Forums
Partnership - sale to a company
Accountancy
answered on 19-Jun-23 09:53
In the question it is said that the firm has a sum due to ( owe) A's estate ( that means Due to Mr.A right ). If we calculate the total amount due to A will be 120000(20000*3 years *2 half yearly). I understand that 20000 is paid till only 31.12.2001. because on 1/1/2002. The firm is getting dissolved. But my question is Since they deduct 20000 from A's executor capital account . why the 120000 has not been added to Mr. A's executor account? Why are they deducting from the amount that was brought (capital)and earned(profits, goodwill shares ) in the firm by A? Capital amount is different from the amount the firm due to him ( kind of loan from A?). Pls kindly clarify.
latest answer
Due to A's estate means A's legal heir. After death if amount is not settled, interest is to be paid.
Deborah Susaiyappan
CA Inter
★ 8K+
2
625
Doubt in 2023 ca foundation final acounts problem
Accountancy
answered on 19-Jun-23 09:59
What do you mean by bank overdraft is secured against hypothecation of stock ? I have attached file . In this problem 6th adjustment i am having lot of confusion due to lengthy adjustment so make clear please. I didn't understand closing stock calculation in this problem. Closing stock answer is Rs 250000
latest answer
This is explained in the live revision session done last week https://www.youtube.com/live/8SvKvtIbUyM?feature=share&t=3017
Anil Raj
CA Foundation
★ 580
5
2K+
Doubt
Accountancy
answered on 19-Jun-23 09:59
I am not getting why share of new partner ie., Gyama Rs.50000 credited to only Beeta? In this problem. File i have attached. Y it is not shared among alpha and beeta?
latest answer
Pls share the complete question.
Anil Raj
CA Foundation
★ 580
2
669
Hire purchase
Accountancy
answered on 17-Jun-23 10:01
Is intrest suspense account is like an provision?
latest answer
No its just dummy account to park interest accumulated.
Snehashis Mohanty
CA Inter
★ 35
1
479
Accounting effect
Accountancy
answered on 19-Jun-23 10:00
Due to the bank closure, all the money was gone, but after a few years when the bank resumed its operations, the money was returned. What will be the accounting effect of this?
latest answer
When amount not recoverable, it is treated as loss. Subsequently when amount becomes recoverable, take it as a gain.
Jiya T
CA Inter
★ 10
3
476
Ledger of Subscription received in advance
Accountancy
answered on 16-Jun-23 23:51
Why is subscription received in advance on the debit side of subscription ledger account? Could you give an example with journal?
latest answer
Subscription To advance subscription
Areeb Hashmi
CA Foundation
★ 370
2
746
Cash flow statement
Accountancy
answered on 17-Jun-23 00:08
Need workings for Property plant and equipment
latest answer
New PPE purchasesed= 38L-32L= 6L --> Cash Outflow
ROTHS Gaming
CA Inter
★ 0
1
574
Mock test paper question
Accountancy
answered on 15-Jun-23 15:25
Please get the solution for this mock test paper problem which I have attached.
latest answer
You can find it in the suggested answers for Apr, 2023. Here is the link: https://www.indigolearn.com/resources/CA-RTPs-MTPs-Question-Papers/Foundation/Principles-Practice-of-Accounting-CA-Foundation/Mock-Test/5c89e910343148d88a22ac2a026933b2/Principles-and-Practice-of-Accounting-I-Mock-Test-I-Apr-2023-I-Answers-I-CA-Foundation/2976cf1152944a7490c93f384214c6a4/r I have also attached the answer pictures for your reference.
Anil Raj
CA Foundation
★ 580
3
979
Bonus Issue - Restrictions
Accountancy
answered on 15-Jun-23 12:06
Can someone explain 1st two points
latest answer
Got the concepts...Thanks
CYNOPHILE S
CA Inter
★ 925
1
501
Income and expenditure
Accountancy
answered on 15-Jun-23 10:12
In this sum while preparing opening balance sheet why we are adding the amount due for printing ₹100 with Honarium ₹400.
latest answer
Ok. Tq
Lathika
CA Inter
★ 6K+
2
569