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illustration 7
Accountancy
answered on 13-Oct-25 22:27
why do we subtract the salvage value even when its not given as a seperate deduction in the notes [Video Time Stamp: 06:30]
latest answer
Yes. Similar treatment like income from testing.
Rithu V
CA Inter
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3
123
DEFERRED TAX - PPE
Accountancy
answered on 13-Oct-25 22:22
While computing Deffered tax as per WDV, should I adjust profit on sale of fixed asset or loss on derecognition of assets?.
latest answer
Ind AS follows balance sheet approach. You simply compare the carrying amount as per books and tax base. Though we sell assets, it does not result in profit or loss for tax purposes since we follow block of asset concept.
Azmi RZmi
CA Final
★ 10K+
1
94
8th sum in icai book
Accountancy
answered on 13-Oct-25 22:27
If the nrv is zero without processing it further, why shouldn't we take that as the value of the inventory
latest answer
Not like that. If the partly finished goods can be processed further, we consider the selling value of FG and reduce further processing cost. Say for example at WIP stage we can sell the product at 50. If we process it further by incurring Rs. 30, we can sell it at 90. In this case extra cost to process is 30 and extra revenue is 40. So we would process further. NRV would be 90-30 = 60. However if we process the product by incurring 30, and we get revenue of Rs. 70, it is not advisable to process further.
Rithu V
CA Inter
★ 3K+
7
125
Should depreciation always be debited to p& l a/c
Accountancy
answered on 11-Oct-25 20:06
If an asset is used to get inventory ready,depreciation to the extent can be added to cost of inventory...Sir can u explain this point with suitable example [Video Time Stamp: 11:59]
latest answer
Say there is a manufacturing plant which produces mobile phones. The depreciation on manufacturing plant is an overhead incurred to produce mobile phonnes and it will be added to cost of mobile phones.
Leela Sowmya
CA Inter
★ 0
1
122
Disclosure
Accountancy
answered on 13-Oct-25 22:29
in the answers for the illustrations given, certain answers say disclosure in notes to financial statements, some say board report or director's report. a little clarity on when to disclose where, please [Video Time Stamp: 03:18]
latest answer
Generally the disclosures are made in the report of approving authority.
Ritu Kotian
CA Inter
★ 18K+
2
115
Common mistakes
Accountancy
answered on 13-Oct-25 22:36
Sir i dont get that how capital reserve is getting debited for liquidation expense. [Video Time Stamp: 10:30]
latest answer
If the buying company incurs liquidation expenses - it's like an additional payment. Say net assets = 1000 Purchase consideration = 900 Capital reserve = 100 On top of it the buying company incurs liquidation expenses of Rs. 20. So in effect the company incurred 920 to acquire net assets of 1000. So capital reserve is 80. Since we recorded capital reserve at 100, now we are debiting it by 20.
Ajay Kumar
CA Foundation
★ 1K+
1
129
AMALGAMATION - ILLUSTRATION 1
Accountancy
answered on 13-Oct-25 22:38
In the material, it is not given that Y Ltd made entries at par value but in answer it is taken par value not intrinsic value. Why is that ? [Video Time Stamp: 15:03]
latest answer
The study material has made an assumption that it is to be made at par value. Refer illustration 3 of ICAI material
Ajay Kumar
CA Foundation
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1
120
Lease Schedule
Accountancy
answered on 13-Oct-25 22:42
in example 3, for year 5, payment is taken at 50000 but in the textbook it is 75000. it says assuming zero residual value, but 25000 is considered [Video Time Stamp: 12:33]
latest answer
It looks like a typo error in ICAI material. All these variations have been covered in class- That is more than sufficient.
Ritu Kotian
CA Inter
★ 18K+
3
121
Ways to record transaction
Accountancy
answered on 13-Oct-25 22:43
Sir as you said grocery shop person will write the names of the person aswell who will pay money to them...just like that we suppose that children bought something and didn't paid money...so in that case it will be written in the book that children bought these items on this day and there parents will pay afterwards?
latest answer
Yes. Generally it will be recorded in parent's name since minor cannot be held liable.
Anushri Mathur
CA Foundation
★ 0
1
123
Illustrations PDF
Accountancy
answered on 09-Oct-25 14:32
the questions in the textbook are different. is it possible to get a copy of these illustrations please [Video Time Stamp: 00:08]
latest answer
thank you
Ritu Kotian
CA Inter
★ 18K+
2
130