Forums
Ch -2 framework for preparation and presentation of f.st
Accountancy
answered on 08-Oct-23 18:31
Since the maintaining accounts on accrual basis is mandatory as per sec 128(1) then why in any case income/expense is recognised on cash basis ?
latest answer
If you follow pure accrual you can't enter advance received or prepaid expense in the books as the income is not accrued or benefit is not received. This point explains that you can't mix prepaid expense/ advance received and normal revenue/expense. Because one is recorded based on cash receipt or payment and other is in accrual. This is what I understand. Hope this helps.
Atharv Sankliya
CA Final
★ 3K+
6
342
IFHP
Direct Taxation
answered on 12-Oct-23 16:02
property is acquired on 1 /5 /P.Y Municipal value - 150,000 p.a. Fair value - 120,000 p.a Standard rent -130,000 p.a In computation of expected rent for the A.Y Municipal value =150,000× 11÷12 = 137500 Fair value =120,000 × 11÷12 = 110,000 Standard rent = 130,000 × 11÷12 = 1,19,166 Expected rent is 1,19,166 Is this sum correct??
latest answer
Yes. Values are considered only for the period for which property is in existence.
Krishnan K
CA Inter
★ 5K+
4
425
PGBP
Direct Taxation
answered on 09-Oct-23 14:56
SECTION 40 (a) (3) Payment above rs.10,000 to a person in a day other than a/c payee cheque,a/c payee draft , ECS.. For example : I paid cash rs .12, 000 to my vendor in a same day...[ a Revenue expenditure) whether Excess of 2,000 will be disallowed or rs. 12000 fully disallowed ?
latest answer
Thanks you bro...
Santhoshini N
CA Inter
★ 0
4
383
Mock test papers for nov23
Exams
answered on 10-Oct-23 16:45
Where to download mock test papers of nov23 inter exams??
latest answer
will be uploaded by tomorrow.
Pooja .
CA Final
★ 210
3
648
Hire purchase
Accountancy
answered on 07-Oct-23 16:38
Sir Ye keshe solve karna hai?
latest answer
See this
Tisha Modi
CA Inter
★ 2K+
1
439
Pgbp
Direct Taxation
answered on 09-Oct-23 16:05
Is Unexplained expenditure allowed to deduct from net profit of business or not?
latest answer
No
Nakul Dixit
CA Final
★ 4K+
2
378
CFA course at IGL
Others
answered on 07-Oct-23 13:46
The course shown in pic is enough to prepare for CFA Level 1? Like is this all, 123 hours of watching these lectures? Also does indigo learn prepare us for all three levels of CFA or it just provides classes for L1? Because I could only see L1 classes in app.
latest answer
Yes
Garima Bhargava
CA Inter
★ 185
1
638
CRR
Accountancy
answered on 07-Oct-23 13:30
Why we r creating CRR? In redemption of Pref SC
latest answer
Thank you
Kavi Dharshini
CA Inter
★ 11K+
2
367
Amalgamation
Accountancy
answered on 06-Oct-23 23:45
Why we are not segregating premium on preference share capital when incorporating journal entries in this question
latest answer
Okk
Ramya Telikicherla
CA Final
★ 6K+
2
405
Doubt
Indirect Taxation
answered on 06-Oct-23 20:23
What is the answer to 3rd part ?
latest answer
Renting of warehouse is taxable. What is exempt is only service of warehousing of agricultural produce.
sradha krishna sunil
CA Final
★ 5K+
1
370