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Closing value of investment
Accountancy
answered on 14-Feb-23 12:28
If a company purchase a share of x ltd at rs 100 and during the year another share is purchased at rs 90 , no sale is occur ,FIFO method is used by company, market value at the end is 94 rs What will be the carrying value of investment
latest answer
Ok understood
Atharv Sankliya
CA Final
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305
As 1
Accountancy
answered on 30-Jan-23 16:29
Can u explain the 2nd part of this illustration?
latest answer
After sales expenses - like warranty. the company does not want to create a provision for this.
Kamal Kumar
CA Inter
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307
Advance accounting inter grp 2
Accountancy
answered on 26-Jan-23 08:53
I need to know how they distribute tha purchase consideration, because our 85500 partly to be distributed as cash and partly share Illustration 6 in module 1 , may 2021 onwards
latest answer
The amount partly paid as cash is the balancing figure from the cash and bank account.
Keerthi Sck
CA Final
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311
Pre and post incorporation
Accountancy
answered on 26-Jan-23 08:22
I have one doubt in ill7 icai model of pre and post incorporation chapter adjustment 3 bad debts recovery 7000 added in bad debts of 91000+7000 why add 7000 of recovery ??
latest answer
Till the year 20X1, we had Rs.7000 as bad debts. During the year 20X1 we recovered the bad debts of Rs.7000, so it is considered as Income and shown on the income side. The question says "Bad Debts after Adjusting the recovered Bad Debts is Rs.91000". Before recovery total Bad Debts are Rs.98000. We have the bad debts till 20X1 before the recovery so it should also be in the Bad Debts total amount.
Kruthika Ramesh
CA Inter
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4
333
Amalgamation
Accountancy
answered on 25-Jan-23 09:21
Difference between intrinsic value and market value
latest answer
Intrinsic is based on balance sheet. Market value is based on the price prevailing in market.
Krishnan K
CA Inter
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2
318
Single entry system - illustration 5
Accountancy
answered on 23-Jan-23 21:37
Can someone help me with creating and ledger for building account....... Am getting an addition value of Rs 8000 where as in books it is Rs.4000
latest answer
no problem brother
poco m2 pro
CA Inter
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274
Chapter-Buyback of shares Illust-4
Accountancy
answered on 24-Jan-23 09:17
Why securities premium used to adjust premium on redemption of preference shares?
latest answer
So when a company complies with Accounting Standards, it cannot use securities premium account to provide for premium. So the ideal entry should be to Debit to P&L and not securities premium account.
Vasu Naidu
CA Inter
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4
483
Functions of Accounting
Accountancy
answered on 26-Jan-23 18:18
It says that Accounting measures past performance and PRESENT financial position. Question is this , without preparing current period's Profit and Loss a/c, how can it measure PRESENT FINANCIAL position ? Please guide me
latest answer
It is true that Accounting measures past performance and PRESENT financial position. Past performance means the entity's performance in the past accounting year is reflected thought P & L. The P & L can be prepared only when the past period ends and it shows the performance of the entity in the past period. Present Financial Position refers to the current position of the entity through its Balance Sheet. It shows the entity's position as on a particular date. So, Past Performance - P & L Present Position - Balance Sheet And, it is true that Balance Sheet can be prepared only after the preparation of the P & L
Thankachan Jimmy
CMA Inter
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3
314
Managerial remuneration - account
Accountancy
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
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274
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+
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318