Question
When an account will be classified as SMA-1 (Special
Mention Account -1) if there is Principal or interest payment or any other amount wholly or partly overdue between:Solution
Lenders shall recognize incipient stress in loan accounts, immediately on default 5 , by classifying such assets as special mention accounts (SMA) as per the following categories.
SMA Sub-categories Basis for classification – Principal or interest payment or any other amount wholly or partly overdue between SMA-0 Up to 30 days SMA-1 More than 30 days and up to 60 days- SMA-2 More than 60 days and up to 90 days
If a firm has been changing its depreciation policy every year, it is violating the_______ concept/principle of accounting.
A machine was purchased for ₹1,00,000. Depreciation is charged at 10% per annum under the Diminishing Balance Method. The book value of the machine at...
A company buys a machine for ₹12,00,000 and expects to use it for 8 years with residual value ₹80,000. Under straight-line method, annual depreciati...
Machine cost ₹10L, useful life 5 years, scrap value ₹1L. Using sum-of-years-digits method, depreciation for year 2 = ?
Under AS 6, which of the following cannot be considered a method of depreciation?
If the capital of a business is 230000, liabilities are 50000, loss 80000, then asset will be?
A plant was purchased on 1st April 2021 for ₹5,00,000. Depreciation is charged at 15% p.a. under the WDV method. On 1st October 2023, the plant was so...
A machine costing ₹8,00,000 has a useful life of 5 years and scrap value of ₹50,000. Using WDV method at 30%, what will be the book value at the end...
NRV or net realizable value of inventory is the expected selling price or market value less....
Under which condition will no depreciation be charged on a fixed asset during a financial year?
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