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AS 13
Accountancy
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
282
Depreciation as per schedule 3
Accountancy
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
294
Realisation account
Accountancy
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 Final
★ 3K+
2
817
Internal Reconstruction of Companies
Accountancy
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
363
Classification of inventory
Accountancy
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
278
Final accounts
Accountancy
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
656
Consolidated balance sheet
Accountancy
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
291
Banking companies
Accountancy
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
326
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
Accountancy
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
298
NRV
Accountancy
answered on 25-Apr-23 17:21
Sir cam we say NRV = Profit
latest answer
No.. net realisable value(nrv) isn't profit. It is the money we realise on sale less expenses on sale. It includes profit(if sold above the cost)
THARUN KUMAR EKAMBARAM
CA Foundation
★ 18K+
1
274