Jaspreet Singh SinghJaspreet Singh asked 3 years ago

  1. Pg 2.67 Why did we take equity to be 60L when question provides it to be 20L?
  2. Kindly explain it again the inclusive and exclusive method on pg 2.69(last part)
  3. PG 2.96 sir states in video that in clause 16(carrots) there is no need to comment on NBFC governed by other regulators but the point 9 states that they are required to take certificate of registration here. Kindly link the 2 points.
  4. Sir states in the end of video that certain question questions of caro are in given in notes in relation to CARO. Kindly refer the page since I cant find it.
1 Answers
RaviRavi Staff answered 3 years ago

Hello Jaspreet 
1. Both equity in question and answer should have been same , we take full equity while computing paid up capital , it is different because of typo error, so in question it should be 60
2. Inclusive means 
IDT 10
Bank A/c Dr 110
To Sales 110 
IDT is seggregated at month end and tax is paid.
In exclusive method 
Bank A/c Dr 110
To Sales 100
To IDT Payble 10
Generally entity follows exclusive method , in such case we should exclude IDT from turnover and vice versa. In question is silent about method we assume exclusive method and deduct IDT . Given question was silent about method , it only said sales along with IDT is so much.

Call Back Request