Journal February 2022

GujRERA Corner resolution process. If NCLT is convinced that
default has occurred, and the application is complete
Restarting the stalled project: in all aspects, the CIRP (Corporate Insolvency
Resolution Process) is initiated.
The AoA will first have to file a complaint along
with a declaration as regards the pendency of the Due to moratorium as provided u/s 14 of the IBC
project, before the RERA authority. This will have Act, all rights and power vest at one place to find
to be accompanied with a list of all the stakeholders resolution. Further, IBC laws has an overriding
and the contact details of all the landowners, effect on other laws such as RERA, consumer court
promoters, investors, architects, engineers, chartered and Civil courts.
accountants, banks and third parties interested in
the resolution of the issue. The AoA will also have Judgment of Honourable Supreme Court in Pioneer
to submit the consent of majority of the allottees of Urban Land & Infrastructure Limited & Others v
the unconstructed/under construction flats. Union of India apart from holding the constitutional
Thereafter, the concerned RERA authority will hold validity of the amendment made to Insolvency &
meetings between the various stakeholders and if Bankruptcy Code, 2016 (IBC/Code) vide
satisfied, it will pass an order under Section 7 of Insolvency & Bankruptcy Code Amendment
RERA, revoking the registration of the existing Ordinance, 2018 (Amendment Ordinance) has held
developer. In effect, the developer loses its rights that the provisions of RERA laws should give way
over the project, the project-related bank accounts to the provisions of Code, when both of them clash.
are frozen and the AoA is appointed to complete
the pending work under Section 8. Conclusion:

Subsequently, the AoA will either begin the process The real estate and construction sectors are burdened
of construction itself or it will appoint a contractor with unorganized processes, which can make the
or a new developer for completing the construction policy somewhat challenging for the AoA. Project
work. The developer so appointed will be made to management includes various fundamental
submit a notarized affidavit swearing to complete components like procurement of sanctions and
the project within the agreed period and the progress approvals, product procurement, financing,
of the project will be monitored and reviewed by workforce management, supply chain management,
the authority at regular intervals, usually on a legal sanctions, etc. Therefore, to be able to
quarterly basis. successfully restart and complete a stalled project
the AoA will require a great degree of expertise
Resolution process by NCLT under IBC Laws: and business acumen. Consequently, they may need
to make further investments to be able to finance a
As per IBC Laws, if any company is unable to pay new workforce or to seek the assistance of
its debts or in the case of homebuyers, unable to contractors, developers, consultants and a panel of
handover the units as per the Builder Buyer professionals.
Agreement (BBA), then Hon’ble NCLT (National
Company Law Tribunal) may initiate the Resolution ❉❉❉
process upon filing the petition u/s 7 or 9 of
Insolvency and Bankruptcy Code, 2016 (IBC
Laws). There have been various cases where Real
Estate Company has been resolved or are being
resolved under IBC Laws. Under IBC Laws, in case
of homebuyers, 10% of allottees or 100 buyers
whichever is less, may file petition u/s 7 of IBC
Laws before Hon’ble NCLT to initiate the

598 Ahmedabad Chartered Accountants Journal February, 2022

Capital CA. Karan Vora
Markets [email protected]

Summary: · Indian exports are expected to grow by 16.5%
and imports by 29.4% in FY22.
Economic Survey was presented in parliament and
noted that Indian Economy has recovered to pre · Global inflation has jumped in most countries
covid-19 pandemic levels and is well placed for and India too will be keeping a close eye on
growth in 2022-23. imported inflation due to energy prices.

Key M&A Deal include Reliance Retail acquiring · Overall Indian economy is well placed for 2022-
54% in Robotics Company Addverb Technologies 23. One of the reasons for the same is flexible
and PE deal of Chargebee Technologies raising support to vulnerable sections based on eighty
$250 Mn from Tiger Global Management and High Frequency Indicators rather than
Sequoia Capital. predetermined rigid response.

Economic Update: · Second reason is supply side reforms like
deregulation of numerous sectors, simplification
Economic Survey 2021-22 was presented in of processes, privatization, removal of legacy
parliament on the last day of January, one day before issues like retrospective taxes, production-linked
the Union Budget, and here are the highlights: incentives etc.
· Advance estimates suggest that the Indian
Trends in Secondary Markets:
economy has recovered to pre covid-19
pandemic levels. BSE Sensex went down by 0.41% to close at 58,014
· Agriculture and allied sectors were least in January 2022 as against 1.73% up to close at
impacted in pandemic with growth of 3.9% in 58,254 in December 2021. Nifty 50 closed at 17,340
2021-22 and 3.6% in the previous year. which was 0.08% lower as against 2.18% high to
· Industry will rise at 11.8% in 2021-22 after close at 17,354 in December 2021.
contracting by 7% in 2020-21. The services
sector has been the hardest in pandemic and Sensex went up by around 848 points on February
estimated to grow by 8.2% in 2021-22 against 1, 2022 owing to the Union budget 2022
contraction of 8.4% in previous year. announcements.
· India has become third largest startup ecosystem
in the world with number of recognized startups Foreign Institutional Investors (FIIs) divested
increasing from 733 in 2016-17 to 14,000 in Rs.41,346 Crore while Domestic Institutional
2021-22 with 44 unicorns till 2021. Investors (DIIs) invested Rs.21,928 Crore in the
· Indian economy is estimated to witness GDP Indian equity markets in the month of January 22.
growth of 8.0-8.5% in 2022-23.
· Despite disruptions, Indian balance of payments
remained surplus in last two years (USD 634
billion in Dec-21) providing buffer against global
liquidity tapering.

Ahmedabad Chartered Accountants Journal February, 2022 599

Capital Markets Jan-22 Dec-21 Change%
58,014 58,254 -0.41%
Equity Markets 17,340 17,354 -0.08%
Sensex 23,715 23,811 -0.40%
Nifty 50 43,569 40,409 7.82%
BSE 500 41,919 44,768 -6.36%
BSE Bankex 24,104 26,206 -8.02%
BSE Consumer Durables 13,461 13,785 -2.35%
BSE Healthcare
BSE FMCG

BSE Indices saw mixed trends in the month of Particulars Nov-21 Dec-21
January. The highest increase was Utilities (13.74%)
followed by Power (13.09%). Amongst the I. Equity Issue 63,439 21,620
Information Technology (-8.21%), Healthcare (- a. IPOs (i+ii) 36,305 15,681
8.02%), Tech and consumer durable sectors stayed 36,195 15,553
in Negative. i. Main Board
ii. SME Platform 110 128
Primary market Update: b. FPOs 00
c. Equity Rights Issue
There was one mainboard IPO of AGS Transact d. QIP/IPP 21,055 2,577
Technologies Ltd. in January 2022 as against 12 e. Preferential Allotment 5,617 704
main board IPOs in December 2021. There was II. Debt Issue 462 2,658
one SME IPO of Fabino Life Sciences Limited in a. Debt Public Issue
January 2022 as against3 SME IPOS in December b. Private Placement of Debt 47,704 73,601
2021. 50 456

47,654 73,145

Total Funds Mobilised (I+II)1,11,143 95,221

600 Ahmedabad Chartered Accountants Journal February, 2022

Mergers and Acquisitions (M&A) and Private Capital Markets
Equity (PE) key deals:
· Reliance Retail operates a wide array of store
M&A: Reliance Retail acquires 54% in Robotics formats which cater to planned shopping needs
Company Addverb Technologies: as well as daily or occasional needs of the
customers across major consumption baskets of
Transaction: Grocery, Consumer Electronics and Fashion &
Lifestyle.
· Retail unit of Reliance Industries Ltd. (RIL),
Reliance Retail Ventures Ltd. (RRVL), has Rationale:
acquired 54% stake in Addverb Technologies
for $132 million (Rs.983 Crore approx.) · With this investment Addverb will be able to
accelerate its expansion in Europe and US and
· The investment round values the company at will be able to set up the biggest robotic
around Rs.2000 Crore. The cofounders together manufacturing facility at a single location. The
hold around 24-25% stake in the company after company plans to start an innovation lab with
this deal and remaining stake is held by early bases in Europe, US and India.
investors.
· Both companies also have a plan to collaborate
Addverb Technologies: on building 5G robotics and battery systems and
harnessing carbon fiber to build affordable,
· Addverb is a global robotics company based out advanced robots.
of India. It is a startup that provides intra-logistics
automation solutions. It builds robotics and · Sangeet Kumar, Addverb Technologies co-
automation solutions for factories and founder and CEO commented that at present,
warehouses. It automates the laborious tasks 80% of company’s revenue comes from India
related to storage and movement of goods in but this mix is expected to change to 50-50
controlled environments. between India and overseas business in the next
4-5 years.
· Company was founded by former Asian Paint
executives. Its clients include companies like · He added that each of the subsidiaries ofAddverb
Amazon, Flipkart, ITC, Coca-Cola and Jio will expand in terms of workforce. The
Mart. manufacturing will happen in India, and overseas
subsidiary will help in designing the robots.
· Its manufacturing facility in Noida has the
capacity to make 50,000 different types of robots · Addverb has raised $143 million in all till date
a year and currently produces around 10,000 including this deal. It had previously raised $11
robots per annum. Addverb has four subsidiaries million in funding led by Jalaj Dani, co-promoter
located in Singapore, the Netherland, the US and of Asian Paints.
Australia.
· Robotics is a diverse sector with significant
Reliance Retail Ventures Ltd.: upside potential.A BCG report of 2021 estimates
global robotic market to be of $25 billion in 2020
· RRVL, a subsidiary of Reliance Industries and expects it to reach between $160 billion to
Limited, is the holding company of Reliance $260 billion by year 2030 due to automation,
Retail Limited which operates the retail business. social trends and artificial intelligence, machine
RRVL, incorporated in 2006, is a closely-held learning & other technological advances.
investment arm of RIL for the group’s retail
business. · Robotics industry has more than 500 companies
globally making products in four primary
categories: conventional industrial robots and

Ahmedabad Chartered Accountants Journal February, 2022 601

Capital Markets Rationale:

cobots, stationary professional services (like with · Company plans to use these funds for product
medical and agricultural applications), mobile innovation and global expansion as well as
professional services (such as professional strategic corporate growth initiatives.
cleaning, construction, and underwater activities)
and automated guided vehicles (AGVs) for · As subscription offerings continue to rapidly
transporting large and small loads in logistics or evolve, Chargebee’s focus remains on providing
assembly lines. a flexible growth engine to power, capture and
understand revenue, all in real time.
PE: Chargebee Technologies raises $250 Mn
from Tiger Global Management and Sequoia · Chargebee CEO Krish Subramanian
Capital: commented that more traditional businesses like
automotive and food and beverage are now
Transaction: entering the subscription space to increase
customer loyalty and collect better data. They
· Chargebee, a software-as-a-service-based have also seen a rise in subscriptions in the
subscription management platform, has raised replenished goods, healthcare services, beauty
$250 million in a funding co-led by Tiger Global and wellness and e-learning spaces to meet
Management and Sequoia Capital at the consumer demand for convenience and
valuation of $3.5 Billion. accessibility.

· Existing investors including Insight Partners, · Many business have aligned themselves with
Sapphire and Steadview Capital also participated subscriptions like Netflix and spotify. However
in the funding round. now traditional businesses have also started
looking at subscription based models like
Chargebee Technologies: monthly $10 taco subscription from Taco Bell.

· Launched in 2011 in Chennai, Chargebee is a · Chargebee has so far raised $470 million with
subscription management and a recurring billing this fundraise. The company became a unicorn
platform that helps SaaS (software-as-a-service) in 2021, when it raised $125 million in Series G
and SaaS-like businesses streamline Revenue round from Sapphire Ventures, Tiger Global,
Operations. Insight Venture Partners and Steadview Capital.
Earlier in October 2020, the company had raised
· Chargebee helps companies identify new $55 million in a Series F funding round from
revenue channels through experimenting with Insight Partners.
pricing models; upselling through pitching
additional features or bundles; and gleaning a · Chargebee has recently acquired customer
unified view of all subscription and customer retention platform Brightback in January 2022.
data. Additionally it offers tools to automate Brightback is a customer retention solution that
recurring billing and invoicing and forecast automatically saves customers at the moment of
through data and analytics. cancel.

Investors: Acknowledgements: RBI Bulletin

· Tiger Global Management, LLC is an investment ( w w w. b u l l e t i n . r b i . o r g . i n ) , SEBI
firm that focused in the global internet, software,
consumer, and payments industries. (www.sebi.gov.in), NSE (www.nseindia.com),

· Sequoia Capital is an American venture capital BSE (www.bseindia.com)
firm headquartered in Menlo Park, California
mainly focused on the technology industry.

❉❉❉

602 Ahmedabad Chartered Accountants Journal February, 2022

From CA. Pamil H. Shah
Published [email protected]
Accounts
Blue Star Limited
Valuation of Inventories - Annual Report 2020-21
Notes to Financial Statement
JSW Energy Limited
Inventories:
Significant accounting policies
Inventories including Work- in- Progress (other than
Inventories: construction contracts) are valued at cost or net
realizable value, whichever is lower; the cost is
Inventories are stated at the lower of cost or net worked out on a weighted average basis. Cost
realizable value. Costs of inventories are determined includes all charges for bringing the goods to their
on weighted average basis. Cost of inventories present location and condition. Net realizable value
includes cost of purchase price, cost of conversion represents the estimated selling price for inventories
and other cost incurred in bringing the inventories less all estimated costs of completion and costs
to their present location and condition. Net realisable necessary to make the sale
value represents the estimated selling price for
inventories less all estimated cost of completion and Ultratech Cement Limited
cost necessary to make the sale. Materials and other
supplies held for use in the production of inventories Notes to the Standalone Financial Statements
are not written down below cost if the finished
products in which they will be incorporated are Inventories:
expected to be sold at or above cost. However,
when a decline in the price of materials indicates Raw materials, fuel, stores & spares and packing
that the cost of the finished products exceeds net materials: Valued at lower of cost and net realisable
realisable value, the materials are written down to value (NRV). However, these items are considered
net realisable value. to be realisable at cost, if the finished products, in
which they will be used, are expected to be sold at
Tata Communications Limited or above cost. Cost is determined on weighted
average basis which includes expenditure incurred
Notes forming part of the financial statements. for acquiring inventories like purchase price, import
duties, taxes (net of tax credit) and other costs
Inventories: incurred in bringing the inventories to their present
location and condition • Work-in- progress (WIP),
Inventories of traded goods, required to provide finished goods, stock-in-trade and trial run
Data Managed Services (“DMS”), are valued at the inventories: Valued at lower of cost and NRV. Cost
lower of cost or net realisable value. Cost includes of Finished goods and WIP includes cost of raw
cost of purchase and all expenses incurred to bring materials, cost of conversion and other costs incurred
the inventory to its present location and condition. in bringing the inventories to their present location
Cost is determined on a weighted average basis. and condition. Cost of Stock-in Trade includes cost
Net realisable value is the estimated selling price in of purchase and other costs incurred in bringing
the ordinary course of business less the estimated the inventories to the present location and condition.
cost necessary to make the sale.

Ahmedabad Chartered Accountants Journal February, 2022 603

From Published Accounts Torrent Power Limited

Cost of inventories is computed on weighted Significant Accounting Significant Accounting
average basis. Policies

Bajaj Consumer Care Limited Inventories

Significant Accounting Policies: Raw materials, fuel, stores and spares, packing
materials, loose tools, work in progress, traded and
Inventories finished goods are stated at the lower of cost and
net realisable value. Cost of inventories includes
I) Stock of raw material and packing materials is purchase price and all other costs incurred in
valued at cost or net realisable value, whichever bringing the inventories to their present location and
is lower. Cost is arrived at on weighted average condition. Costs are assigned to individual items of
basis. inventory on the weighted average basis except for
inventory of Degasified Liquefied Natural Gas
ii) Stock of work in progress. (RLNG) which is valued using specific
identification method considering its procurement
Reliance Industries Limited for beneficiary usage or others. Costs of purchased
inventory are determined after deducting rebates and
Significant Accounting Policies: discounts. Net realisable value is the estimated
selling price in the ordinary course of business, less
Inventories estimated costs of completion and the estimated
costs necessary to make the sale.
Items of inventories are measured at lower of cost
and net realisable value after providing for Ajanta Pharma Limited
obsolescence, if any, except in case of by-products
which are valued at net realisable value. Cost of Significant Accounting Policies:
inventories comprises of cost of purchase, cost of
conversion and other costs including Inventories
manufacturing overheads net of recoverable taxes
incurred in bringing them to their respective present Raw materials and packing materials are valued at
location and condition. Cost of finished goods, lower of cost (on moving weighted average basis)
work-in-progress, raw materials, chemicals, stores and the net realisable value, cost of which includes
and spares, packing materials, trading and other duties and taxes (net off CENVAT and Goods and
products are determined on weighted average Service Tax wherever applicable). Cost of imported
basis. raw materials and packing materials lying in bonded
warehouse includes the amount of customs duty.
Tech Mahindra Limited Finished products including traded goods and
work-in-progress are valued at lower of cost and
Significant accounting policies: net realisable value. Cost is arrived on moving
weighted average basis. The cost of Inventories
Inventories have been computed to include all cost of purchases,
cost of conversion, appropriate share of fixed
Hardware, Software and Product Components: production overheads based on normal operating
Projects in Progress / Work in Progress:Hardware capacity and other related cost incurred in bringing
equipments, software’s and other items are carried the inventories to their present location and
at the lower of cost and net realisable value. Cost is condition. Net realisable value is the estimated
determined on a specific identification basis. Cost selling price in the ordinary course of business, less
includes material cost, freight and other incidental
expenses incurred in bringing the inventory to the
present location / condition.

604 Ahmedabad Chartered Accountants Journal February, 2022

the estimated costs of completion and selling From Published Accounts
expenses necessary to make the sale. Slow and non-
moving material, products nearing expiry, defective estimated selling price in the ordinary course of
inventory are fully provided for and valued at net business, less the estimated costs of completion and
realisable value. Goods and materials in transit are the estimated costs necessary to make the sale.
valued at actual cost incurred up to the date of Machinery spares (other than those supplied along
balance sheet. Materials and other items held for with main plant and machinery, which are
use in production of inventories are not written capitalised and depreciated accordingly) are
down, if the finished products in which they will charged to profit or loss on consumption except
be used are expected to be sold at or above cost. those valued at 5,000 or less individually, which
are charged to revenue in the year of purchase.
Dmart - Avenue Supermarts Limited
Zydus Wellness Limited
Summary of significant accounting policies
Significant Accounting Policies:
Inventories
Inventories
Inventories are valued at lower of cost and net
realizable value. Cost of inventories, comprise costs Inventories are valued at the lower of cost and net
of purchase and other costs incurred in bringing realisable value. Costs incurred in bringing each
the inventories to their present condition and product to its present location and condition are
location. Cost is determined by the weighted accounted for as follows: A Raw Materials, Stores
average cost method. Costs of purchased inventory & Spare Parts, Packing Materials, Finished Goods,
are determined after deducting rebates and Stock-in-Trade and Works-in-Progress are valued
discounts. Net realizable value is the estimated at lower of cost and net realisable value. B Cost
selling price in the ordinary course of business less [Net of Input tax credit availed] of Raw Materials,
the estimated costs of completion and the estimated Stores & Spare Parts, Packing Materials, Finished
cost necessary to make the sale. Goods, Stock-in-Trade and Work-in-Progress is
determined on Moving Average Method. C Costs
Maruti Suzuki India Limited of Finished Goods and Works-in-Progress are
determined by taking material cost [Net of Input
Significant Accounting Policies: tax credit availed], labour and relevant appropriate
overheads based on the normal operating capacity
Inventories but excluding borrowing costs. Net realisable value
is the estimated selling price in the ordinary course
Inventories are valued at the lower of cost, of business, less estimated costs of completion and
determined on the weighted average basis and net the estimated costs necessary to make the sale. Write
realisable value. The cost of finished goods and down of inventories to net realisable value is
work in progress comprises raw materials, direct recognised as an expense and included on “Changes
labour, other direct costs and appropriate proportion in Inventories of Finished Goods, Work-in-Progress
of variable and fixed overhead expenditure, the and Stock-in-Trade” and “Cost of Material
latter being allocated on the basis of normal Consumed” in the Statement of Profit and Loss.
operating capacity. Cost of inventories also includes
all other costs incurred in bringing the inventories ❉❉❉
to their present location and condition. Costs of
purchased inventory are determined after deducting
rebates and discounts. Net realisable value is the

Ahmedabad Chartered Accountants Journal February, 2022 605

From the
Government

CA. Ashwin H. Shah CA. Kunal A. Shah
[email protected] [email protected]

GOODS AND SERVICE TAX cases or by such other classes of persons as
may be prescribed.
Few Important Amendments effective from the
date to be notified after the enactment of (i) Within the prescribed period of taking
Finance Act 2022. registration;

1. Removal of matching concept in the GST (ii) Who has defaulted in payment of tax
Returns System: beyond a prescribed period;

Section 42, 43 and 43A of the Act pertaining (iii) Whose output tax payable as per GSTR 1
to the matching of outward supplies of the during the prescribed period exceeds the
suppliers with inward suppliers of the recipients output tax paid in GSTR 3B during such
are omitted. (i.e. no matching of credit will be period by a prescribed limit;
done by the portal. Since the inception of GST,
a system was designed to match the ITC and (iv) Who has availed the credit of input tax of
Credit Notes and option was given to recipient an amount that exceeds the un-restricted
to add the missing details. However, the said input tax credit available to him as per
system was kept inabeyance and was never GSTR 2B by a prescribed limit;
implemented.
(v) Whose proportion of output tax discharged
2. Amendments in GSTR2B: through credit exceeds the prescribed limit
u/s 49(12) of the Act.
Section 38 of CGST Act, 2017 is being
substituted (vi) Such other registered persons as may be
prescribed
As per ‘the newly substituted section, GSTR-
2B/auto generated statement will be made Thus, recipient will be denied the ITC on
available to the recipient electronically and will account of default at supplier’s end.
consist of following 2 parts:
3) Reversal of ITC if tax is not paid by the
· The details of inward supplies in respect of Supplier:
which input tax credit is available to the
recipient Section 41(2) has been amended to provide for
reversal of ITC, along with interest, if the taxon
· The details of inward supplies in respect of the supply of goods or service has not been
which input tax credit is either wholly or paid by the supplier to the Government. The
partly not available to the recipient. proposed modified GSTR-2B will display the
information of invoices on which tax has not
It also provides for a set of circumstances under been paid by the supplier for a particular tax
which the credits can be restricted if the details period. On this information being displayed in
of inward supplies are furnished u/s 37(1) of the GSTR-2B, the recipient of supply will be
the Act by registered persons in the following required to reverse such credit along with

606 Ahmedabad Chartered Accountants Journal February, 2022

interest. The credit may be re-availed when the From the Government
supplier makes the payment of tax.
return is filed after 30th November, the benefit
4) Amendment to provisions pertaining to of above provisions can be taken in Nov month
interest: GSTR3B.

Section 50(3) of the CGST Act, 2017 has been It should be noted that if the Annual return of
amended to remove reference of Section 42 and the relevant financial year is filed before the
43 of the CGST Act, 2017. Further, the above date, then the last date will be the date
amended provision now provides for interest of filing of annual return.
on input tax credit availed and utilized. Thus,
interest will not be payable if ineligible ITC is 6) Transfer of balance in cash ledger between
only availed and reversed without utilizing the distinct persons:
same. The rate of interest applicable under
section 50(3) on reversal of input tax credit Section 49(10) of CGST Act, 2017 was
utilized has been reduced to 18%. This introduced retrospectively to enable the
amendment has been given retrospective effect registered person to transfer cash ledger balance
from 01/07/2017. from one tax head to another tax head in same
GSTIN.
5) Extension of time limit for various
provisions: Now, the above benefit has been extended to
provide that the registered person can also
Currently, due date of filing GSTR-3B of transfer the cash ledger balance a distinct
September of the following year is the time limit person. Thus, this new provision will facilitate
for: the registered persons with multi-GSTIN under
same PAN to transfer cash balance from one
a) Availment of ITC under section 16 GSTIN to another GSTIN. As per said section
transfer of CGST and IGST is permitted. Thus,
b) Issuance of Credit note under section 34 SGST paid cannot be transferred from one
and GSTN to another GSTN in other States.

c) Rectification of errors GSTR-1 and GSTR- However, the registered person will not be
3B permitted to transfer to cash ledger balance to
distinct person if there is any unpaid liability in
This time limit is now being extended to 30th his electronic liability ledger.
November of the following financial year.
Thus, the benefit of above can be taken in return ❉❉❉
for November of following financial year, The
GSTR3B return for the month of November
may be filed till 20th December. However,
filing of returnis merely a reflection of activities
done during the month and hence even though

Ahmedabad Chartered Accountants Journal February, 2022 607

IT Corner

CA. Rushabh Shah
[email protected]

THE MICROSOFT EXCEL CHEAT SHEET =ROUND Rounds 1.45 to one decimal
(1.45, 1) place
Date and Time Formulas

=NOW Show the date and time =ROUND Rounds -1.45 7 to two decimal
(-1.457, 2) places
=TODAY() Show the current date without
the time
=TRUE Returns the logical value
TRUE
=DAY Show today’s date in a cell
(TODAY())
=FALSE Returns the logical value
FALSE
=MONTH Show current month in a cell
(TODAY()) =SUMIF Calculates a sum from a group
of values in which a condition
=TODAY()+10 Add 10 days to current date has been met

Counting and Rounding Formulas =COUNTIF Calculates the sum of a group
of values
=SUM Calculates the sum of a group
of values
=AND Returns TRUE if all of its
arguments are TRUE
=AVERAGE Calculates the mean of a group
of values =OR Returns TRUE if any argument
is TRUE
=ROUND Rounds a number to a specified
number of decimal places
Unit Conversion Formulas

=IF Tests for a true or false =CONVERT Converts value of A1 from days
condition (A1,”DAY”, to hours
”HR”)
=NOW Returns the date, without the
time
=CONVERT Converts value of A1 from
=AVERAGE Calculates the mean of a group (A1,”HR”,” hours to minutes
of values MN”)

=TODAY Returns the date, without the =CONVERT Converts value of A1 from
time (A1,”YR”, years to days
“DAY”)
=COUNT Counts the number of cells in
range that contains numbers
=CONVERT Converts value of A1 from
=INT Removes the decimal portion (A1,”MI”, miles to kilometres
of a number ”KM”)

=COUNTA Count the number of non-blank =CONVERT Converts value of A1 from
(A1:A5) cells in a range (A1,”KM”,” kilometres to miles
MI”)

608 Ahmedabad Chartered Accountants Journal February, 2022

IT Corner

=CONVERT Converts value of A1 from =MAX Calculates the largest number
(A1,”IN”,”FT”) inches to feet (C27:C34) in a range

=CONVERT Converts value of A1 from =SMALL Calculates the second smallest
(A1,”C”,”F”) Celsius to Fahrenheit (B1:B7, 2) number in a range

=CONVERT Converts value of A1 from =LARGE Calculates the third largest
(A1,”TSP”, tea spoons to table spoons (G13:D7,3) number in a range
”TBS”)
=POWER(9,2) Calculates nine squared

=CONVERT Converts value of A1 from =9^3 Calculates nine cubed
(A1,”CM”,”IN”) centimetres to inches

=BIN2DEC Converts binary 1100100 to =FACT(A1) Factorial of value in A1

(1100100) decimal (100) =EVEN Rounds a number up to the
nearest even integer
=ROMAN Converts a number into a
Roman numeral
=RAND Calculates the largest number

Mathematics Formulas BETWEEN in a range

=B2-C9 Subtracts values in the two cells =COS Calculates the second smallest
number in a range

=D8*A3 Multiplies the numbers in the = SIN Calculates the sine of the given
two cells =TAN angle

=PRODUCT Multiplies the cells in the range Calculates the tangent of a
(A1:A19) number

=PRODUCT Multiplies the cells in the range, =CORREL Calculates the correlation
coefficient between two data
(F6:A1,2) and multiplies the result by 2 sets

=A1/A3 Divides value in A1 by the =STDEVA Estimates standard deviation
=MOD value in A3 based on a sample

Returns the remainder from =PROB Returns the probability that
division values in a range are between
two limits
=MIN(A1:A8) Calculates the smallest number
in a range

=ODD Subtracts values in the two cells Text Formulas

=AVERAGE Multiplies the numbers in the =LEFT Extracts one or more characters
two cells from the left side of a text string

=MEDIAN Multiplies the cells in the range =RIGHT Extracts one or more characters
from the right side of a text
=SQRT Multiplies the cells in the range, string
=PI and multiplies the result by 2
=MID Extracts characters from the
Divides value in A1 by the middle of a text string
value in A3

=POWER Returns the remainder from =CONCATE- Merges two or more text strings
division NATE

=RAND Calculates the smallest number =REPLACE Replaces part of a text string
in a range

Ahmedabad Chartered Accountants Journal February, 2022 609

IT Corner

=TEXT Formats a number and converts SCHEDULE an initial principal after
it to text applying a series of compound
interest rates
=VALUE Converts a text cell to a number

=EXACT Checks to see if two text values =PMT Calculates the total payment
are identical (debt and interest) on a debt
security

=LOWER Converts a text string to all =IPMT Calculates the interest payment
lower case for an investment for a given
period
=UPPER Converts a text string to all
upper case
=ACCRINT Calculates the accrued interest
for a security that pays periodic
=PROPER Converts a text string to proper interest
case

=LEN Returns a text string’s length in =ACCRINTM Calculates the accrued interest
characters for a security that pays interest
at maturity
=REPT Repeats text a given number of
times
=AMORLINC Calculates the depreciation for
=DOLLAR Converts a number to text, each accounting period
using the USD currency format
=NPV Calculates the net present value
of cashflows based on a
=CLEAN Removes all non-printable discount rate
characters from text

Finance Formulas =YIELD Calculates the yield of a
security based on maturity, face
=INTRATE Calculates the interest rate for value, and interest rate
a fully invested security

=EFFECT Calculates the effective annual =PRICE Calculates the price per $100
interest rate face value of a periodic coupon
bond

=FV Calculates the future value of
an investment

=FV Calculates the future value of

❉❉❉

610 Ahmedabad Chartered Accountants Journal February, 2022

Association
News

CA. Rushabh M. Shah CA. Jay B. Parekh
Hon. Secretary Hon. Secretary

It is CRUNCH TIME – as we approach the FINALEST deadline for tax audits, and finally the system
seems to be responding well enough. For all the fellow professionals, the busy season is almost here as all of
us shall be hunkering down for what is likely to be the most challenging stretch of the year. Let us ensure,
we do not send up any flares, and maintain the work life balance to make sure none of the external activities
hamper the well-being.

1. Glimpses of previous events:

RRC

4th January 2022 – Tuesday To 50th Residential Jaypee Residency
8th January 2022 - Saturday Refresher Course Manor - Mussoorie

Time Program Speaker Venue

Professional Development Committee

21st January 2022 – Sustainability Reporting – CA. Vivek Shah Online
Friday An Emerging Business Zoom Platform
4.00 pm to 6.00 pm Opportunity

47 participants had attended the program

2. Forthcoming Programmes:

Time Program Speaker Venue

Professional Development Committee

24th February 2022 GIFT City / IFSC Online
Thursday Zoom
4.00 pm to 6.00 pm Platform

Brain Trust Committee

11th February 2022 Brain Trust Meeting on CA. Rahul Patel Online
Friday GST on Contraction industry Zoom
4.00 pm to 6.00 pm Platform

Brain Trust Committee

12th February 2022 Meeting on Income Tax CA. Kantilal V. Karkar Online
Saturday in Real Estate Industry Zoom
10.00 am to 12.00 pm Platform

❉❉❉ 611

Ahmedabad Chartered Accountants Journal February, 2022

ACAJ Crossword Contest - 9

Across Down

1. Our scriptures declare the world is nothing but 4. Voluntary Contribution received with a
the projection of our ________ direction to form a part of a ______ is not to be
included in the total income of the trust.
2. One of the tests for allowability of provision of
warranty is that the assessee has to establish 5. Trademarks are essential foe e-commerce
that there is a present _____________ on because they establish _________ identity.
account of past event.
6. ITC cannot be availed on works contract
3. One of the proposals in the Finance Bill 2022 services for construction of __________
is that the ITC shall be required to be reversed property except the erection of plant and
if the tax is not paid by the ___________. machinery.

6
51
4
2

3

Notes: Prize Courtesy

1. The Crossword puzzle is based on this issue of Winners of ACAJ Crossword Contest – 8
ACA Journal.
1. CA. Shailesh Gandhi
2. Two lucky winners on the basis of a draw will
be awarded prizes. 2. CA. Niraj Agarwal

3. The contest is open only for the members of ACAJ Crossword Contest 8 - Solution
Chartered Accountants Association and no
member is allowed to submit more than one Across: Down:
entry.
1. Rights 4. Voluntarily
4. Members may submit their reply either
physically at the office of the Association or 2. Cryptography 5. Sixtythree
by email at [email protected] on or
before 20-03-2022. 3. Debatable 6. Exempt

5. The decision of Journal Committee shall be final
and binding.

❉❉❉

612 Ahmedabad Chartered Accountants Journal February, 2022

About Care4U

Chartered Accountants Association, Ahmedabad (CAAA) was founded in 1951, and this year is the
“PLATINUM JUBILEE YEAR”. The greatest assets that our Association has built over all these years is
U – the members. This esteemed group of 1500 plus members has been the driving force of the
Association and we are sure you will continue your support in the years to come.

CAAA to celebrate this special year has launched this Privilege Card “Care 4 U” and we extend a warm
welcome to you and your family members to these exclusive offerings card.

The celebrations of the “PLATINUM JUBILEE YEAR” has begun and during the coming months we will
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