clarity regarding preliminary engagement activities

asked 46 mins ago

madam what is the difference between preliminary engagement activities and and preconditions for audit

latest answer

No answers yet!!

aravind lalji

CA Inter

★ 0

0

2

Employee benefits

asked 13 hrs ago

Video No 36 Illustration 24. I can understand calculation of OCI. OCI amount is 165750 is debited to OCI. Which account I have to credit

latest answer

No answers yet!!

swaminathan sundaram

CA Final

★ 110

0

18

Interest rate is per month not per annum.

answered 15 hrs ago

Hi sir, while computing the cost of carrying we have to multiply the spot with interest rate for 3 months. In the question they have given interest rate as 15% PER MONTH. SO the formula for cost of carrying should be [ Spot*15% per month* 3 months]. But what you have taken is [spot*15%per month*3 months/12 months]. Why we have to divide it by 12, even though they have given the interest rate PER MONTH ?

latest answer

Also, if nothing is mentioned always take interest rates as pa. other than in money lending business with small time lenders, every where else in established financial services business banks etc all interest rates are quoted on a pa basis and not monthly basis

B. Dinesh

CA Final

★ 3K+

2

17

Ind AS 12

asked 16 hrs ago

Hi sir , Is this topic of computation of DTA/DTL in case of compound financial instrument covered in the class videos

latest answer

No answers yet!!

k santosh reddy

CA Final

★ 0

0

10

engagement letter drafting

answered 18 hrs ago

madam, but shouldnt the engagement letter be drafted by the auditor? and if there is some discrepancy isnt that the fault of the auditor??here in this question it is said that the engagement letter has been issued by mea limited .

latest answer

Appointment letter is issued by management, n engagement by auditor. In practicality it’s management who drafts. But before acceptance auditor should be sure about the content there in. Otherwise he will be guilty of professional misconduct

aravind lalji

CA Inter

★ 0

1

25

FA / FL - Loan - Amortised method

answered 11 hrs ago

Please share an illustration relating to Loan(NOT INTEREST FREE) where solution has given for both the parties I.e. lender and borrower. So that we can understand from a broader perspective that how one instrument is recognised as FA for one party and FL for another party.

latest answer

Sir, please ignore this. I get it clarified now.

Chandan Subudhi

CA Final

★ 12K+

5

41

LLP- Body Corporate ?

answered 15 hrs ago

Whether as per GST - LLP is an body corporate? As per LLP act LLP is an body corporate.

latest answer

Yes.

HEMAVATHYSUBRAMANI SUBRAMANI

CA Final

★ 2K+

1

22

Regarding ECO and Composition scheme

answered 15 hrs ago

If a restaurant is registered under composition scheme, they should not collect tax from recipient of services. If the same restaurant is supplying through ECO whether the provisions of 9(5) be applicable, where ECO is liable to pay GST ?

latest answer

ECO will be liable to pay GST.

sudarsan ramanathan

CA Inter

★ 3K+

2

23

Classes

answered 23 hrs ago

I wanted buy IL Idt classes. Comparing classes other than Indigo Learn i saw it was almost 200 hours of classes for regular batch and 140 hours for exam oriented batch. But Indigo learn regular batch itself 140 hours. What maybe the reason?

latest answer

Our classes are recorded in studio. So the extra time spent in classroom for discussions breaks etc gets eliminated. The time which you would require to complete would be approx 1.5x

shamanth rm

CA Final

★ 2K+

1

42

Financial Liability

answered 18 hrs ago

FR > Financial Instrument. The answer is we need to carry the creditors in amortised cost. And it’s FV + Interest. But how to compute interest without knowing the period (when exactly the creditors will be paid)

latest answer

Initially the FV wil be transaction price. Subsequently we will provide interest if payment is delayed.

Chandan Subudhi

CA Final

★ 12K+

1

21