Consolidated Financial Statement

answered on 15-May-24 14:05

Video No 22 Illustration 12. When parent is losing control in CFS Investment account is debited for Rs 360000. Normally in CFS we do not show investment account. When control is lost we have to open new account Investment account and it is debited at fair value in this problem. Investment account newly opened as control is lost. Am I correct?

latest answer

Illustration 14 We have not opened investment account. Request your help please in understanding this

swaminathan sundaram

CA Final

★ 110

2

43

Relation of partners to one another

answered 2 days ago

Duty to indemnify for loss caused by fraud section 10 * my question is when one partner commit fraud to the third party who will liable ? * when one partner commit fraud to co partners who will liable ?

latest answer

If one partner commits fraud against a third party, the partnership as a whole is generally not liable unless the fraud was committed in the ordinary course of the partnership's business or with the authority of the other partners. In such cases, the partnership may be held liable for the fraud committed by one of its partners. If one partner commits fraud against the other partners or the partnership itself, the defrauded partners can hold the fraudulent partner personally liable for the loss caused by the fraud.

Ajitha Palaniyappan

CA Foundation

★ 0

1

33

11. Revision is not working

answered on 14-May-24 21:42

Hello, I'm not able to access "11. Revision" is not working. It would be great if I can quickly access it. Thank You

latest answer

Ok

Utthejh Gade

CA Inter

★ 140

3

65

General

answered on 14-May-24 14:33

Is September month Ca inter exam registration opened?

latest answer

KINDLY pause for icai official notifications

Lavi Lavanya

CA Inter

★ 6K+

2

81

Finance act

asked on 14-May-24 11:03

Hai sir I am jan 25 student First schedule of the annual finance act part 1 says assesment year 2024 -25 Tax rates applicable for the finance act 2024 as per the attached provision Am I right??

latest answer

No answers yet!!

siddesh N

CA Inter

★ 3K+

0

51

Articleship training test

answered on 14-May-24 11:16

Why from last one year Articleship training test was not conducted and probably when the next exam may be conducted

latest answer

I think under new syllabus its dropped.

Sai Vema

CA Final

★ 106K+

1

73

Eligibility for CFA L1

answered on 14-May-24 11:10

I have 2 questions as follows 1. Is distance education from university of madras valid 2. It is said that a final year student can apply does that mean he/she should have completed all prior papers without pending papers as arrears

latest answer

Distance from recognized university ideally valid and even if you have arrears should not be an issue However, please email them at the following ID / phone number to get a more accurate response https://www.cfainstitute.org/en/utility/phone-numbers info@cfainstitute.org https://help.cfainstitute.org/s/#contactus

Dhakshana Dhakshana

CA Inter

★ 18K+

1

58

Discount rate

answered on 14-May-24 11:11

Sir under both the methods discounting nominal cash flow with nominal rate and real cash flow with real rate, NPV shd come same know, In class room soln third while solving using nominal cash flow, third year discount rate shd be 0.7118

latest answer

Thanks for highlighting will correct it

R Yashwanth Kumar

CA Final

★ 62K+

1

45

Premium on redemption of Preference Shares

answered on 14-May-24 11:16

Sir when we pay premium on redemption of Preference Shares and adjust it against profit and loss account. Should we debit in pl or deduct from pl reserve in R&S. Similar where to write off preliminary expenses.

latest answer

Profit & Loss account for both premium and also preliminary expenses.

Shrihitha Udupa

CA Inter

★ 170

1

37

Gift vochers

answered on 13-May-24 21:58

Gift voucher is an actionable claim, taxable at the time of issuance in case of specified goods -Madras High court. Further the court observed actionable claim are neither good, nor services, schedule iii item. My question is ,then why they are taxing(sec 12(4) if it is schedule iii item.

latest answer

Vouchers derives its value from underlying goods or service

Mansha Tutlani

CA Final

★ 555

1

37