Abnormal loss in consignment

answered on 24-May-23 11:19

1- damage of inventory in transit is normal or abnormal loss 2- if fruits are perished does they are considered as normal loss or abnormal loss

latest answer

Every business has an average rate of normal loss. Beyond that it would be abnormal. goods like cycles lost intransit would be abnormal.

Anjali S

CA Inter

★ 0

5

305

Loss of goods in consignment

answered on 24-May-23 09:38

Risk and loss of goods in consignment business is borne by ? Which act deals with consignment business?.

latest answer

Incase of delcredere commission given to consignee.. It'll be borne by consignee Other wise consignor. Bailment and pledge chapter in indian contract act is relevant

Anjali S

CA Inter

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2

270

AS18

answered on 23-May-23 11:02

A ltd holds 60 % in B ltd A ltd holds 10 % in C ltd B ltd holds 30 % in C ltd A,B related under common control B,C related under significant influence Q - Am i right ? Q - is A,C are related ? Q- what if A ltd also holds 30 % in Cltd are A,C related ?

latest answer

A controls B. A and B are not under common control. A has significant influence over C If A holds 30% in C, then A controls C.

Sri ram Pothineni

CA Inter

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1

323

AS 18 Related party

answered on 25-May-23 11:48

Can any one Resolve the AS given in exam

latest answer

Two companies are not related just because directors are common.

makthala venkateswarlu

CA Foundation

★ 510

1

315

Sir is npa percentage change sir

answered on 25-May-23 19:15

Any idea advance account

latest answer

No, I think there is no change in NPA percentages.

R K

ACCA Skill

★ 9K+

1

236

Debentures reserve

answered on 22-May-23 13:51

Q1)Is there no need to create DRR if it's convertible debentures or partly convertible debentures ? Q2) is it true that DRR @10% is created on OUTSTANDING DEBENTURES and DRRI @15% is created on DEBENTURES TO BE REDEEMED NEXT YEAR (For eg. Like deb issued is of 10L, out of which say 3L is already redeemed uptill now. Now outstanding is 7L, and say next year we will redeem 5L worth deb more So DRR=10% of 7L=70k And DRRI= 15% of 5L=75k?

latest answer

Only once.

Garima Bhargava

CA Inter

★ 185

2

302

Question regarding Bank Reconciliation Statement

answered on 22-May-23 15:21

How is a draft deposited into the bank, but not credited until 31st December be treated if the Bank Reconciliation statement is to be prepared as of that date? Do we consider it as included in the bank balance and hence make no changes?

latest answer

As on 31 dec date this is not included

Vishnu Muraleedharan

CA Final

★ 32K+

2

306

Inventories

answered on 21-May-23 23:38

Please clear this point. I have attached the file . How Rs.4 lakh debited to stock account.

latest answer

Purchases were made and we assume risk and reward is t/f to us. So since stock is increasing we are going to debit it. Stock a/c is asset.

Anil Raj

CA Foundation

★ 580

1

302

Inventories chapter

answered on 23-May-23 14:57

In this chapter last problem ie , adjustment to physical stock, i have attached one screenshot please make it clear how in sales working notes sales taken 20% ?

latest answer

If profit is given as percentage of cost, assume 100 as cost. So profit is 25 Selling price is 125. SP 125 -> Profit 25 SP 1 -> Profit 25/125 Like this you have to build.

Anil Raj

CA Foundation

★ 580

3

272

Investment in own debentures

answered on 22-May-23 20:40

Why companies invest in own debentures., even there is no capital inflow ?

latest answer

Thanks for explaining

Sajeetha R

CA Final

★ 46K+

3

247