Wednesday, April 30, 2008

Provident Fund Act_Practicle Problems_8

If employee was a Family Pension Scheme member. He/She has left on 13-12-93 and he/she is 54 years old. He/She has taken his withdrawal benefit. Can he/she join the new scheme?

Yes, by refunding withdrawal benefit together with interest. Thereafter, he/she will be entitled to receive pension from age 58, if he/she completes atleast 10 years of contributory service by then.

Provident Fund Act_Practicle Problems_7

What is a covered establishment?

Covered establishment is an establishment belonging to the class of industries / other establishments, which has been listed in the schedule appended to the Employees' Provident Fund and Miscellaneous Provisions Act 1952 and where 20 or more persons are employed.

Provident Fund Act_Practicle Problems_6

Who will be covered by the Pension Scheme?
Every member of the ceased Family Pension Scheme 1971 and anyone who joins any covered establishment on or after 16-11-95 is compulsorily to join this scheme, provided his/her salary/wage is less than Rs. 6500/- per month at the date of appointment.

Monday, April 28, 2008

confidence, trust & hope

CONFIDENCE Once, all village people decided to pray for rain.On the day of prayer all people gathered and only one boycame with an Umbrella,that's Confidence ***

TRUSTT -trust should be like the feeling of a one year old baby when you throw him in the air, he laughs...... because he knows you will catch him; that's Trust ***

HOPE Every night we go to bed, we have no assurance to get up alive in the next morning but still you have plans for the coming day ; that's Hope


Saturday, April 26, 2008


Rogers and Lennon entered into a written computer consulting agreement that required Lennon to provide certain weekly reports to Rogers. The agreement also stated that Lennon would provide the computer equipment necessary to perform the services, and that Rogers' computer would not be used. As the parties were executing the agreement, they orally agreed that Lennon could use Rogers' computer. After executing the agreement, Rogers and Lennon orally agreed that Lennon would report on a monthly, rather than weekly, basis. The parties now disagree on Lennon's right to use Rogers' computer and how often Lennon must report to Rogers. In the event of a lawsuit between the parties, the parol evidence rule will:

a. Not apply to any of the parties' agreements because the consulting agreement did not have to be in writing.

b.Not apply to any of the parties' agreements because the consulting agreement did not have to be in writing

c.Not prevent the admission into evidence of testimony regarding Lennon's right to report on a monthly basis.

d.Not apply to the parties' agreement to allow Lennon to use Rogers' computer because it was contemporaneous with the written agreement.

Correct Ans. = C


On June 1,2003 a CPA obtained a $100,000 personal loan from a bank client for whom CPA proved compilation services. the loan was fully secured & considered material to the CPA's net worth.He repaid the loan fully on Dec 31,2004.On april3,204, the client asked the CPA to audit the client's fin stt.for the yr ended Dec 31,2004.Is the CPA considered independent wrt the audit as of Dec 31,2004 fin stt.
a. Yes, bcoz loan is fully secured
b. Yes, bcoz the CPA was not reqd to be independent at the time loan was granted
c. No, bcoz the CPA had a loan wid the client during the period of professional engagement
d. No, bcoz the CPA had a loan wid the client during the period covered by the fin stst.
Ans. b is correct.but the expln says Independence is not reqd for compilation services