Rtp may 23

answered on 28-Apr-23 12:42

In this question how this accumulated depreciation on office equipment has calculated...plz explain

latest answer

https://youtu.be/EReu5Ytvafs?t=3064 Covered in this video. Do subscribe to the channel so that you do not missout on these discussions. Thanks

Rifhat Khan

CA Inter

★ 28K+

1

268

AS 13

answered on 28-Apr-23 02:44

If the loss is permanent in case of Long Term Investment, should we write it as - Value to be reduced OR Provision for Diminution to be made?

latest answer

You will create provision and then u are going to reduce cost of inv.

Kriti Iyer

CA Inter

★ 3K+

1

248

Depreciation as per schedule 3

answered on 27-Apr-23 14:47

Definition of Depreciation as per schedule 3 A systematic allocation of depreciable amount of an asset over it's useful life Definition of the same as per many website and authors The monetary value of an asset decreases over time due to use, wear and tear or obsolescence. This decrease is measured as depreciation My query is which definition is correct and appropriate and does the 2 nd definition is also derived from the 1 st one??

latest answer

From a pure accounting perspective, the cost of asset is allocated over time as expense.

Atharv Sankliya

CA Final

★ 3K+

2

246

Realisation account

answered on 29-Apr-23 10:45

Basically Realisation account the book values should be transferred, in either Amalgamation or Dissolution or sale of an existing Co. or Firm. But below photo the realisation account is Prepared with market value why...? ( Advance accounts, Sale of partnership.

latest answer

Assets & Liabilities are transferred at book value

Saravana Perumal

CA Inter

★ 3K+

2

575

Internal Reconstruction of Companies

answered on 26-Apr-23 12:34

When we have to use 1.Share Surrender A/c 2.Reconstruction A/c 3.Capital Reduction A/c Is Reconstruction A/c and Capital Reduction A/c are same ?

latest answer

Thanks Sir

Prethivi Rajan

CA Final

★ 9K+

3

316

Classification of inventory

answered on 26-Apr-23 11:20

If a electronics manufacturing company purchase the readymade remote of electronic equipment from other company so in which head of inventory it is classified Raw materials, finished stock , stock in trade??

latest answer

Stock in trade is closing stock If you want to maintain a separate account for the remote you can maintain but the cost of goods sold for the remote should be transferred to the FG account properly and maintain two closing stock for remote and electronic equipment

Atharv Sankliya

CA Final

★ 3K+

8

243

Final accounts

answered on 30-Apr-23 15:41

How to calculate closing stock which is given in 6 adjustment.

latest answer

If you have 100 of Stock, Bank will consider 80% of its value as margin or security. So the value of security that the bank is considering is 80. Loan is given at 80% of security. So 80% of 80 = 64. So amount of loan sanctioned = 100 x 80% x 80% = 64. If Loan is 64 - Inventory is 100 If Loan is 1,60,000 - Inventory is ? If Loan is 1, inventory is 100/64 So for 160000 inventory = 100/64 x 160000 = 250,000

Saketh Reddy Kotla

CA Foundation

★ 21K+

7

552

Consolidated balance sheet

answered on 26-Apr-23 17:26

Why provision for bad & doubtful debts is not adjusted when we made consolidation?

latest answer

Accounting policy should be consistent. Actually in this question, it is an estimate and you can continue to deduct 1%

Kamal Kumar

CA Inter

★ 7K+

5

247

Banking companies

answered on 25-Apr-23 22:37

Do we need to calculate grace days for bills maturing after 31st march

latest answer

Thank you so much

Sai sruthi

CA Inter

★ 640

6

291

Sir can use in exam only key word like going concern bussiness entity will continue operation in the forsable further 2 entity does not intensation to close shourt down operation 3 there is no necessity emergency situations to ahourt down the oprasatio

answered on 26-Apr-23 16:49

Only write in exam as 1 going concern company going concern consistany alc police principles are consistantly appled financial statements prepare accural basic conditions Oprasation on forcable furture + no neccessity intention to close Oprasation equal to going concern

latest answer

This is not a properly drafted answer.

Karan Yadav

CA Inter

★ 10

1

256