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Ca inter
Accountancy
answered on 21-Apr-24 19:18
Amalgmation page no13.78 in Q.13 while calculating capital employed ,effect of mutual owing has not been taken but in calculating net asset that effect is taken??
latest answer
Pls share the question as well.
Pooja Chavan
CA Inter
★ 0
1
330
Illustration 13- IND AS 21
Financial Reporting
answered on 21-Apr-24 19:16
In this question it is mentioned that cumulative exchange difference attributed to NCI in FCTR = 20. So shouldn't NCI balance of date of derecognition be - 100 + 20=120 and 120 should be derecognized as NCI ?
latest answer
Net Assets already represent that indirectly. YOu will understand after you complete consolidation.
Bhoomi Makhecha
CA Final
★ 35
1
243
Pgbp
Direct Taxation
answered on 22-Apr-24 09:29
Mrs. Bhawna, wife of Mr. Sonu, is a partner in a firm. Her capital contribution of ₹ 10 lakhs to the firm as on 31.3.2021 included ₹ 6 lakhs contributed out of gift received from Sonu. On 1.4.2021, she further invested ₹ 2 lakh out of gift received from Sonu. The firm paid interest on capital of ₹ 1,20,000 and share of profit of ₹ 1,00,000 during the F.Y.2021-22. The entire interest has been allowed as deduction in the hands of the firm. Which of the following statements is correct? (a) Share of profit is exempt but interest on capital is taxable in the hands of M₹ Bhawna (b) Share of profit is exempt but interest of ₹ 80,000 is includible in the income of Mr. Sonu and interest of ₹ 40,000 is includible in the income of M₹ Bhawna (c) Share of profit is exempt but interest of ₹ 72,000 is includible in the income of Mr. Sonu and interest of ₹ 48,000 is includible in the income of M₹ Bhawna (d) Share of profit to the extent of Rs 60,000 and interest on capital to the extent of ₹ 72,000 is includible in the hands of Mr. Sonu
latest answer
Right.
Shruthi Nachammai
CA Inter
★ 4K+
5
1K+
Pgbp
Direct Taxation
answered on 22-Apr-24 09:55
Mr. Shahid, a wholesale supplier of dyes, provides you with the details of the following cash payments he made throughout the year – - 12.06.2018: loan repayment of ₹ 27,000 taken for business purpose from his friend Kunal. The repayment also includes interest of ₹ 5,000. - 19.08.2018: Portable dye machinery purchased for ₹ 15,000. The payment was made in cash in three weekly instalments. - 26.01.2019: Payment of ₹ 10,000 made to electrician due to unforeseen electric circuit at shop - 28.02.2019: Purchases made from unregistered dealer for ₹ 13,500 What will be disallowance under 40A (3), if any, if Mr. Shahid opts to declare his income as per the provisions of section 44AD?
latest answer
Ok tnku sir
Shruthi Nachammai
CA Inter
★ 4K+
2
1K+
Pgbp
Direct Taxation
answered on 22-Apr-24 09:30
is a working partner in a firm on behalf of his HUF and the HUF has contributed ₹3,00,000 as its capital contribution. Apart from this, K has given a loan of ₹ 50,000 to the firm in his individual capacity. The firm pays interest as per market rate of 15% per annum on capital as well as loan. Compute the amount of interest that shall be allowed to the firm while calculating its business income assuming that the interest is authorized by the partnership deed.
latest answer
Limits will apply only for interest paid to partner and not when paid to other person.
Shruthi Nachammai
CA Inter
★ 4K+
1
320
Salary
Direct Taxation
answered on 27-Apr-24 10:14
Gift given by employer to employee in monetary form of Rs.3000 is taxable or not
latest answer
Perfect.
Lavi Lavanya
CA Inter
★ 6K+
8
349
Leverages - MCQ 1 & 2
Financial Management
answered on 23-Apr-24 16:57
There is error in the answers of the MCQ test. Its showing wrong explanation.
latest answer
These two MCQs have been corrected
Pranesh N
CA Inter
★ 4K+
4
335
Exemption under GST
Indirect Taxation
answered on 22-Apr-24 10:20
Entry 77 :- Service by an unincorporated body or a non- profit entity to its own members by way of reimbursement of charges or share of contribution Here in this exemption , there is a limit of ₹7,500 If exceeded such limit, then my question is whether Entire amount taxable or Excess over 7500 is only taxable? Not only in this entry How to interpret in general to some entries with a limit but not provided sufficient details in the TB.
latest answer
Oh my gosh!!! I thought Excess over limit is taxable Thank you sir ✅
Sai Akash rockster
CA Inter
★ 5
4
324
Activity based costing
Costing
answered on 22-Apr-24 09:30
Pls solve any one activity based costing
latest answer
yes!
Bhuvan Bhaskar
CMA Inter
★ 2K+
3
313
Forex
AFM
answered on 21-Apr-24 11:04
I didn't understood Why the rates are different??
latest answer
1.02 cents cent is 1/00th of a dollar so 1.02 cents in dollar terms = 1.02/100 = 0.0102
nazriya nasar
CA Final
★ 7K+
4
340