06-11-2006, 01:32 AM
Company Accounts
#61692; Dividend
What is the treatment of proposed dividend after B/S dateâ¦should they be disclosed as a disclosure note OR they be recorded as a liability in the B/S & appropriation in the P/L.......AS per IAS 10 dividends disclosed after B/S date B/S date are a non adjusting event and shall only be disclosed as they are material â¦..BUT I have also seen accounts with the other treatmentâ¦.
What is the treatment of proposed dividend before B/S date? Shall they be treated as interim dividend and shown as only appropriation in the P/L
Shall we record tax on dividends as they fall in PTR and include them in computing companyâs tax liability?
#61692; Workers welfare fund WWF
Why is WWF calculated on profits after applying WWF â¦.e.g. N.P before tax = Rs 100, then WWF = (2/102)*100=RS.1.96â¦Surely This is what our company law requires but is this a compensation provided to a company for WWF paid in last year and since the data of last year WWF is not available so we make approximation e.g. in our example if WWF of last year =RS 3, then would WWF of current year = (2/100)*97=RS 1.94
#61692; Deferred Tax
What is deferred tax?
Is this the difference between our accounting income and taxable income?
If this is so then should we compute tax of a company after adjusting accounting income with deferred tax asset or liability whatever the case may be?
Likewise if we are required to make a provision for deferred tax we record it as a tax expense in the P/L and liability in the B/S...This is the provision for next year â¦means next yearâs accounting profits would be adjusted by this provision for calculating tax liability
#61692; Loan to directors
What would be the treatment of Loan to directors & loan from directors? Do they need any special treatment?
#61692; What is the treatment of Bank Lien, Bank Guarantee & Bank guarantee margin, L/C Margin on imports?
#61692; Dividend
What is the treatment of proposed dividend after B/S dateâ¦should they be disclosed as a disclosure note OR they be recorded as a liability in the B/S & appropriation in the P/L.......AS per IAS 10 dividends disclosed after B/S date B/S date are a non adjusting event and shall only be disclosed as they are material â¦..BUT I have also seen accounts with the other treatmentâ¦.
What is the treatment of proposed dividend before B/S date? Shall they be treated as interim dividend and shown as only appropriation in the P/L
Shall we record tax on dividends as they fall in PTR and include them in computing companyâs tax liability?
#61692; Workers welfare fund WWF
Why is WWF calculated on profits after applying WWF â¦.e.g. N.P before tax = Rs 100, then WWF = (2/102)*100=RS.1.96â¦Surely This is what our company law requires but is this a compensation provided to a company for WWF paid in last year and since the data of last year WWF is not available so we make approximation e.g. in our example if WWF of last year =RS 3, then would WWF of current year = (2/100)*97=RS 1.94
#61692; Deferred Tax
What is deferred tax?
Is this the difference between our accounting income and taxable income?
If this is so then should we compute tax of a company after adjusting accounting income with deferred tax asset or liability whatever the case may be?
Likewise if we are required to make a provision for deferred tax we record it as a tax expense in the P/L and liability in the B/S...This is the provision for next year â¦means next yearâs accounting profits would be adjusted by this provision for calculating tax liability
#61692; Loan to directors
What would be the treatment of Loan to directors & loan from directors? Do they need any special treatment?
#61692; What is the treatment of Bank Lien, Bank Guarantee & Bank guarantee margin, L/C Margin on imports?
