What to do with the notes of Rs 500 & Rs1000 Solution

To stop the spread of counterfeit notes, which is aiding terror activities from across the border, the government has decided to scrap the notes of Rs. 500 and Rs. 1000, Prime Minister Narendra Modi said today. Starting midnight, these notes will only be "worth the paper they are printed on," he said.

A proposal for new Rs.s 500 and Rs.s 2,000 notes has been cleared by the Reserve Bank of India.

There will be no change in any other form of monetary exchange -- cheque, DD, payment via credit or debit cards, he said.

Here's what you need to do with your Rs. 500 and Rs. 1000 notes.

1. Change them at the bank or post office from November 10 to December 30
2. Take Aadhaar card and Pan Card when you go to exchange these notes
3. After December 30, these can be changed at the Reserve Bank with a declaration
4. Tourists can change the notes at airports.

Get out of Comfort Zone.

Growth and comfort do not coexist.
Do one thing every day that scares you.
I am not saying this is easy, and its certainly easier to write about than to put into action, but it’s the only way to make changes on a daily basis that affect our lives for the better. You may also fail at first, but if you stay in the “scary” place of optimal anxiety, you may find yourself taking important risks that you never thought you would do.
We may not be aware of how locked in the comfort zone we actually are. The more we risk in the right ways, the more we succeed.

COMPLETE FR BY 28TH JULY.

So here is first Goal for our main Aim.

We need to complete  FR by 28th july through any means possible. 

You can either produce excuse or Results.

Decision is Yours .

If u planning  for single group than you can take leniency of 2-3 days in schedule.

Here is the schedule.

Its as per Practice Manual as i have not taken any coaching classes so m preferring Practice  Manual.

20 JULY - AS -1,2,3,4,5 & SHARE BASED PAYMENT & AS 15 & 20

21 JULY- AS - 6,7,9,10,11,12,13 & VALUATION(Intangible Assets & tangible assets, liabilities, shares,& business)

22 july - AS 14 & AMALGAMATION, EVA ,MVA ,VALUE ADDED STATEMENT & HRR.

23 JULY - AS 16,17,18,19,21 & CH-3 CFR, CH-6, FINANCIAL INSTRUMENTS 

25 JULY - AS 29,28,27,26,25,24  & CH-8 MF & NBFC

26 JULY - AS 22 & ALL applicable guidance notes for this attempt & Introduction of INDAs CH -2

26& 27JULY -AS 23 & HOLDING.

CRACK CA FINAL IN 3 MONTHS

Yesterday Results were announced & many heart broken due to failure. Some heart were of my dear one also.
I have my attempt due in NOVEMBER 2016,
I am taking initiative to share from now to next  3 months my daily  final preparation in which i will cover 100% syllabus of 8 subjects & one revision also.
For following this you need to be very determined for clearing papers by any means possible. Stay positive during this last 3 month period & don't discuss syllabus with your friends.
Set goals having end in mind for short period. Keep moving towards end.
All the best friends.

CA FINAL NMQs Financial Reporting Chapter SHARE BASED PAYMENT CA FINAL NOV 2016

Share Based Payment
Ques -
PQ Ltd. grants 100 stock options to each of its 1,000 employees on 1-4-2013, conditional upon the employee remaining in the company for 2 years. The fair value of the option is ` 18 on the grant date and the exercise price is ` 55 per share. The other information is given as under:
(i) The no. of employees expected to satisfy service condition are 930 in the 1st year and 850 in the 2nd year.
(ii) 40 employees left the company in the 1st year of service and 880 employees have actually completed 2 year vesting period.
(iii) The profit of the enterprise before amortization of the compensation cost on account of ESOPs is as follows:
(A) ` 18,50,000
(B) ` 22,00,000
(iv) The fair value of share for these years was ` 80 and ` 88 respectively.
(v) The company has 6 lakhs shares of ` 10 each outstanding at the end of both years.
Compute basic and diluted EPS for both the years (ignore the tax impacts).

Answer

In attached pictures.

Profit before amortization of ESOP cost.    
                                              18,50,000 22,00,000
Less: ESOP cost amortised
                                             (7,65,000) (8,19,000)
Net profit for shareholders
                                              10,85,000 13,81,000
No. of shares outstanding 6,00,000 6,00,000
Basic EPS.                                     1.81 2.30
Potential equity.                     19,200 33,000
Total no. of equity shares 6,19,200 6,33,000
Diluted EPS.                                1.75 2.18

CA FINAL LAW , DIVIDEND CHAPTER

Never Miss Points in DIVIDEND Chapter---

1. Interim dividend is proposed as well as declared by board
2. Any amount can be transferred to reserves before declaration of dividend
3. Bonus shares and dividend are not substitutes i.e. bonus share cannot be issued in lieu of dividend
4. Default in  repayment of deposits and interest thereon or only DEPOSITS till such failure continues, leads to prohibition of Declaration of EQUITY dividend
5.  RULE 3 SUB RULE 5(set off losses and dep not provided for) has been omitted from rule and added as proviso to sec 123
6. OR is required for revocation of dividend once declared. Board will be justified in revocation of dividend in case its been illegally declared or intervening events leading to heavy losses and its advisable to conserve the remaining assets
7. Interest is 18 %p.a in case of late payment of dividend.  No shareholder can enforce higher rate even through court
8. Old sec 205C clarifies no claim will be entertained after 7 years while section 125(3) say that claim will be entertained even after 7 years and amount will be refunded back

CA Final FR AS 16 & 11 NMQs

Question --
Sun Co-operative Society Ltd. has borrowed a sum of US$12.50 million at the commencement of the financial year 2014-15 for its solar energy project at LIBOR (London Interbank Offered
Rate) of 1% + 4% . The interest is payable at the end of the respective financial year. The loan was availed at the then rate of ` 45 to the US dollar while the rate as on 31st March, 2015 is ` 48 to the US dollar. Had Sun Co-operative Society Ltd. borrowed the Rupee equivalent in India, the interest would have been 11%. You are required to compute Borrowing Cost‘. Also show the amount of exchange difference as per prevailing Accounting
Standards.
ANSWER--
Computation of Borrowing Cost as per para 4(e) of AS 16” Borrowing Costs” and Amount of Exchange Difference as per AS 11 “The Effects of Changes in Foreign Exchange Rates”:
(a) Interest for the period 2014-15
= US$ 12.5 million x 5% × ` 48 per US$ = ` 30 million
(b) Increase in the liability towards the principal amount
= US $ 12.5 million × ` (48 - 45) = ` 37.5 million
(c) Interest that would have resulted if the loan was taken in Indian currency
= US$ 12.5 million × ` 45 x 11% = ` 61.875 million
(d) Difference between interest on local currency borrowing and foreign currency borrowing = ` 61.875 million - ` 30 million = ` 31.875 million.

Therefore, out of ` 37.5 million increase in the liability towards principal amount, only ` 31.875 million will be considered as the borrowing cost.

Thus, total borrowing cost would be ` 61.875 million being the aggregate of interest of ` 30 million on foreign currency borrowings plus the exchange difference to the extent of difference between interest on local currency borrowing and interest on foreign currency borrowing of ` 31.875 million.

Hence, ` 61.875 million would be considered as the borrowing cost to be accounted for as per AS 16 and the remaining ` 5.625 million (37.5 - 31.875) would be considered as the exchange difference to be accounted for as per AS 11.