Stock of stationery and other consumables

answered on 20-Apr-23 12:27

What is the accounting treatment of huge stock of stationery and other consumables ( other than inventory)? Does it is recorded as assets in balance sheet or debited to p&l a/c even it is not consumed?

latest answer

Other assets.

Atharv Sankliya

CA Final

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336

AS 13

answered on 20-Apr-23 12:28

Plss explain the answer , didn't understand. Wat I think is by March 31st , 20x1 ,finacial statements were not published so value shd not be reduced .

latest answer

As per AS-4, you need to adjust this.

Reetikaa R

CA Final

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254

misc receipt

answered on 19-Apr-23 13:39

why misc receipt goes to pl and not cash book ?

latest answer

Misc receipt is our income so it will go to cash and o&l account

Sushmita Chowdhury

CA Inter

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246

Goodwill,Shares

answered on 17-Apr-23 12:16

1.When goodwill can be depreciated(amortization)then why does shares don't get depreciated???

latest answer

Shares/Equity represents residual interest in the company. Whatever is left after paying outsiders belongs to shareholders. So anyways it represents balance amount.

Prathmesh kharul

CA Foundation

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278

BRS

answered on 17-Apr-23 12:23

Sir in BRS Mr.X problem u said that some items after identifying requires Reconciliation and some other items rectification. I m confusing taking these words reconciliation and rectification what exactly it means please make this point clear to me in simple way.

latest answer

To summarize, reconciliation is the process of identifying differences or discrepancies, while rectification is the process of correcting or adjusting the accounting records to ensure that they are accurate.

Anil Raj

CA Foundation

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281

buyback

answered on 17-Apr-23 12:25

can we use sec premium a/c for transfer to crr (the nv of buyback of eq shares)?

latest answer

As per section 68 - The explanation to section mentions: For the purposes of this section, Free reserves includes securities premium account

Bhavya Kumar

CA Final

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266

Presentation

answered on 30-Apr-23 15:52

If gst outward liability is 1,00,000 and gst input has 80,000 The excess 20,000 is paid through cash Where this 20,000 is presented in financials? What about 1,00,000 & 80,000

latest answer

20,000 is the output tax liability and not expense. In case of purchase from Composition dealer, purchases will be accounted at invoice value. the seller will separately pay GST.

sasidhar cheboyina

CA Final

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259

Average due date

answered on 16-Apr-23 16:49

how that 6340 come

latest answer

2015 to 2018 would be 36 months right.

Saketh Reddy Kotla

CA Foundation

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364

Financial statements of banking companies

answered on 16-Apr-23 16:43

Can anyone tell me the new rates applicable for May 2023 Cainter Exams Cash reserve Ratio=4% of Net demand and Time liabilities SLR =23% Capital Adequacy ratio =9% Am I correct ?

latest answer

Slr and crr 18 and 4.5

M Naresh

CA Final

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311

Department accounts

answered on 16-Apr-23 12:28

In this sum, there is no mention of goods transferred at profit between departments. But they have calculated stock reserve in answer key of ICAI. Kindly clarify

latest answer

Also u need to calculate gp ratio for the 2 departments

Vijay adithya

CA Inter

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286