Financial statements of companies

answered on 31-Jul-23 10:54

Can anyone please explain why it is not a violation to schedule III

latest answer

Changes are to be disclosed. Also change is not material.

HariPriya C

CA Final

★ 3K+

1

401

Inventories

answered on 28-Jul-23 21:28

Please anyone explain me this problem

latest answer

It may help u to understand how Gross profit on sale 25% came.

Divinne Fiona

CA Inter

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2

278

Buy Back

answered on 29-Jul-23 11:26

RTP Nov-21 CRR is to be created out of Reserves Available for distribution as dividend. But here it is created out of securities premium Why? Is it that, for the purpose of buy back SP is also a free reserve?

latest answer

Free reserves includes securities premium account in this case.

Ashfaq Ahmed

CA Final

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2

270

Insurance claim for loss of profit policy

answered on 29-Jul-23 11:30

In module-9 , video-20, Gross profit is used for computation of increased cost of working instead of GP on adj. annual t/o Why so?

latest answer

Please refer to the note given in question.

Yamuna S

CA Inter

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1

251

AS-7

answered on 29-Jul-23 11:33

Anyone explain Advance paid to sub contractor treatment. Why is it not considered as part of contract cost.

latest answer

Advance is just money paid and need not be cost till it is incurred. Cost is what is incurred actually.

Sugam SM

CA Foundation

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1

263

Internal reconstruction

answered on 26-Jul-23 15:07

In reason for internal reconstruction, When company incurs series of losses for several years, it doesn't show true picture of assets and liabilities Why asset and liability not show true picture when company incurs series of losses for several years Explain

latest answer

It happens mainly when assets become impaired (in other words they lose utility or usefulness). Also when an entity is incurring series of losses, it may not be able to pay all its liability in full. Thus the assets and liabilities may not reflect true value.

Krishnan K

CA Inter

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2

327

Incomplete records

answered on 30-Jul-23 00:03

Can someone explain the effect of cheques collected but dishonoured entry in bank and sundry creditors A/c

latest answer

Got it cleared Thank you

Devika Das

CA Inter

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3

288

Balance paid to suratwala by cheque or cheque issued to suratwala in seetleme of his alc

answered on 24-Jul-23 21:39

Sir j.entry

latest answer

Suratwala. A/c. Dr To bank A/c

R K

ACCA Skill

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2

228

Current liabilities

answered on 25-Jul-23 12:49

As per definition of current liabilities, The company does not have unconditional right to defer settlement of the liability for atleast twelve months after the reporting date Here, we need to check for whether unconditional right or We need to check both unconditional right as well as company exercise that right Classify as current liability or not Question 1: company has unconditional right but does not exercise that right to defer Question 2: Company has CONDITIONAL right and exercised conditional right to defer

latest answer

Thank you sir

Krishnan K

CA Inter

★ 5K+

5

289

Branch

answered on 25-Jul-23 12:52

Share your answer by doing it in branch trading and p&l method

latest answer

Whats your doubt>

Nainika Tummala

CA Inter

★ 20

1

318