AS-5

answered on 05-Jun-23 11:06

If in this illustration if the company account/record the transaction in February 20x8 then does proportionate bill amount is belong to exceptional item??

latest answer

Yes

Atharv Sankliya

CA Final

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1

238

AS-7

answered on 02-Jun-23 23:07

Does AS-7 applies on the builder who is developing the building as on their own choice (not on the offer of customer) and after building they are selling the flats

latest answer

Yes, he is developing buildings and Sell So As-2 apply For Eg: Generally Purchase of Car Is Fixed Asset and We show it in Balance Sheet asset side. where If we Car dealer showroom and we purchase car It will become Purchases and show in Trading Account and Follow AS-2

Atharv Sankliya

CA Final

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5

249

Manufacturing Expenses in Trading A/c

answered on 03-Jun-23 10:19

Sir, In Video No : 2 (Trading , P&L and Balance Sheet) sir says that Manufacturing Expense is taken into Trading A/c. Why do we take Manufacturing Expense in Trading, If I am not wrong , Manufacturing expense should be taken into Manufacturing A/c and NOT in Trading A/c. Please guide me sir.

latest answer

If a manufacturing firm is preparing Manufacturing account - it will be taken to manufacturing account. Otherwise it will be taken to trading account. In real life companies prepare only Profit and loss statement.

Thankachan Jimmy

CMA Inter

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3

2K+

Bills of Exchange and Promissory notes

answered on 06-Jun-23 12:03

For the mutual accommodation of 'X' and 'Y' on 1st April, 2019, 'X' drew a four months' bill on " Y' * for ₹4,000."Y^ prime returned the bill after acceptance of the same date. 'X' discounts the bill from his bankers @ 6% per annum and remit 50% of the proceeds to 'Y'. On due date 'X' is unable to send the amount due and therefore 'Y' draws a bill for 7,000) which is duly accepted by 'X' 'Y' discounts the bill for 6,600 and sends 1,300 to 'X'. Before the bill is due for payment 'X' becomes insolvent. Later 25 paise in a rupee received from his estate. What is the Journal entry if y pay full amount to bank after x becomes insolvent

latest answer

https://youtu.be/HDceE0BGnCE Please refer to the above video.

Rohan Kumar

CA Foundation

★ 5

3

810

Non funded exposure to real estate

answered on 01-Jun-23 20:11

What is the meaning of non funded exposure to real estate in banking and nbfc

latest answer

Anything which include money is Funded Exposure Anything Which not include money is Non Funded Exposure (Eg:Bill Discounting,Bank credit etc)

Atharv Sankliya

CA Final

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358

Sale of Goods Act

answered on 02-Jun-23 08:46

Risk prima facie passes with ownership. Explain. The person who owns the goods will be the person who'll be held responsible for the losses/damages suffered, in the case where the goods are transferred to the buyer- he would be responsible for for the same. Right?

latest answer

Risk follows Ownership But always this statement is not correct it is having some exceptions Incase of default done by party irrespective of ownership the defaulted party is liable

Nidhi S

CA Inter

★ 4K+

4

238

Average Due Date - Selection of Base Date

answered on 31-May-23 19:50

Can we use any date convenient for us as the base date?

latest answer

Yes. Generally earliest date is takenn

Vishnu Muraleedharan

CA Final

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1

272

Consignment

answered on 31-May-23 10:18

How to calculate the value of closing stock

latest answer

Its already given. What is the doubt?

Shruthi Nachammai

CA Inter

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1

264

Inventory Valuation

answered on 30-May-23 22:39

What is Inventory Taking

latest answer

Inventory taking is the process of counting the amount of inventory owned by a business. It is the physical verification of the quantities and condition of items held by the business entity.

Rohan Kumar

CA Foundation

★ 5

2

227

Bills of exchange and promissory notes

answered on 21-Sep-23 20:29

If nothing is given in the question about the type of bill. Then it will be bill after date, after sight or at sight

latest answer

If nothing is given in the question Imagine after date

Rohan Kumar

CA Foundation

★ 5

2

229