Forums
Closing stock
Accountancy
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
394
Spoiled food,fruits, vegetables - normal loss ?
Accountancy
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
363
Insurance claims
Accountancy
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
376
Entries
Accountancy
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
337
Process account
Accountancy
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
342
Freight/carriage charges
Accountancy
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
348
Departmental accounts
Accountancy
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
419
Inventory
Accountancy
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
359
DEPARTMENTAL ACCOUNTS
Accountancy
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
384
Bonus or right issue
Accountancy
answered on 23-Feb-23 17:30
If in the qn has given eg:bonus shares was allotted in the ratio 1:1..my doubt was the 1st one is held or issue??
latest answer
1:1 - 1 for 1 held (existing) 1:2 - 1 for 2 held (existing)
Prasanna Ram
CA Inter
★ 0
3
367