Forums
CARO 2020 inventory verification
Accountancy
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
302
overriding preferential creditors in SOA
Accountancy
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
293
Accounts from incomplete records single entry
Accountancy
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
344
Amalgamation
Accountancy
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
369
change in accounting policy
Accountancy
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
607
Insurance Claim
Accountancy
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
★ 35
9
333
Insurance Claim
Accountancy
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
★ 35
1
286
What is capital profit and revenue profit
Accountancy
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
16K+
Expenses
Accountancy
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
416
ICAI Q2Chap admissio of partner in memorandum revaluation account first prepare memorandum account all all adjusted after balance in old psr it was come gain then be do apposited then new PSR COME 12 :8:5 LOSS 18700 12480 7800 IS IT COMPALSORY
Accountancy
answered on 25-Jan-23 09:23
To transfer loss in partner capital alc if nothing is mensation and Q silent so I transfer p/L or not
latest answer
Assume sacrifice ration is old psr.
R K
ACCA Skill
★ 9K+
2
271