P/L pre and post incorporation

answered on 20-Nov-22 15:26

1)Why do we differentiate between P/L pre or post incorporation (afterall we just want to know P/L of whole year, so why to find pre and post) 2)And why do we have seperate treatment for P/L pre incorporation(as given in below picture),why it can't be treated as normal P/L(like post incorp P/L)?

latest answer

Ok got it thanks

Garima Bhargava

CA Inter

★ 185

9

343

Inventories ca foundation

answered on 17-Nov-22 21:48

Is adjusted selling price method important in inventories ca foundation? Should I leave that?

latest answer

But it is advisable not to leave that topic..... In exam point of view

Prasoon Tiwari

CA Inter

★ 22K+

4

294

Inventories

answered on 17-Nov-22 15:36

Which method to use to find closing stock in inventories if nothing is specified in question??

latest answer

Without mentioning which method is to be followed questions won't be there in study material , if it is then follow FIFO method

Prasoon Tiwari

CA Inter

★ 22K+

1

264

Admission of partner

answered on 21-Nov-22 09:33

In this question , they clearly mentioned that incomming partner will pay 15000 for premium of goodwill. But still sir solved by debiting incomming partner capital a/c for goodwill journal entry instead of cash a/c . Which a/c should be debited for goodwill journal entry . Doubt raised bcoz " pay " clear means cash right ?

latest answer

The total amount brought in by new partner is credited to capital account. The goodwill is debited to new partner and credited to old partners. If old partners withdraw, then debit old partners and credit cash.

akhil shihab

CMA Inter

★ 25

7

283

Format Closing stock on Consignment a/c

answered on 17-Nov-22 12:27

Please explain what are the items to be calculated while computing closing stock on consignment a/c and what not to be taken

latest answer

Closing inventory should be at cost...so,it should be deducted from profit on sales( if it is not at cost), it should be added with direct exprenses

Anitha V K

CA Inter

★ 4K+

1

232

Partnership accounts

answered on 18-Nov-22 13:30

What's difference between partners capital a/c and current a/c

latest answer

Thank you

Harshita Tripathi

CA Inter

★ 2K+

2

236

Admission of partnership

answered on 17-Nov-22 08:42

In this question, it is mentioned that - on revaluating the assets the value of plant and machinery is reduced to 15000 , so the depreciated value should be 5000. But in the video , sir debited entire 15000 in revaluation acc . If they mentioned " by 15000 " only we should debit 15k in revaluation account right ?

latest answer

Thank u yamuna

akhil shihab

CMA Inter

★ 25

2

273

Insurance claim for loss of profit policy

answered on 17-Nov-22 11:04

Suppose indemnity period is 6 months We need to suggest policy amt if: Turnover of previous t financial year is 450000 and standing charges in last fin yr is 90k. Net profit earned last year is 10% of turnover and same is expected in subsequent year . Inc in turnover by 25% Additional exp-31250. Can someone solve this q n send soln pls

latest answer

Full adjusted turnover

SANSKRITI BADRI 2111339

CA Final

★ 3K+

4

260

Partnership Accounts

answered on 16-Nov-22 14:50

In this question, why they are involving drawings account for paying salary and rent? How this logic works?

latest answer

Basically it is routed throught drawings account instead of capital account. Ultimately all capital accounts, current accounts and drawing accounts are partner's personal account.

Naresh Sundar

CA Inter

★ 2K+

3

260

Branch accounts

answered on 16-Nov-22 11:22

Why branch profits is merged with HO as whole. Although they are independent branches? Illustration 11

latest answer

What is the question?

Sugam SM

CA Foundation

★ 9K+

3

221