IFRS and its applicability in India
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Answer / rajendran
As per press release of Mini.of corporate affairs
the foll companies need to follow IFRS from
01.04.2011,01.04.2013 and 01.04.2014
Phase I - Networth of morethan 1000 crores & listed cos
Phase II - Networth between 500 and 1000 crores
Phase III - networth less than 500 crores
| Is This Answer Correct ? | 29 Yes | 8 No |
Answer / satyawan
As per the press release of 20th January 2010 MCA has
deferred the applicability by one year.
| Is This Answer Correct ? | 2 Yes | 2 No |
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From the following Trial Balance of Seema Garments as on 31st Dec., 2007, prepare Trading Profit and Loss Account and Balance Sheet: Dr. Rs. Cr. Rs. Opening Stock 15000 Purchases and Sales 109000 180000 Manufacturing Wages 8000 Fuel, Power and Lighting 12000 Salaries 11000 Income Tax 5500 Loan to Mr. X at 10% pa. 5000 Interest on Mr. X’s Loan 300 Apprentice Premium 4500 Rent 4000 Rent Owing 600 Furniture (includes furniture of Rs.1000 purchased on 1st July, 2007) 5000 B/R and B/P 6000 1600 Plant 72000 Debtors and Creditors 28000 13000 Capital 100000 Cash 19500 300000 300000 Informations: 1. Closing Stock was valued at Rs. 30,000. 2. Goodsworth Rs. 5000 was sold on 28th December, but no entry was passed to this effect. 3. Goods costing Rs. 7000 was purchased and included into Stock but no entry was passed to record the purchases. 4. Create a provision of 2% for discount on debtors. 5. Apprentice premium received on 1st January, 2007 was for 3 years. 6. Depreciate the furniture by 10% p.a. 7. Salaries for the month of December, 2007 are still outstanding.
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