Departmental

answered on 23-Jun-23 11:15

1. Here it is the margin is 100 then how can we say that the margin is 50 after goods transferred from one department to another(colour department onwards). 2. Another question is it possible to transfer goods to Another department by setting some margin if it is the case then the other departments got their profit before the sale of product then is it necessary to distribute the Profit among each department after selling the product?

latest answer

These are notional profit and aren’t real and 100 is cost and 50 is margin is just an example. This is done to evaluate the performance of each dept and whether to continue a dept or not. These profits i.e., interdepartmental profits are eliminated while arriving the overall performance of entity.

Snehashis Mohanty

CA Inter

★ 5

1

255

Writing off of inventory at nrv

answered on 23-Jun-23 09:40

Does we have to pass a journal entry to written off/down the inventory to nrv or just recording closing stock at nrv price is required?

latest answer

Closing stock valuation is enough.

Atharv Sankliya

CA Final

★ 3K+

1

283

Buyback

answered on 23-Jun-23 16:55

I can pass this entry right. In narration I have specified CRR is especially created out of reserves and premium is written off using SPR. I have merged these entries, there isn’t any problem sir?

latest answer

Yes

Sugam SM

CA Foundation

★ 9K+

5

465

A contingent liabilities no provision had been made was settled at 8500 what is the journal entry 8500

answered on 23-Jun-23 09:45

any idea

latest answer

Capital Reduction Dr. To Bank 8500

R K

ACCA Skill

★ 9K+

3

298

Chapter internal reconstruction

answered on 22-Jun-23 21:03

What is the journal entry for and amt for 2nd adjustment sir any idea

latest answer

Thanks very much

R K

ACCA Skill

★ 9K+

2

290

Chapter internal reconstruction

answered on 28-Jun-23 19:23

What is the journal entry for and amt for 2nd adjustment sir any idea

latest answer

Dr. Capital Reduction (dividend amount) Cr. ESC

R K

ACCA Skill

★ 9K+

1

276

Date of the Question/Answer paper

answered on 22-Jun-23 13:41

This question/answer paper belongs to which year?

latest answer

Tq sister,Also i thought it may be in 2021.. because that question paper's one of the question contains balance sheet as on March 2021 !😊

Sr the Unique

CA Inter

★ 10

3

287

Consignment

answered on 26-Jun-23 19:58

Ans of no2

latest answer

2500

Vivek Kumar Gupta

CMA Inter

★ 5

3

337

Establishment cost

answered on 21-Jun-23 17:14

What is establishment cost? If consignee incurs the above cost, then should it be added to closing stock or not??

latest answer

Establishment cost refers to the expenses associated with setting up a new business or starting a new venture. It will not be added to closing stock.

Jaswanth P

CA Inter

★ 3K+

1

416

Liquidator remuneration

answered on 21-Jun-23 17:16

In part(a) should we deduct 2% on assets realised from available amt to creditors i.e., (412000-20000)*3/103 to calculate remuneration of liquidator? Or is it just 412000*3/103 ?

latest answer

deduct and then calculate

Sugam SM

CA Foundation

★ 9K+

1

267