Financial Reporting - November 2024

Tara Ltd. is engaged in mining and many other industries and prepares its financial statements following Indian Accounting Standards and follows April- March as their financial year. During the year 2023-2024, the Company has faced some issues and for their solution seeks your professional advice. () Tara Ltd. and Zara Ltd. are partners of a joint operation engaged in the business of mining precious metals. The entity uses a jointly owned drilling plant in its operations. During the year ended…

5. What is the amount of revenue to be recognized by Tara Ltd. for elevator contract during the financial year 2023-2024? A. ₹8,00,000 B. Nil C. ₹15,00,000 D. ₹18,00,000 (5 x 2 = 10 Marks) You are required to choose the most appropriate answer to the below mentioned questions (6 to 8) in line with the relevant Ind AS: 6. When should the government grant be recognized by an entity according to Ind AS 20? A. As soon as the…

Planet Ltd. has constructed a shopping mall earlier. The company renovated a portion of mall by constructing a food court, spa and gaming zone. The food court and gaming zone are expected to result in a significant increase in sales for the shops and outlets of the mall. On the basis of the information provided above, you are required to choose the most appropriate answer to the below-mentioned questions 9 to 12 in line with the relevant Ind AS: 9.…

(D): Provision for ₹100 crores 2. Either Option (C): Financial asset measured at FVTPL Or Option (A): Financial asset measured at amortised cost Or Option (D): Financial asset measured at FVOCI with recycling 3. Option (B): A, B and E 4. No correct option 5. Option (C): = 15,00,000 6. Option (C): When there is reasonable assurance that the entity will comply with the conditions and receive the grants. 7. Option (A): Conflicts of interest should not compromise professional or…

Sheet of H Ltd. and its subsidiary S Ltd. as at 31%* March, 2024 Notes No. = in lakhs Assets Non-current assets Property, plant and equipment 1 21,070 Goodwill 2 150 Current assets Inventory 3 4,275 Financial assets Cash and cash equivalents 4 2,540 Trade receivables 5 6,840 Dividend receivable 6 __Nil Total 34,875 Equity and Liabilities Equity Share capital - Equity shares of = 10 each 10,000 Other equity 7 16,292 Non-controlling interest (W.N.4) 1,824 Non-current lia i Financial…

J succesreo answer | PANES FINANCIAL REPORTING 6. Dividend Receivable Zin lakhs Particulars z z H Ltd. 320 Less: Mutual transaction 320 Nil 7. Other Equity (Retained Earnings) % in lakhs Particulars z z H Ltd. 16,320 Less: Share of pre-acquisition dividend (400 x 80%) 320) | 16,000 Post acquisition RE of S Ltd. (W.N.1) 2,370 Less: Share of NCI in post-acquisition RE of S Ltd. (2,370 x 20%) ATA’ 1,896 Less: Impairment of goodwill (100 x 80%) (80) Less…