Doubt on insurance claims

answered on 20-Apr-23 00:32

What do we add the fire fighting expenses?

latest answer

Firefighting expenses in a way helps to reduce the loss by fire also in case whereby it's not incurred the insurance company may reject the policy as "not trying to minimise the loss" Hence the firefighting expense are to be added That is it can be recovered form the insurance company

sradha krishna sunil

CA Final

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219

Debentures under dissolution

answered on 20-Apr-23 12:25

What should be the treatment of debentures under dissolution of partnership firm. It should treated as like any other liability and transfer to Realisation account.?

latest answer

You would not have debentures in a partnership firm as a liability

Saravana Perumal

CA Inter

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224

Banking

answered on 19-Apr-23 13:24

CRR rate and SLR rate for may 23 exams?

latest answer

Thanks for the same sir

Dhivya Sriraman

CA Inter

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3

296

Fin stat

answered on 19-Apr-23 11:09

How come Uncalled liability on shares and other partly paid investments is a contingent liability

latest answer

Here the uncalled liability on shares is the un called capital on the investment made by us in another company so it will be considered as liability only the uncalled capital is called up so it's a contingent liabilitie

Reetikaa R

CA Final

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241

Schedule 3

answered on 19-Apr-23 10:19

The inner items of a head should also be in order ?? For eg : under current assets , inventories ,then Dr's, ....

latest answer

Its okay if you miss

Reetikaa R

CA Final

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231

Rectification of errors

answered on 19-Apr-23 13:26

Purchased goods from Ravi rs.15000 but entered into sales book Tell me the answer ?

latest answer

@vignesh have u understood the entry

Vignesh s

CA Inter

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331

Entry

answered on 19-Apr-23 03:15

Suppose I have a shop of electronics and i took a mobile from that will that be treated as DRAWINGS?? IF YES WHAT WILL BE THE ENTRY???

latest answer

Thanks dear

Prathmesh kharul

CA Foundation

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281

Is Freight charges a part of production cost

answered on 19-Apr-23 13:28

Does the carriage charges for transfer the raw materials from godown to factory is a part of production cost and recorded in manufacturing a/c?

latest answer

Fright charge will make a part of prime cost Hence it will be recorded in mfg account

Atharv Sankliya

CA Final

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220

AS 3

answered on 18-Apr-23 23:30

Will Short term deposit be treated as cash and cash equivalent or under investing activities ??

latest answer

Cash & cash equivalents

Reetikaa R

CA Final

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215

AS 1

answered on 30-Apr-23 10:57

Plss explain this answer

latest answer

As per AS-1, Entity should apply Accounting Polices which are prudent i.e where expenses are recognised even if uncertain. Also AS 1 required application of Accrual assumption where expenses are recognised on time/period basis not on payment basis. In the given case, XYZ ltd has ICDs whose repayment is delayed, as such Accrual concept specifies that Interest should be provided for delayed period of repayment. Since the rate is not certain entity should make best estimate of expected rate of Interest. Hence Accounting Polices for not providing interest on delayed payment is not correct.

Reetikaa R

CA Final

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259