AS-4

answered on 26-Feb-23 15:14

Sir, can you please let me know under which situation (i) disclosure in notes to accounts & (ii) disclosure in report of approving authority is required?

latest answer

Thank you so much Sir.

Varshaa M

CA Final

★ 35K+

3

385

Closing stock

answered on 26-Feb-23 16:18

Suppose if sales is not made good but we purchase more goods and the closing stock is higher. So the netprofit is going to be higher then the tax also higher and my question is i I don't have realized profit on sales and it is acceptable?

latest answer

Thank u sir, I am not think about GP Which played because stock always measured at cost.

Kamal Kumar

CA Inter

★ 7K+

6

337

Spoiled food,fruits, vegetables - normal loss ?

answered on 25-Feb-23 18:24

Does spoiled food fruits and eatable at cafe/restaurant considered as normal loss ?

latest answer

directly transferred to p and l account

Atharv Sankliya

CA Final

★ 3K+

6

300

Insurance claims

answered on 25-Feb-23 17:12

In the problem if there is nothing about average clause....shall we solve problem and calculate claim by using average clause??

latest answer

by defaultly we can use average clause

pullagorla sivaram

CA Inter

★ 5

8

306

Entries

answered on 26-Feb-23 14:39

Can anyone please check the entries for redemption of Preference Share..like are they correct Question:- 1. Swagath Ltd. resolved to redeem its 20,000 Preference Shares of ` 100 each, fully paid, at a premium of 10%. In order to provide funds for redemption, the company issued 10,000 Equity Shares of ` 100 each at ` 110 and 1,00,000 Debentures of ` 10 each. The issue was fully subscribed and the amounts were received. The Redemption was duly carried out. The company has sufficient profits. Give journal entries to record these transactions in the books of the company.

latest answer

even the first entry is incorrect.

Prathmesh kharul

CA Foundation

★ 3K+

3

270

Process account

answered on 24-Feb-23 18:32

Does process account is a part of financial books of accounts??

latest answer

No

Atharv Sankliya

CA Final

★ 3K+

4

292

Freight/carriage charges

answered on 27-Feb-23 17:28

In which account following expenses is recorded -freight incurred to ship goods from factory to store -freight incurred on sale ?

latest answer

Other costs are included in the cost of inventories only to the extent that they are incurred in bringing the inventories to their present location and condition. Generally once the inventory is ready, no further costs are added.

Atharv Sankliya

CA Final

★ 3K+

10

264

Departmental accounts

answered on 24-Feb-23 01:37

Illustration 7 why 1000 debit P&L a/c but in qn 2000 gvn and marked down 1260 not accounted why?

latest answer

Question 4 why 400 added and subtracted?

Kamal Kumar

CA Inter

★ 7K+

1

360

Inventory

answered on 23-Feb-23 18:25

Please solve and tell me the right answer with explanation. According to the book the right answer is C

latest answer

Second bit

SUBODH M JAIN

CA Final

★ 2K+

3

270

DEPARTMENTAL ACCOUNTS

answered on 23-Feb-23 17:19

I could not understand markup and marked down concept in this. could any one clarify these terms and also accounting procedures?

latest answer

Markup is similar to what you have learnt in consignment as invoice price.

Kamal Kumar

CA Inter

★ 7K+

2

318