Partnership

answered on 01-Feb-23 17:06

If they've asked to calculate goodwill in case of retirement, death and IOC has to be adjusted, then in this case ioc of all partners is calculated and deducted or only the IOC of retiring, dead, and partner is deducted?

latest answer

Generally in case of retirement or death only the outgoing partner's account is prepared. THe question will be specific in this regard. If you are facing any issue in understanding any question, let me know.

Vedant Vijay

CA Foundation

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247

any change in buy back chapter?

answered on 13-Feb-23 21:37

are there any changes in the conditions for buyback please mention the conditions applicable for May 23 exam

latest answer

Thank you for information

mani charan

CA Final

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241

AS 7

answered on 31-Jan-23 11:23

May 2022 exam ( Ques 1 d ).... In suggested ans, it was given that ESTIMATED FURTHER COST is 17325 only.. how ? Why they are ignoring rs. 14000 there? Whether we need to take only progress payments received as future cost ??

latest answer

Progress payments are not cost.

kowselyaa G

CA Inter

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247

Accounts

answered on 31-Jan-23 08:18

What is meant by stock in trade

latest answer

stock in trade means the finished goods which are ready to be sold in the business and not meant for the own consumption

Krishnan K

CA Inter

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245

Profit prior to incorporation

answered on 31-Jan-23 08:50

Interpretation i want

latest answer

hi it will be very helpful to you if draw the timeline and plot the information given (this will not form part of your main answer)

A M K

CA Inter

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351

Amalgamation

answered on 14-Feb-23 07:39

Illustration 8 Is the new debentures issued at discount or the old debentures discharged at discount?

latest answer

Yes only 95% will be given when new company settles it

Angel Maria Varghese

CA Final

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258

Recording of inventory

answered on 30-Jan-23 17:28

if firm purchase goods worth rs 1 crore from a company and the company supply the goods worth rs 1.05 crore as the firm is regular customer of the company so at which cost it is recorded ?

latest answer

Purchases Dr. 1 Cr To Bank 1 Cr.

Atharv Sankliya

CA Final

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269

Redemption of preference shares

answered on 30-Jan-23 16:26

Why Premium on redemption of Preference shares is written off out of Free Reserves ?

latest answer

CRR is created to safeguard the creditors. Premium on redemption is like a loss and hence debited to free reserves.

Anirved Rahatgaonkar

CA Inter

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252

Intangible asset

answered on 29-Jan-23 09:38

Goodwill (internally generated) cannot be recognised as intangible assets Goodwill (acquired) can be recognised as intangible assets Check whether the above statements are true? An intangible asset is an identifiable non monetary asset. Why it is called as identifiable non monetary asset though money can be raised by selling it?

latest answer

Refer to definition of non monetary in AS 11.

Krishnan K

CA Inter

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214

Can anyone explain the solution of this question?

answered on 29-Jan-23 08:35

My answer is not coming

latest answer

1.12.2005 : Opening Stock 50*44 2,200 2.12.2005 : Purchase 100*47 4700 Weighted average closing stock as on 2.12.2005 (2200+4700) / (50+100) 6900/150 = 46/unit Closing Stock on 2.12.2005 (100+50) * 46 = 6900 4.12.2005 Issued 50 units Closing stock 100*46 4600 units. ® 5.12.2005 Purchased 200 units @ 48 = 9600 Weighted average cost of inventory (9600+ 4600®) + (200+100) 14200/300 = 47.33 You have to consider the closing stock and value after issue of raw material as on 2.12.2005

Anshu Singh

CA Foundation

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