Forums
Framework
Accountancy
answered on 02-Jan-23 09:21
A machine was acquired in exchange of an old machine and ` 20,000 paid in cash. The carrying amount of old machine was ` 2,00,000 whereas its fair value was ` 1,50,000 on the date of exchange. The historical cost of the new machine will be taken as (a) ` 2,00,000 (b) ` 1,70,000 (c) ` 2,20,000 How is historical cost came 170000 ?
latest answer
150000(fair value) + 20000(amount paid in cash) = 170000
Sushmita Chowdhury
CA Inter
★ 0
2
425
Framework chapter
Accountancy
answered on 31-Dec-22 22:43
Liabilities are recorded at the undiscounted amount of cash expected to be paid on settlement of liability in the normal course of business under: (a) Present value. (b) Realizable value (c) Current cost. ICAI mat answer given is (b) How & why
latest answer
Settlement value is the realisable value for a liability
Sushmita Chowdhury
CA Inter
★ 0
1
359
Exam
Accountancy
answered on 20-Jan-23 23:46
Easy chapters to prepare well in May 2023?
latest answer
To score 40-45 marks easily, cover the following thoroughly: Accounting Standards Hire Purchase Investment accounts Insurance claims These will give you a passing mark, but this is a very good scoring and will help you in your aggregate. So, try to cover all chapters. You may leave out some concepts which you feel very difficult, but atleast have an idea of each chapter.
Narra Thirupathaiah
CA Inter
★ 335
4
336
Cash flow statement
Accountancy
answered on 28-Dec-22 17:04
Please tell me why they have added O/s wages and expenses
latest answer
Yes it is operating but when it is payable means liability so increase in current liability therefore we add it
Dhakshana Dhakshana
CFA L2
★ 18K+
2
292
AS 14 - Can't find it !
Accountancy
answered on 27-Dec-22 12:29
For some reason I couldn't find the classes for AS 14 in my courses in Advanced Accounting tab
latest answer
It is covered in Amalgamation chapter in Without AS course.
RADHA MADHAV
CA Inter
★ 0
1
393
Redemption of preference shares
Accountancy
answered on 25-Dec-22 18:16
the following or extract from the balance sheet of ABC Ltd as on 31/12/20x1 Share capital 50,000 equity share capital of Rs.10, each fully paid up Rs.5,00,000 2000 10% redeemable preference shares of Rs.100 each fully paid up Rs.2,00,000 Reserves and surplus capital reserve Rs.2 lakhs general reserve Rs.2 lakhs profit and loss account Rs.75,000 On 1/01/20X2 the board of directors decided to redeem the preference shares at premium of 5% by utilisation of reserves You are required to prepare necessary journal entries, including cash transaction in the books of the Company Answer please
latest answer
Sorry.. I got it.. Thank you for helping us out sir!!..
Siva subramaniam M
CA Inter
★ 105
6
567
How to get 90+
Accountancy
answered on 28-Dec-22 20:30
Can anyone guide me how to get 90+ in both the accounts . I'm doing all the ISM, mtps, rtps, pyp of last three years only upto 2020 I'm giving my exams in may23 is it ok to score 90+ ?
latest answer
Ok
I DON'T KNOW!!! !!
CA Inter
★ 1K+
4
369
AS-2
Accountancy
answered on 23-Dec-22 08:06
As per AS 2 The RM will be valued at cost or Replacement Cost if the FG will be sold at below the cost of FG. Then in this question why the cost of raw material is considered because the FG is sold at 350 wheather 360 is the cost. The question is give in the image
latest answer
Yes. Replacement cost is an approximation of realisable value.
Snehashis Mohanty
CA Inter
★ 35
4
369
INVESTMENTS
Accountancy
answered on 23-Dec-22 14:47
What is the meaning for an asset is capital appreciation while we investing?
latest answer
appreciation means increase in value. It may be realised or unrealised. For PPE you follow guidance given under AS10 /Ind AS 16 for revaluation.
Kamal Kumar
CA Inter
★ 7K+
6
323
final accounts of non manufacturing entities
Accountancy
answered on 22-Dec-22 11:21
How can we calculate closing stock in this question?
latest answer
If stock = 100, Bank OD = 100 x 80% x 80% = 64 So 64 => 100 320000 => X Cross multiply 320000 x 100/64 =5,00,000
Ameena Yasmine PA
CA Inter
★ 3K+
4
461