Query relating to Revised Schedule VI

[KIRTI TULSYAN]

Dear sir 

I have some query with regard to Revised Schedule VI- 

1. Under which head / Schedule to show Preliminary Expenses / Share Issue 
Expenses. 

2. Whether disclosure requirement regarding Part IV (Abstract to Balance 
Sheet Figure) is still exists or removed as I have gone through the 
published Accounts of Reliance Industries in which information with regard 
to Part IV was not given. 

3. Whether Audit Report for the year ended 31.03.2012 is also revised as our 
Institute has issued Guidance Note on Revised Audit Report but Reliance's 
Auditor (and many others except Infosys) have given Audit Report as per Old 
format. 

Thanks 

With rgds 

CA. Gobind Garg 
9331006719 

REPLY

The item - Preliminary expenses / share issue expenses ( not written off 
portion ) 



There is a residual heading which incorporates current assets & which do 
not fit in any other asset category. So it shall be disclosed under the head 
Other Current Assets in balance sheet. 



The written off portion will be shown in the Head Other Expenses in P/L 
account. 



2) Disclosure requirement regarding part IV (Abstract to balance sheet 
figure) is removed in revised schedule VI. 



3)As per our view, the Audit Report for the year ended 31.03.2012 has not 
been revised. It is applicable as per the old format. 







Anup Kr Luharuka 

FCA,FCS,DISA(ICAI) 

--

Best Regards, 
Kirti Tulsyan
B.Com.,ACA,CS


P.D.Rungta & Co. 
Chartered Accountants 

Board : +91 33 3028 2500 / 1
Direct Line : +91 33 3028 2502/3                                       
Cell : +91 9830174619

email:  caktu...@gmail.com

Head Office:
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Kolkata-700 001,West Bengal, India

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[KIRTI TULSYAN]

My Question is that, 
Suppose i Have a debtor which has two bills outstanding as on balance 
sheet date. one bill (due date)as on 1.07.2011 & other (due date)on 
15.10.2011. now for 1 debtor i will show both o/s. bal. in more than 6 
months or i have to show 1 bill amount in more than 6 months & other in 
less than 6 month. 

regards 

ca deepak 

REPLY 1

The due date of invoice is relevant for classification of debtors in exceeding six months or others .hence in your case even a single debtor one bill amount will be shown in exceeding six months and one bill amount in others ie less than six months 
Anup Kr Luharuka 

[Amit Shyamsukha]

regarding preliminary expenses i believe AS on Intangible assets does
not permit us to carry the same for 5 years like we used to do for
income tax purposes previously. In books entire amount needs to be
written off. I too used to do this mistake till last year and found
this out when i redrafted the balance sheet as per revised schedule VI
and had this same query. please correct me if i am wrong....

On Jun 7, 10:31 am, KIRTI TULSYAN <caktuls...@gmail.com> wrote:
> Dear sir
>
> I have some query with regard to Revised Schedule VI-
>
> 1. Under which head / Schedule to show Preliminary Expenses / Share Issue
> Expenses.
>
> 2. Whether disclosure requirement regarding Part IV (Abstract to Balance
> Sheet Figure) is still exists or removed as I have gone through the
> published Accounts of Reliance Industries in which information with regard
> to Part IV was not given.
>
> 3. Whether Audit Report for the year ended 31.03.2012 is also revised as
> our
> Institute has issued Guidance Note on Revised Audit Report but Reliance's
> Auditor (and many others except Infosys) have given Audit Report as per Old
> format.
>
> Thanks
>
> With rgds
>
> CA. Gobind Garg
> 9331006719
>

> *REPLY*
> *
> *

> The item - Preliminary expenses / share issue expenses ( not written off
> portion )
>
> There is a residual heading which incorporates current assets & which do
> not fit in any other asset category. So it shall be disclosed under the
> head
> Other Current Assets in balance sheet.
>
> The written off portion will be shown in the Head Other Expenses in P/L
> account.
>
> 2) Disclosure requirement regarding part IV (Abstract to balance sheet
> figure) is removed in revised schedule VI.
>
> 3)As per our view, the Audit Report for the year ended 31.03.2012 has not
> been revised. It is applicable as per the old format.
>
> Anup Kr Luharuka
>
> FCA,FCS,DISA(ICAI)
> --
> Best Regards,
> Kirti Tulsyan
> B.Com.,ACA,CS
>
> P.D.Rungta & Co.
> Chartered Accountants
>
> Board : +91 33 3028 2500 / 1
> Direct Line : +91 33 3028 2502/3
> Cell : +91 9830174619

> email:  c <pdrun...@gmail.com>aktuls...@gmail.com

[vinod]

Disclosure requirement re part iv is no more applicable.


Thanks & Regards,

Vinod Kumar Agrawal

Agrawal Vinod & Co.
C-11, Central Plaza, Level 3,
41, B.B.Ganguly Street,
Kolkata: 700 012
Phone: (033) 2211 0014 / 3221 6347
Cell : +91 98310 81520
email: vino...@gmail.com

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