IPCC Group II – Accounting Standards and their disclosures


IPCC Group II – Accounting Standards and their disclosures

IPCC Group II focus on Accounting Standards and their disclosures..AS-4 contigencies & events occurring after balance sheet. This is very important part to remember for every student.
ACCOUNTING STANDARS AND THEIR DISCLOSURES (IPCC GROUP -II )
AS-4 contigencies & events occurring after 1. Nature of contingency and events.
balance sheet date 2. Affect of uncertainty in the sense of future outcome.
3. Estimate of financial effect or the fact that estimate can’t be made.
AS-5 net profit or loss for the period, prior 1. narture and amount and their impact on
period items and changes in accounting policies current profit or loss can be clearly perceived
2. material impact in later periods
AS-11 Effect of changes in foreign exchange 1. exchange rate.
rates 2. Nature and reason for change.
3. Profit or loss in process of exchange.
AS-12 governament grants 1.method of presentation
2.nature ans extent of government grants (mandatary and non mandatary assets given at concessional rate or free of cost)
AS-16 borrowing costs 1.policy adopted for borrowing cost
2.amount of borowing cost capitalised during the year
AS-19 lease accounting Finance lease:
lessee:
1.lease assets must disclose separately
2.details of lease period
3..if any contingent rent it should recognized as expense in P&L a/c
lessor:
1.contingentrent recognized as income in P&L a/c
operating lease
lessee:
1.Lease payments recognized in P&L Account for the period separately
lessor:
1.contingent rent recognized as income and P&L Account
AS-20 earning per share 1.The amount used as numerators and a reconciliation of that amount to the net profit/loss for the period.
2.The number used as denominators and a reconciliation of those to each other.
3.The nominal value along with EPS figures.
4.If a component of net profit is used which is not reported as a line item in the P&L Account, a reconciliation should be provided.
AS-26 Intangible Assets 1.amortisation rate and method using
2.gross qualifyingamount,impirement losses accumulated amortisation
additions,disposals,losses.,etc during period
3.if amortised over a period of 10 years then reasons
4.what assets pledged for liabilities as security
5.commiment amount
6.R&D recognised as expense during period
AS-29 provisions,contingent liabilities provision:
and assets 1.carrying amount
2.additions made during period
3.used and unused amounts during perios and amount of resevre
4.nature of obligation in brief
5.any reimbursement
liabilities:
1.nature
2.financial effet
3.uncertainity ragarding outflow
4.any reimbursement
5.required info and state of fact
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Accounting Journal Entries for Taxation – Excise, Service Tax, Vat, Tds


Accounting Journal Entries for Taxation – Excise, Service Tax, Vat, Tds

 

 

We all knows the importance of  provision and compute of tax liabilities. Liabilities which may be  monthly/quarterly/half-yearly or yearly basis, accounting journal entries is as equal important for the same. Here we will see how to make accounting journal entries of  for taxation

I  Value Added Tax (VAT)
The organizations engaged in Sale and purchase transactions have to pay Vat liability. When they purchase material Vat is paid on purchases and when they sell material Vat is collected on material.

Vat paid on purchase of material-Input
Vat paid on Sale of Material-Output
Output amount is adjusted with the input and the balance is paid to the department. Entries to be made are:-

At the time of Purchase of Material
           Purchase Dr………….
           Vat Input Dr……………
           To Creditors……………………
At the time of Sale of Material

                Debtors Dr……………….
               To Sales………………………….
               To Vat Output…………………..
At the time of Adjustment
           Vat Output Dr………………..
           To Vat Input……………………………..
           To Vat Payable (If Output>Input)………………………………

At the time of Payment
Vat Payable Dr…………………………..
To Cash/bank

II  Service Tax

When services are received:-
       Expenses Dr………………………
       Service tax Input Dr………………
       To Party

When services are provided
    Debtors Dr……………………
    To Revenue………………………
    To Service tax Output……………

At the time of Adjustment
    Service tax Output Dr…………….
    To Service Tax Input…………………….
    To Service tax Payable……………………….

At the time of Payment
    Service tax Payable Dr………………….
    To Cash/bank…………………………………….

III  Excise Duty

At the time of Purchase
    Purchase Dr……………..
    Central Excise Input Dr………..
    Education Cess Input Dr……………….
    Secondary and Higher Education Cess Input Dr.
    To Creditors

At the time of Sale
    Debtors Dr…………….
    Manufacturing Duty (Basic+Education Cess+Secondary & higher education cess) Dr.
    To Central Excise Output …………………..
    To Education Cess Output…………………..
    To Secondary & higher education cess Output……………
    To Sales (Including excise duty amount)…………………………………………………..

IV   Tax Deducted At Source

At the time of deducting TDS
    Expenses Dr……………
   To TDS Payable………………….
   To Party………………………………
At the time of deposit of amount of TDS
   TDS Payable Dr………………………
   To Cash/Bank………………………………………

At the time of booking of income
    Party Dr…………………….
    TDS deducted………………………
    To Revenue receipts……………………………….

At the time of receipt of Income
   Bank/Cash Dr………………………..
   To Party………………………………

TIPS FOR PREPARING LAW EXAM


How to Prepare Law subject

 

1.   Use Scanner from the very beginning. It helps you to recognize which chapter is to be given preference. Prepare a list of Chapter wise frequently asked questions from the Scanner and prepare them properly.

 

 
2.   Try and develop a sense to figure out excess study material from the exam point of view and cross that material immediately in your book. Study Material provided by the institute is not updated most of the times and full of totally irrelevant material/theory.

 

 
3.   If you have time prepare your own notes to learn properly only for important topics along with frequently asked questions solution.

 

 
4.  As per my opinion you shouldn’t ask anybody about the relevance of quoting sections in Exams. It is off course extremely useful in law subjects especially in CA Exams. Try and quote section in your exams without any hesitation. Prepare a special strategy for remembering sections. If you make it a habit now it will 100% pay at the time of your final preparation.

 

 
5.  Don’t play with the language of law specially Definitions. It is strongly recommended to put the definition in the exact language. However you can take slight liberty while drafting your answer in respect of other law language but the context, texture, interpretation and meaning should not be changed.

 

 
6.  Work out on your presentation and writing skills.

 

 
7. Don’t use different notes for one topic. Finalise your notes before starting final Examination preparation and stick with them.   

 

 
8.  10 Days before examination date do not add any new topic in your schedule. Just focus on revision-revision and revision.

 

 
9.  Time saving method: As per my opinion in theory paper you should attempt flat questions first. After that attempt practical problems. Like in Audit or Law first attempt short notes or distinctions etc. In the beginning if you attempt practical problems first then there may be wastage of time in reading the problem twice or thrice.

 

 
10. Make Point & give heading: In other words write your answer to the point. Try and convert the paragraphs in to points and give them a heading like I am giving in this Article. However, if during exam you have no time then avoid this practice. But it’s a very good technique of theory presentation.

 

Use of sections in the CA exams:-


 

Use of sections in the CA exams:-

As per my suggestion student should start writing sections and case laws at the PCC level itself. I would suggest you to make it a habit to remember sections along with case laws as it will surely help you a lot during preparation for CA final or other professional examinations. Section and case law knowledge is also very important for your professional working. It is 100% true.

Keep one thing in mind — write the sections and case laws only when you are 100 % sure, otherwise leave it.

However let me tell you one thing you can easily clear your CA without sections but for me it is all about standards. Now the choice is yours.

Important toll free numbers in India


Some Toll Free numbers in
India ….

Airlines
Indian Airlines – 1800 180 1407
Jet Airways – 1800 225 522
Spice Jet – 1800 180 3333
Air India – 1800 227 722
Kingfisher -1800 180 0101

Banks
ABN AMRO – 1800 112 224
Canara Bank – 1800 446 000
Citibank – 1800 442 265
Corporation Bank – 1800 443 555
Development Credit Bank – 1800
225 769
HDFC Bank – 1800 227 227
ICICI Bank – 1800 333 499
ICICI Bank NRI -1800 224 848
IDBI Bank -1800 116 999
Indian Bank -1800 425 1400
ING Vysya -1800 449 900
Kotak Mahindra Bank – 1800 226
022
Lord Krishna Bank -1800 112 300
Punjab National Bank – 1800 122
222
State Bank of India – 1800 441 955
Syndicate Bank – 1800 446 655

Automobiles
Mahindra Scorpio -1800 226 006
Maruti -1800 111 515
Tata Motors – 1800 255 52
Windshield Experts – 1800 113 636

Computers / IT
Adrenalin – 1800 444 445
AMD -1800 425 6664
Apple Computers-1800 444 683
Canon -1800 333 366
Cisco Systems- 1800 221 777
Compaq – HP -1800 444 999
Data One Broadband – 1800 424
1800
Dell -1800 444 026
Epson – 1800 44 0011
eSys – 3970 0011
Genesis Tally Academy – 1800 444
888
HCL – 1800 180 8080
IBM – 1800 443 333
Lexmark – 1800 22 4477
Marshal’s Point -1800 33 4488
Microsoft – 1800 111 100
Microsoft Virus Update – 1901 333
334
Seagate – 1800 180 1104
Symantec – 1800 44 5533
TVS Electronics-1800 444 566
WeP Peripherals-1800 44 6446
Wipro – 1800 333 312
Xerox – 1800 180 1225
Zenith – 1800 222 004

Indian Railways
General Enquiry 139
Central Enquiry 131
Reservation 139
Railway Reservation Enquiry 1345,
1335, 1330
Centralised Railway Enquiry 133, 1,
2, 4, 5, 6, 7, 8 & 9
Couriers / Packers &

Movers
ABT Courier – 1800 448 585
AFL Wizz – 1800 229 696
Agarwal Packers & Movers – 1800
114 321
Associated Packers P Ltd – 1800 214
560
DHL – 1800 111 345
FedEx – 1800 226 161
Goel Packers & Movers – 1800 11
3456
UPS – 1800 227 171

Home Appliances
Aiwa/Sony – 1800 111 188
Anchor Switches – 1800 227 7979
Blue Star – 1800 222 200
Bose Audio – 1800 112 673
Bru Coffee Vending Machines – 1800
4 7171
Daikin Air Conditioners – 1800 444
222
DishTV – 1800 123 474
Faber Chimneys – 1800 214 595
Godrej – 1800 225 511
Grundfos Pumps – 1800 334 555
LG – 1901 180 9999
Philips – 1800 224 422
Samsung – 1800 113 444
Sanyo – 1800 110 101
Voltas – 1800 334 546
WorldSpace Satellite Radio – 1800
445 432

Investments / Finance
CAMS – 1800 442 267
Chola Mutual Fund – 1800 222 300
Easy IPO’s – 3030 5757
Fidelity Investments – 1800 180
8000
Franklin Templeton Fund – 1800 425
4255
J M Morgan Stanley – 1800 220 004
Kotak Mutual Fund – 1800 222 626
LIC Housing Finance – 1800 440 005
SBI Mutual Fund – 1800 223 040
Sharekhan – 1800 227 500
Tata Mutual Fund – 1800 220 101

Leisure Travels
Club Mahindra Holidays – 1800 334
539
Cox & Kings – 1800 221 235
God TV Tours – 1800 442 777
Kerala Tourism – 1800 444 747
Kumarakom Lake Resort – 1800 445
030
Darjeeling tours -09733306673
Raj Travels & Tours – 1800 229 900y
Sita Tours – 1800 111 911
SOTC Tours – 1800 223 344

Healthcare
Best on Health – 1800 11 8899
Dr Batras – 1800 11 6767
GlaxoSmithKline – 1800 22 8797
Johnson & Johnson – 1800 22 8111
Kaya Skin Clinic – 1800 22 5292
LifeCell – 1800 44 5323
Manmar Technologies – 1800 33
4420
Pfizer – 1800 442 442
Roche Accu-Chek – 1800 11 45 46
Rudraksha – 1800 21 4708

Insurance
AMP Sanmar – 1800 44 2200
Aviva – 1800 33 2244
Bajaj Allianz – 1800 22 5858
Chola MS General Insurance – 1800
44 5544
ICICI LOMBARD- 18002666

all dth dish no.
airtel- 18001028080
    (airtel user- 12150)
tatasky- 18001806633,
reliance- 18002009001,
d2h -18001370111,
dishtv- 18001801234