Insurance Claim - Loss of Stock

asked 1 hr ago

Please help with calculation of opening stock of last year.

latest answer

No answers yet!!

Samarendra Patasani

CMA Inter

★ 0

0

5

As 7

asked 2 hrs ago

Please provide the solution of this question

latest answer

No answers yet!!

Naina Bhojwani

CA Inter

★ 5K+

0

8

Internal reconstruction

answered 18 hrs ago

In icai book illustration 3 sum , Bank od balance 35000 and other current liabilities amount Cannot Indicate why. Sir not explain about these part please explain

latest answer

Kindly share the question

Sathish Kumar

CA Inter

★ 3K+

1

25

Internal reconstruction

answered 1 day ago

Please tell me, meaning and correct treatment of of point 11 ? I have little bit confusion 😔

latest answer

Reconstruction a/c Dr. 12,500 To Bank a/c 12,500

Nakul Dixit

CA Inter

★ 3K+

1

23

When agreed value of consideration is intrinsic value (₹30 in this example) of Y ltd. But it shows it at Face value (₹10)

answered 1 day ago

In this example, when Yltd. Decides to show the purchase consideration at par value i.e. ₹10 per share, so in books we mentioned purchase consideration as 50,00,000 shares x ₹10 per share, but what about the rest portion of purchase consideration that Yltd.paid to X ltd but doesn't show in books that is rest ₹20 per share (₹30-₹10, agreed value -fave value)?

latest answer

Liquidators A/c Dr 8000000 To psc A/c 3000000 To Esc A/c 5000000 If premium is allowed then Liquidator a/c Dr. 18000000 To psc 3000000 To Esc 5000000 To securities premium 10000000

Garima Bhargava

CA Inter

★ 185

4

27

Amalgamation of companies

asked 1 day ago

In this question 7, (A) 4th point at a discount of 5% after takeover means?? Here they taken the full value of debenture for Net assets calculations of K Ltd

latest answer

No answers yet!!

Ramya Sundar

CA Inter

★ 5K+

0

25

As 13

answered 2 days ago

I purchased current investment on 1 /10/23.(F.y23-24) For 50lakh As on 31/3/24.fair value is 40 lakh. Since it is current investment, I carry this investment @ 40 lakh as on 31/3/24. 10 lakh is debited to p&l F.Y24-25 On 1/5 /24 , i decided to convert short term into long term investment. Fair value on 1/5/24 is 20 lak Now conversation should happen at lower of cost or fair value on date of conversation Cost =50 lakh( historic cost) Fairvalue = 20 lakh Hence conversion should happen at 20lakh Now my doubt is how much shld be charged to p&l in F.Y24-25 My anwer is 20 lakh charge to p&l. (difference between carrying value(40lakh) and 20lakh( conversion value) Is my understanding correct??

latest answer

Thank you sir

Krishnan K

CA Inter

★ 5K+

2

27

As 16

answered 2 days ago

Is my understanding correct? Maximum amount that can be capitalised to cost of asset is to the extent of NRV Hence only5k is capitalised

latest answer

Yes

Krishnan K

CA Inter

★ 5K+

1

78

AS 10 - Trade and Cash Discounts

answered 20 hrs ago

Are settlement discounts considered as Cash Discounts? Would a discount for full payment at the time of completion of sale also be a Cash Discount? How do we treat it as per AS-10

latest answer

For deferred payment, calculate present value using discount rate.

Vishnu

CA Inter

★ 21K+

5

63

Financial Statements - Illustration 2

answered 2 days ago

Hi Sir, As You were explaining about the Reissue of Forfeited Shares of above mentioned illustration, it is being mentioned in the Question that The reissue has been done at the Rs. 90, however, the face value of share is Rs. 100. Therefore, I request your kind self to explain about the legibility of Issuing forfeited share less than Face Value.

latest answer

Since its already issued and you have collected amount at time of first issue, it is allowed.

Aakash Raj

CA Inter

★ 0

1

30