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Partnership sale to company illu 6 and 9
Accountancy
answered on 06-Mar-23 17:36
The illustration 6 and 9 are somewhat the similar but in the partners capital account of iilu 6 in the balance c/d on 29.6.2 the cutrent year profit and drawing is not adjusted it is adjusted later.but in illu 9 the bal c/d is after adjustment of current year profit. I have underlined the partners capital ac in pink where i have doubt
latest answer
You can adjust it either ways. Appropriate treatment is to use P&L appropriation account.
Gauri Shete
CA Final
★ 5K+
3
455
Theoretical Accounting
Accountancy
answered on 07-Mar-23 15:46
taking machine in rent is capital or revenue expenditure
latest answer
In CA Inter & CA Final you will understand cases where rent payments are also capitalised and shown on balance sheet. These are advanced level concepts.
Rohan Kumar
CA Foundation
★ 5
4
364
AS 5
Accountancy
answered on 06-Mar-23 16:41
How point no. 9 considered as Prior period item ?
latest answer
to add Correction of accounting errors: Errors in accounting, such as incorrect recognition of revenue or expenses, may be discovered during a subsequent period. These errors may have impacted the financial statements of one or more prior periods and will need to be adjusted in the current period's financial statements as a prior period item. i think the error is this type
Prethivi Rajan
CA Final
★ 9K+
3
466
Expenses incurred to sale PPE
Accountancy
answered on 07-Mar-23 21:42
Expenses incurred to sale PPE is recorded in p&l account or adjusted from asset account by crediting assets account?
latest answer
Asset disposal account.
Atharv Sankliya
CA Final
★ 3K+
5
583
Amalgamation in the nature of merger
Accountancy
answered on 06-Mar-23 00:13
In book back question 1, 2nd Journal entry , they have credited profit &loss A/c . But, capital reserve is supposed to be credited . Is it wrong Sir as mentioned in book Sir?
latest answer
Thank you Sir.
Dhivyaa Latha
CA Inter
★ 4K+
2
737
Amalgamation
Accountancy
answered on 05-Mar-23 19:56
In this question, why will it not be considered as Amalgamation in the nature of merger ?
latest answer
Thank you Sir
Dhivyaa Latha
CA Inter
★ 4K+
2
422
Pronouncement
Accountancy
answered on 07-Mar-23 15:54
What are these accounting pronouncements? Should we read those or just leave it...
latest answer
If you are studying for the first time and have time, you can read them once. It broadens your understanding. Otherwise leave it for now.
Vijay K
CA Inter
★ 9K+
8
403
Hirepurchase
Accountancy
answered on 07-Mar-23 16:08
There is no single problem in our material relating to journal entries in books of hire vendor
latest answer
Ok thank you sir
pullagorla sivaram
CA Inter
★ 5
2
384
Investment accounts
Accountancy
answered on 05-Mar-23 14:06
How do you get to know what to write in heading column of investment accoun, sometimes its no. Of share and ammount, sometimes its cost and nominal value, how do you figure this out?
latest answer
happy to see it is helpful
disha sharma
CA Inter
★ 1K+
4
408
Partnership Accounting
Accountancy
answered on 07-Mar-23 16:03
How can we calculate average capital employed in this question?
latest answer
Calculate opening capital based on profits and drawings. You can do it on a total basis.
Ameena Yasmine PA
CA Inter
★ 3K+
1
461