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Based upon criteria for rating of non-corporate entity, categorize the following as Level I, Level II and Level III Level IV entities for the…

CA Intermediate · Advanced Accounting · RTP · May 2024

Based upon criteria for rating of non-corporate entity, categorize the following as Level I, Level II and Level III Level IV entities for the purpose of compliance of Accounting Standards in India. Rama Textiles whose turnover (excluding other income) exceeds ten crore but does not exceed rupees fifty crore in the immediately preceding accounting year.Star Industries is having borrowings (including public deposits) in excess of rupees two crore but not in excess of rupees ten crore at any time during the immediately preceding accounting year.Newman Industries is having borrowings (including public deposits) less than rupees fifty lakh at any time during the immediately preceding accounting year.SS Finance is a financial institution carrying its business in India since last 10 years.DD Finance, holding company of SS Finance. (Entity mentioned at Point (v) above)Reliable Co-op Bank, a co-operative bank, carrying banking operations since last 15 years.

Suggested Answer and Working Notes:

Level III Entity – Rama textiles, whose turnover (excluding other income) exceeds rupees ten crore but does not exceed rupees fifty crore in the immediately preceding accounting year.Level III Entity – Star industries is having borrowings (including public deposits) in excess of rupees two crore but not in excess of rupees ten crore at any time during the immediately preceding accounting year.Level IV Entity– Newman Industries is having borrowings (including public deposits) of less than rupees fifty lakhs at any time during the immediately preceding accounting year.Level I Entity – SS is a financial institution carrying its business in India since last 10 years.Level I Entity – DD finance, holding company of SS finance (Entity mentioned in point (d) above).Level I Entity – Reliable co-operative banks carrying on banking business for the last 15 years.

Topics: Applicability of AS

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Based upon criteria for rating of non-corporate entity, categorize the following as Level I, Level II and Level III Level IV entities for the…

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