Branch accounts

answered on 14-Jul-23 10:31

Is this dependent branch or independent branch At what point you identified it as dependent or independent ?

latest answer

Invoice price is the price at which goods are sent to branch by Head office which is % plus the cost to the head office Wholesale price is generally the price for which wholesale dealers are sold goods i.e. bulk orders

Nainika Tummala

CA Inter

★ 20

6

379

Garner vs murray

answered on 13-Jul-23 10:12

Here solvent partners to bring cash equivalent to losses, will apply right? I got realisation loss and even one partner is insolvent

latest answer

Yes one partner is insolvent garner vs murray rule will apply

Sugam SM

CA Foundation

★ 9K+

1

370

Study Approach

answered on 15-Jul-23 06:53

CA foundation ke liye study Approach kya hona chahiye

latest answer

Thanks 😊

Ab Devliear

CA Foundation

★ 3K+

5

284

Branch accounts

answered on 14-Jul-23 10:56

Is there any difference between Head office sent goods to branch at invoice price and Goods at wholesale price If yes pls explain what is it ?

latest answer

Invoice price is the value at which head office sends to branch The price at which the branch sells can be higher i.e. the selling price

Nainika Tummala

CA Inter

★ 20

3

413

Consolidation of financial statements

answered on 17-Jul-23 16:02

In the 19th video of the 19th chapter of adv. accounts "H co. acquired S on 30|09|18... an abnormal loss was ok date 1/07/18...it is a pre acquisitions adjustment but sir did it as a post acquisitions adjustment. What is correct ?

latest answer

The abnormal loss or gain are removed from the final post acquisition period to find out the normal profits.

Gourav Maniyar

CA Inter

★ 200

1

218

Capital maintenance

answered on 12-Jul-23 12:57

How is Rs.14400 computed? I have attached the SS of Qus

latest answer

Here current purchasing power is to be taken ie, Rs 3. So opening value 12000 is indexed at 125 with a unit price of rs2.we need to convert to the actuals of current year. =12000/125*100 gives the actual spent @rs 2. We nned to value it at rs3 because it is what we actually spent =9600/2*3=14400 will be the openning.

CYNOPHILE S

CA Inter

★ 925

2

306

General doubt

answered on 12-Jul-23 22:56

Kya module ko read karna bhi jaruri hai ya illustrations and practical questions Enough hai

latest answer

No worries ❤️

Ab Devliear

CA Foundation

★ 3K+

5

348

About Exemption

answered on 17-Jul-23 15:44

Haii...if I got exemption in Group 1 Accounting ( Nov 2023 ) old syllabus, will it carry forward to May 2024 attempt...

latest answer

ICAI is considering this in the next council meeting.

Saranya Arasumani

CA Inter

★ 0

4

261

Amalgamation of Companies

answered on 11-Jul-23 08:55

i)Amalgamation in the nature of merger one or more companies are merging and forming one company. that means the earliear companies are closing down. i.e., liquidating ii)Amalgamation in the nature of purchase, purchasing company is taking over vendor company. here vendor company is closing down. i.e., liquidating. my doubt: is amalgamation is type of liquidation? a)if no then why? b) if yes then example: A ltd is taking over B ltd B ltd has 10000 equity shares of 10 each fully paid up 1000 preference shares of 100 each fully paid up here it is amalgamation in the nature of purchase. some assets and liabilities of B ltd are taken over by A ltd and remaining liabilities are set off with assets and funds available all funds are completed purchase consideration agreed by A ltd to give share holders of B ltd that 1 preference share of 100 each of A ltd for every 2 preference share holders in B ltd 1 equity share of 10 each of A ltd for every 2 equity share holders in B ltd that means preference share capital in B ltd is 1 lakh but they got 50000 worth of shares in A ltd and equity share capital in B ltd is 1 lakh but they got 50000 worth of shares in A ltd here do we need to follow liquidation rules so that first preference share holders need to paid first so here do equity share holders transfer their shares to preference share holders for complying liquidation procedure

latest answer

Amalgamation involves merging two or more companies into one entity(or) direct takeover in other case, with preference shareholders rights and preferences governed by a scheme approved by shareholders and sanctioned by NCLT...... The scheme outlines terms and conditions, including treatment of preference shares and payment too. Once approved and sanctioned, the scheme becomes legally binding and supersedes general liquidation rules. So here , what i want to conclude in summarised manner is that "The AMALGAMATION agreement supersedes(means like replace) the general liquidation rules. I think you just got to know that there's THIS MUCH topic about AMALGAMATION AGREEMENT and approvals and all that stuff 😅😅 I felt the same when i had got to know 🤣🤣👍 I hope this explanation helps you ❤️.

lohith perumalla

CA Inter

★ 8K+

2

251

Lease

answered on 11-Jul-23 09:34

Can lessor (or) lesse terminate the lease before completion of the lease period For ex :- Mr. A given to Mr. b , a commercial house property for lease for a period of 3 years . Mr. B , the lesse , terminates the lease agreement by changing their business to another building without paying lease rental to the lessor in the middle of the lease period, say 2nd year. Then what will happen? Is it possible? If possible, what are the consequences? What if lesse told the lessor that he'll terminate before a prescribed period, is there a prescribed period for this case ?

latest answer

No worries!

SAI AKASH GORU

CA Inter

★ 745

5

235