Forums
Employee benefits
Financial Reporting
answered on 16-May-25 16:33
Should Employee Contribution to PF be decuted from Gross wages under the head "Salaries and wages". Or should it be shown under Contribution to PF. Since Employee Contribution is not an expense for the Company, I believe that it should be deducted from Gross Wages. Please guide
latest answer
It will be deducted from Gross Wages. Salary Expense To Cash To Employee PF payable
Azmi RZmi
CA Final
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1
160
Advanced itt
Others
answered on 16-May-25 17:00
Can i join advanced itt if i have cleared 1 group in ca inter and finished 3 years articleship
latest answer
I guess no. Still check with ICAI helpdesk.
San Samm
CA Inter
★ 2K+
1
306
Dividend payable before expiry
AFM
answered on 15-May-25 22:04
Hi sir, in this sum we have taken 3 months roi but pa dividend. I assume that dividend should be taken on prop basis (ie) 3m dividend since mere payment is happening during the option period but div is accrued over the years.
latest answer
No in real world for a stock div is not accrued over a year, it is only paid on specific days But for an index with multiple stocks each stock may be paying div in diff months in which case we can treat div yield as accruing over the year
Dhanushree Shanmugam
CA Final
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1
181
Lease Term or Not.
Financial Reporting
answered on 16-May-25 11:36
Sir, As you mentioned @ 03.27 it is a lease term as it has substantially economic benefits. If it has substantive substitution rights . If it changes the bakery and gets more economic benefitted due to the location of the bakery. Still it is an identified asset or not. i.e lease term or not.,?
latest answer
Okay sir. Thank you.
K Vamshi
CA Final
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2
176
Illustration 6
Indirect Taxation
answered on 20-May-25 13:27
Penalty of 10000 or 10% of tax (higher) shall be levied in case of tax is paid within 30 days from issuance of order or paid after 30 days from issue of order u/s 73. so in my opinion notice has been issued on 10th aug and tax paid on 25th aug i.e less than 30 days and hence no penalty shall be levied as it is notice and not order.
latest answer
Trust this clarifies.
Neha Pradhan
CA Final
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188
Accounts
CFA
answered on 15-May-25 15:37
Under converged accounting standards for revenue recognition,revenue is accounted only when A. it is highly probable that it will not be substantially reversed B. All performance obligations within a contract have been met while transaction price can be allocated to each identified performance obligations Correct ans A but B also seems right to me pls explain
latest answer
Thank you doubt cleared now
Dhakshana Dhakshana
CFA L2
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1
154
Cost benefit analysis
Financial Management
answered on 15-May-25 16:14
Sir, in exams, is it necessary to write both alternative methods, or will one correct method be enough?
latest answer
Usually sufficient - depends on the way the question has been framed and number of marks for question too
anju B
CA Inter
★ 21K+
1
147
Portfolio management
CFA
answered on 15-May-25 14:20
C is the ans pls explain I can't understand
latest answer
yes. the efficient frontier curve starts from global minimum variance portfolio point
Dhakshana Dhakshana
CFA L2
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5
204
Illustration 8
Financial Reporting
answered on 19-May-25 12:21
For the year 2, estimated output over life is 3,70,000/- (in which Year 1 output is not included) Now in year 3, why the 2nd year output is included?
latest answer
End of Year 1, there is no change in estimate. If there is a change in estimate, we consider prospective depreciation.
Manasa Kondepu
CA Final
★ 3K+
1
146
A/c of Co
Corporate & Other Laws
answered on 21-May-25 00:57
1) if CFS and standalone fin st are submitted already then why additionally aoc 1 to roc ? 2) what's the diff between exception to manner of CFS and preparation of CFS ? 3) point 3 it would be specifically for FY 14-15 ? Cause even foreign subs we need to prepare CFS ?
latest answer
1) To give details of subsidiaries, associate companies, or joint ventures 2) Exception of manner means CFS is mandatory, but presentation may be different from this section. Exemption from prep of CFS means CFS itself is not mandatory. 3) only FY 2014-15 4) section talks about exemption from CFS preparation. Such companies need not follow Accounting standards. They may just follow schedule III if they are preparing CFS. 5) Its optional. Not mandatory for such companies to make CFS. They may just follow schedule III if they are preparing CFS.
Sushmita Chowdhury
CA Inter
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3
218