Accounting standards

answered on 06-Jun-23 00:39

Who give , who ammends accounting standards? Central government or icai or other??

latest answer

Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India

Sri ram Pothineni

CA Inter

★ 11K+

2

544

AS-9

answered on 07-Jun-23 09:07

If a company sales goods on credit and have uncertainty then it is not recognised as revenue and meanwhile the year ends so is there any accounting treatment for this situation

latest answer

Inventory is transferred. So automatically the Cost of goods sold would be higher. No revenue is recognised. So loss would get booked automatically.

Atharv Sankliya

CA Final

★ 3K+

7

630

Stock in trade

answered on 05-Jun-23 08:24

Can cash be considered as stock in trade in banks?

latest answer

Stock in trade is something which you would trade (buy or sell). Cash is not stock in trade.

Sowmiga Chandrasekaran

CA Inter

★ 7K+

3

625

hire purchase

answered on 04-Jun-23 20:34

What will be the journal entry the hire vendor pass while making an agreement of hire purchase ?

latest answer

Hire Purchaser A/c Dr. To Hire Sales A/c (Being an asset sold on hire purchase) Bank A/c Dr. To Hire purchaser A/c (Being down payment received)

Snehashis Mohanty

CA Inter

★ 35

3

745

Consignment

answered on 04-Jun-23 18:34

In calculating stock reserve on closing stock (total goods×difference between invoice price) is given in book but in the sum which I attached is calculated in different manner.

latest answer

Ok sir

Lathika

CA Inter

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3

610

Consignment stock valuation

answered on 05-Jun-23 08:27

Can anyone tell why normal loss value is not deducted from the stock only quantity is. This is from April mtp

latest answer

Go through this video.

Sai Prasanth

CA Foundation

★ 14K+

3

626

AS-5

answered on 05-Jun-23 11:06

If in this illustration if the company account/record the transaction in February 20x8 then does proportionate bill amount is belong to exceptional item??

latest answer

Yes

Atharv Sankliya

CA Final

★ 3K+

1

480

AS-7

answered on 02-Jun-23 23:07

Does AS-7 applies on the builder who is developing the building as on their own choice (not on the offer of customer) and after building they are selling the flats

latest answer

Yes, he is developing buildings and Sell So As-2 apply For Eg: Generally Purchase of Car Is Fixed Asset and We show it in Balance Sheet asset side. where If we Car dealer showroom and we purchase car It will become Purchases and show in Trading Account and Follow AS-2

Atharv Sankliya

CA Final

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5

603

Manufacturing Expenses in Trading A/c

answered on 03-Jun-23 10:19

Sir, In Video No : 2 (Trading , P&L and Balance Sheet) sir says that Manufacturing Expense is taken into Trading A/c. Why do we take Manufacturing Expense in Trading, If I am not wrong , Manufacturing expense should be taken into Manufacturing A/c and NOT in Trading A/c. Please guide me sir.

latest answer

If a manufacturing firm is preparing Manufacturing account - it will be taken to manufacturing account. Otherwise it will be taken to trading account. In real life companies prepare only Profit and loss statement.

Thankachan Jimmy

CMA Inter

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3

3K+

Bills of Exchange and Promissory notes

answered on 06-Jun-23 12:03

For the mutual accommodation of 'X' and 'Y' on 1st April, 2019, 'X' drew a four months' bill on " Y' * for ₹4,000."Y^ prime returned the bill after acceptance of the same date. 'X' discounts the bill from his bankers @ 6% per annum and remit 50% of the proceeds to 'Y'. On due date 'X' is unable to send the amount due and therefore 'Y' draws a bill for 7,000) which is duly accepted by 'X' 'Y' discounts the bill for 6,600 and sends 1,300 to 'X'. Before the bill is due for payment 'X' becomes insolvent. Later 25 paise in a rupee received from his estate. What is the Journal entry if y pay full amount to bank after x becomes insolvent

latest answer

https://youtu.be/HDceE0BGnCE Please refer to the above video.

Rohan Kumar

CA Foundation

★ 5

3

1K+