banner_ad

Tricky question

Others 1247 views 1 replies

What will be the auditors view :

 

The debenture trust deed executed by A ltd. Stipulated the creation of a sinking fund for redemption of debentures. In terms of the trust deed , a specific amount was to be transferred to the sinking fund from out of the profits of each  yr . inspite of substantial profits in the year 1997 , no amount is found transferred to the sinking fund.

 

 

In the course of audit of a manufacturing company , it comes to light that it has outstanding forward contracts for purchase of raw materials at a price , which is higher than the current market price. However , there is no mention of this in the financial statements of the year.

 

               I got the answers incorrect for my postal . Plz. those who got the correct answers let me know .

Replies (1)
Now you can book forward contract diffrent and can disclosed as error and ommission in fifnacial statement


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
05 May 2026
Accountant

Sanjay K Pathak & Associates

Noida

Graduate (Any)

View Details