Relatives | |||||||||||
| Directors : | |||||||||||
| Mr. V | |||||||||||
| Mr. C | |||||||||||
| Mrs. S | |||||||||||
| Mr. M | |||||||||||
| Relatives of Directors : | |||||||||||
| Mr. P (Son of Mr. C) | |||||||||||
| Ms. R (Wife of Mr. V) | |||||||||||
| Mrs. P (Daughter of Mr. V) | |||||||||||
| Mrs. M (Sister of Mr. V) | |||||||||||
| 3. Other Related Parties (in which either of the directors or their relatives have significant influence) | |||||||||||
| S B Pvt. Ltd. | |||||||||||
| AB Investments Pvt. Ltd. | |||||||||||
| SEB Co. | |||||||||||
| ABC Limited (WEF 01 August 2010) | |||||||||||
 Bitmap
|
Nature of transactions: | ||||||||||
| The following transactions were carried out with the related parties mentioned in A above, in the ordinary course of business. | |||||||||||
| Subsidiaries | KMP & Relatives | Other Related parties | |||||||||
| 2011-12 | 2010-11 | 2011-12 | 2010-11 | 2011-12 | 2010-11 | ||||||
| 1 | Purchases of Goods | ||||||||||
| ABC Limited | - | - | - | - | - | - | |||||
| XYZ Private Limited | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
| 2 | Sale of Goods | - | - | ||||||||
| ABC Limited | - | - | - | - | - | - | |||||
| XYZ Private Limited | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
| 3 | Commission Paid | - | - | ||||||||
| Mr. V | - | - | - | - | - | - | |||||
| Mr. C | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
| 4 | Remuneration to Directors & their Relatives | - | - | - | |||||||
| Mr. V | - | - | - | - | - | - | |||||
| Mr. C | - | - | - | - | - | - | |||||
| Mrs. S | - | - | - | - | - | - | |||||
| Mr. M | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
| 5 | Interest received | - | - | - | |||||||
| ABC Limited (WEF 01 August 2010) | - | - | - | - | - | - | |||||
| - | - | ||||||||||
| 6 | Hire charges received | - | - | ||||||||
| AB Limited | - | - | - | ||||||||
| - | - | ||||||||||
| 7 | Sale of Investment | - | - | ||||||||
| S B Pvt. Ltd. | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
| 8 | Interest on Fixed Deposits | - | - | ||||||||
| S B Pvt. Ltd. | - | - | - | - | - | - | |||||
| AB Investments Pvt. Ltd. | - | - | - | - | - | - | |||||
| SEB Co. | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
| 9 | Advances Paid (Net) | - | |||||||||
| ABC Limited | - | - | - | - | - | - | |||||
| XYZ Private Limited | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
| 10 | Investment in Subsidiaries | ||||||||||
| ABC Limited | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
| 11 | Deposits Received/ (Repaid) | ||||||||||
| S B Pvt. Ltd. | - | - | - | - | - | - | |||||
| AB Investments Pvt. Ltd. | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
| 12 | Outstanding Balances | ||||||||||
| a. Fixed Deposits | - | ||||||||||
| S B Pvt. Ltd. | - | - | - | - | - | - | |||||
| AB Investments Pvt. Ltd. | - | - | - | - | - | - | |||||
| SEB Co. | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
| b. Investment in Subsidiaries | |||||||||||
| ABC Limited | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
| c. Accounts Receivable | |||||||||||
| ABC Limited | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
| d. Accounts Payable | |||||||||||
| XYZ Private Limited | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
| e. Advances Paid | |||||||||||
| S B Pvt. Ltd. | - | - | - | - | - | - | |||||
| AB Investments Pvt. Ltd. | - | - | - | - | - | - | |||||
| - | - | - | - | - | - | ||||||
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