Redeeming partly paid up preference shares

answered on 16-May-23 16:54

Why there is a provision that only fully paid up preference shares can be redeemed, what harm could've been done if partly paid up shares would've been redeemed and why it is discouraged Like company could've paid back pref.share holders whatever amount they've paid on those shares (if only ₹75 are paid up on shares of FV ₹100 then co.could simply pay back ₹75 to such pref.share holders and redeem those shares)

latest answer

Ok sir

Garima Bhargava

CA Inter

★ 185

2

280

Branch Accounting - Independent branch - 24. Illustration - 8

answered on 16-May-23 17:06

In this above question, it is given goods are invoiced at Cost + 20% on sale price. While preparing trading account of the branch we are assuming the amounts given for opening stock and goods from H.O are at invoice price and so we are adjusting(reducing) the amounts to only cost values in trading A/c. Following the same assumption isn't it more logical to assume the goods returned to H.O are also in par with the goods received and assume they are at invoice price. Consequently shouldn't we adjust the returns amount to cost. kindly clarify.

latest answer

Sorry I didn't notice that. Thanks for the reply sir.

Aswin Chandar

CA Final

★ 40K+

2

418

CA foundation Accountancy Compulsory 4 marks Theory question

answered on 15-May-23 10:51

Is the compulsory 4 marks Theory question which comes in the Question no. 1 in the Accountancy paper ( Paper 1 ) of CA foundation, does that question comes from the questions given at the end of every chapter or the question can be asked from anywhere from inside the chapters ?

latest answer

Ok Thank you

Ardhendu Sekhar Acharya

CA Inter

★ 250

2

655

Adv

answered on 16-May-23 15:18

Icai ask questions in different way in your resources questions ask in different way

latest answer

Pls refer to past exams question.

R K

ACCA Skill

★ 9K+

3

252

Average due date

answered on 16-May-23 15:24

What should I take for calculating due date, Date of drawing or date of acceptance??

latest answer

Date of drawing. However for sight bills, date of acceptance.

Jaswanth P

CA Inter

★ 3K+

1

242

Inventory and ppe in service industry

answered on 16-May-23 15:25

Inventory in service industry is consumed in rendering of service & Ppe in service industry is used in rendering of service Is this right??

latest answer

You can use it for understanding.

Atharv Sankliya

CA Final

★ 3K+

1

209

Partnership

answered on 14-May-23 10:18

Will investment allowance reserve be distributed among the partners?

latest answer

It will be distributed at retirement, death or dissolution

Nidhi S

CA Inter

★ 4K+

2

263

General

answered on 17-May-23 12:00

At what cases Assets and liabilities of the company are revalued

latest answer

These guidances are given by respective standards. For e.g PPE would be revalued if the entity follows revaluation model under AS-10. Similarly some liabilities which are carried at Fair value would be revalued.

Krishnan K

CA Inter

★ 5K+

1

254

Using SPR for Redemption of preference shares

answered on 14-May-23 14:17

When we can use Securities premium (SPR) balance for premium of redemption of pref shares (as point 4 of sec 52 of companies act 2013 says) then why do we always write off premium on redemption from p&L surplus or general reserve and never from SPR?

latest answer

Yea got it thanks :)

Garima Bhargava

CA Inter

★ 185

4

2K+

As 3 cash flow statement

answered on 16-May-23 15:28

Calculation of cash flow statement under indirect method,income tax payable op is 2000 and closing is 3000 and in p&l a/c tax paid was 3000 ,which amt to deducted in the calculation in the operating activities

latest answer

Opening 2000 is paid. So that will be the amount in cash flow.

bhagya sundar

CA Inter

★ 0

2

245