Managerial remuneration - account

answered on 23-Jan-23 09:21

For the computation of managerial remuneration the questions quote two depreciation of a company One as per the act and another what the company has charge from p&l So does it possible that the depreciation as per the Act and provided depreciation would be different??

latest answer

Yes that difference may due to some provisions of act and depreciation in income tax allows only wdv method unless there is exemtion by act ex for electricity company Refer AS 22

Atharv Sankliya

CA Final

★ 3K+

3

224

CARO 2020 inventory verification

answered on 30-Jan-23 17:20

What does the clause on inventory of Caro 2020 mean by discrepancy of 10% or more ??

latest answer

Difference between what is shown in inventory records vs what is physically present.

Atharv Sankliya

CA Final

★ 3K+

3

258

overriding preferential creditors in SOA

answered on 24-Jan-23 09:21

why overriding preferential creditors are not considered in statement of affairs

latest answer

can you elaborate your query or share the question you are referring to

SK Png

CA Inter

★ 0

1

246

Accounts from incomplete records single entry

answered on 21-Jan-23 18:23

In illustration 3 at statement of profit the current account balance as on 31-3-20X1 is deducted. What means that? What represent that ?

latest answer

it is nothing ,statement of profit derives from current account so if you add debit side of current account and subtract credit side you get profit

Sai sruthi

CA Inter

★ 640

1

288

Amalgamation

answered on 23-Jan-23 17:06

Should the INTER OWING amounts between companies be reduced from 'Debtors & Creditors' while finding 'net asstes'?

latest answer

No.

Angel Maria Varghese

CA Final

★ 9K+

2

325

change in accounting policy

answered on 23-Jan-23 19:58

change in accounting policy or introduction of new policy 1)creating a provision for doubtful debt which was not a practice in past 2)management decided to pay pension by a scheme which was not a practice in past

latest answer

Mentioned in As 5

Vamsi Krishna

CA Inter

★ 121K+

6

514

Insurance Claim

answered on 20-Jan-23 14:50

Why we are not considering the NP +ISC as GP while Calculating increase cost

latest answer

Yeah that is for calculation of gross profit. Gross profit on annual turnover means percentage of gross profit calculated. By NP+ ISC how will you compare that with annual turnover. So we consider GP rate

Snehashis Mohanty

CA Inter

★ 5

9

287

Insurance Claim

answered on 24-Jan-23 09:24

How could we consider 1l as reduction in turnover avoided because here our actual turnover is 1lakh and Reduction in turnover is 3 lakh so what we are not taking 3 lakh as reduction in turnover avoided?

latest answer

Reduction is 3 lakhs. Reduction avoided is 1 lakh.

Snehashis Mohanty

CA Inter

★ 5

1

244

What is capital profit and revenue profit

answered on 12-Jun-24 11:58

What is capital profit and revenue profit

latest answer

Capital Profit Definition: Capital profit is the profit earned from activities that are not part of the regular business operations. These profits are usually non-recurring and arise from transactions involving the capital structure of the business. Example: A company sells a piece of machinery that it no longer needs. If the machinery was purchased for ₹3,00,000 and it is sold for ₹4,00,000, the company makes a capital profit of ₹1,00,000. This profit is not part of the company's regular sales revenue from its core business activities. Revenue Profit Definition: Revenue profit is the profit generated from the regular business activities or operations. This type of profit is recurring and forms the core income for the business from its day-to-day activities. Example: A retail store buys goods for ₹2,00,000 and sells them for ₹3,00,000. The revenue profit is the difference between the sales revenue and the cost of goods sold, which is ₹1,00,000. This profit is part of the store's normal operations and contributes to its overall income from regular sales activities. In summary: Capital profit comes from non-recurring transactions involving the capital assets of a business, such as selling an old piece of equipment. Revenue profit comes from the regular, recurring operations of the business, such as selling merchandise in a retail store.

Atharv Sankliya

CA Final

★ 3K+

4

15K+

Expenses

answered on 20-Jan-23 10:32

What Are unamortised Expenses ? And Examples Of It ?

latest answer

Unamortised Expenses - Expenses incurred (whose benefit is beyond a single year) but the expenses is not yet charged to P&L

Shanmukh Vemuri

CMA Final

★ 5

2

356