Forums
AS 1
Accountancy
answered on 30-Apr-23 10:57
Plss explain this answer
latest answer
As per AS-1, Entity should apply Accounting Polices which are prudent i.e where expenses are recognised even if uncertain. Also AS 1 required application of Accrual assumption where expenses are recognised on time/period basis not on payment basis. In the given case, XYZ ltd has ICDs whose repayment is delayed, as such Accrual concept specifies that Interest should be provided for delayed period of repayment. Since the rate is not certain entity should make best estimate of expected rate of Interest. Hence Accounting Polices for not providing interest on delayed payment is not correct.
Reetikaa R
CA Final
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5
475
Stock of stationery and other consumables
Accountancy
answered on 20-Apr-23 12:27
What is the accounting treatment of huge stock of stationery and other consumables ( other than inventory)? Does it is recorded as assets in balance sheet or debited to p&l a/c even it is not consumed?
latest answer
Other assets.
Atharv Sankliya
CA Final
★ 3K+
4
591
AS 13
Accountancy
answered on 20-Apr-23 12:28
Plss explain the answer , didn't understand. Wat I think is by March 31st , 20x1 ,finacial statements were not published so value shd not be reduced .
latest answer
As per AS-4, you need to adjust this.
Reetikaa R
CA Final
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2
480
misc receipt
Accountancy
answered on 19-Apr-23 13:39
why misc receipt goes to pl and not cash book ?
latest answer
Misc receipt is our income so it will go to cash and o&l account
Sushmita Chowdhury
CA Inter
★ 2K+
2
449
Goodwill,Shares
Accountancy
answered on 17-Apr-23 12:16
1.When goodwill can be depreciated(amortization)then why does shares don't get depreciated???
latest answer
Shares/Equity represents residual interest in the company. Whatever is left after paying outsiders belongs to shareholders. So anyways it represents balance amount.
Prathmesh kharul
CA Foundation
★ 3K+
3
534
BRS
Accountancy
answered on 17-Apr-23 12:23
Sir in BRS Mr.X problem u said that some items after identifying requires Reconciliation and some other items rectification. I m confusing taking these words reconciliation and rectification what exactly it means please make this point clear to me in simple way.
latest answer
To summarize, reconciliation is the process of identifying differences or discrepancies, while rectification is the process of correcting or adjusting the accounting records to ensure that they are accurate.
Anil Raj
CA Foundation
★ 580
2
551
buyback
Accountancy
answered on 17-Apr-23 12:25
can we use sec premium a/c for transfer to crr (the nv of buyback of eq shares)?
latest answer
As per section 68 - The explanation to section mentions: For the purposes of this section, Free reserves includes securities premium account
Bhavya Kumar
CA Final
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3
443
Presentation
Accountancy
answered on 30-Apr-23 15:52
If gst outward liability is 1,00,000 and gst input has 80,000 The excess 20,000 is paid through cash Where this 20,000 is presented in financials? What about 1,00,000 & 80,000
latest answer
20,000 is the output tax liability and not expense. In case of purchase from Composition dealer, purchases will be accounted at invoice value. the seller will separately pay GST.
sasidhar cheboyina
CA Final
★ 100
4
457
Average due date
Accountancy
answered on 16-Apr-23 16:49
how that 6340 come
latest answer
2015 to 2018 would be 36 months right.
Saketh Reddy Kotla
CA Foundation
★ 21K+
3
632
Financial statements of banking companies
Accountancy
answered on 16-Apr-23 16:43
Can anyone tell me the new rates applicable for May 2023 Cainter Exams Cash reserve Ratio=4% of Net demand and Time liabilities SLR =23% Capital Adequacy ratio =9% Am I correct ?
latest answer
Slr and crr 18 and 4.5
M Naresh
CA Final
★ 3K+
1
547