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Rectification of Errors in the next Accounting Period
Accountancy
answered on 19-Sep-23 16:37
Relevant Account, Suspense Account and Profit & loss Adjustment Accounts are used to Rectify the Errors. In what scenario (nature of transaction) we should choose profit & loss Adjustment Account or Suspense Account.
latest answer
Relevant account before TB Suspense account after TB is prepared P&L Adjustment - After P&L is prepared
Siva Raman
CA Inter
★ 775
2
890
Accounting Process
Accountancy
answered on 26-Sep-23 10:29
All of the following are not considered cash except? A.Postage and stamps B.Securities C.Investments D.Cheques The answer is given as ( D.)Cheques, can anyone explain why?
latest answer
Because cheque is a paper which contains money value
Nidhi S
CA Inter
★ 4K+
6
539
Foreign operations[ branch accounts, AS11]
Accountancy
answered on 21-Sep-23 20:18
How to identify whether in the question the foreign operation is integral or non integral foreign operation.
latest answer
An integral foreign operation carries on its business as if it were an extension of the reporting enterprise's operations.
Muhesh YM
CA Inter
★ 0
5
606
Insurance claims
Accountancy
answered on 21-Sep-23 09:32
What is the upward trend percentage?
latest answer
In this question adjustments are already given.
Ujwal Reddy
CA Inter
★ 7K+
4
448
As 3
Accountancy
answered on 16-Sep-23 21:18
In this cash outflow towards purchase of plant is 20,000 (120,000-100,000) because for 1,00,000 we issued bonds as consideration. Then in this sum why they reduced 120,000 as outflow towards purchase of plant
latest answer
Point 3 is separate point and point 5 is separate point
Krishnan K
CA Inter
★ 5K+
5
560
Accounting for special transaction
Accountancy
answered on 21-Sep-23 20:18
Why due date is not entertained in the transaction happened in April 20 as the question has given the invoice as 15.4.2020 which is within the closing date? please answer as soon as possible
latest answer
That is dishonour entry
Divinne Fiona
CA Inter
★ 9K+
2
460
how come outstanding liability is a element of cash flow
Accountancy
answered on 16-Sep-23 12:43
page no. 11.93 and 11.92 of new syllabus illustration no. 6 ryan ltd.
latest answer
As per indirect method, to adjustment of net profit we are showing outstanding liabilities even through no cash flows. But, as per direct method we are not to be shown this type of expenses only cash receipts and cash payments.
Angry Toshniwal
CA Final
★ 505
3
818
Doubt
Accountancy
answered on 21-Sep-23 09:35
Sir after completing final accounts chapter is it better to start with accounts for incomplete records or shall I start partnership or npo or company accounts?? Please give some tips and guidance 🙏
latest answer
ICAI has not yet released.
sai t
CA Foundation
★ 2K+
4
517
Buy Back of Equity shares
Accountancy
answered on 16-Sep-23 07:14
“Current maturity of long term borrowings" Is it to be included (or) not to be included while calculation debt equity test
latest answer
Included. Current maturity of long term borrowings are Current liabilities under other Current liabilities
Ashfaq Ahmed
CA Inter
★ 3K+
1
353
Banking companies
Accountancy
answered on 15-Sep-23 13:33
What is the percentage of profit should be transfers to reserve funds in banking companies which applicable for nov 23
latest answer
25%
Sruthi sruthi
CA Final
★ 640
1
426