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AS 7
Accountancy
answered on 31-Jan-23 11:23
May 2022 exam ( Ques 1 d ).... In suggested ans, it was given that ESTIMATED FURTHER COST is 17325 only.. how ? Why they are ignoring rs. 14000 there? Whether we need to take only progress payments received as future cost ??
latest answer
Progress payments are not cost.
kowselyaa G
CA Final
★ 2K+
2
559
Accounts
Accountancy
answered on 31-Jan-23 08:18
What is meant by stock in trade
latest answer
stock in trade means the finished goods which are ready to be sold in the business and not meant for the own consumption
Krishnan K
CA Inter
★ 5K+
5
440
Profit prior to incorporation
Accountancy
answered on 31-Jan-23 08:50
Interpretation i want
latest answer
hi it will be very helpful to you if draw the timeline and plot the information given (this will not form part of your main answer)
A M K
CA Inter
★ 2K+
7
537
Amalgamation
Accountancy
answered on 14-Feb-23 07:39
Illustration 8 Is the new debentures issued at discount or the old debentures discharged at discount?
latest answer
Yes only 95% will be given when new company settles it
Angel Maria Varghese
CA Final
★ 9K+
11
463
Recording of inventory
Accountancy
answered on 30-Jan-23 17:28
if firm purchase goods worth rs 1 crore from a company and the company supply the goods worth rs 1.05 crore as the firm is regular customer of the company so at which cost it is recorded ?
latest answer
Purchases Dr. 1 Cr To Bank 1 Cr.
Atharv Sankliya
CA Final
★ 3K+
14
604
Redemption of preference shares
Accountancy
answered on 30-Jan-23 16:26
Why Premium on redemption of Preference shares is written off out of Free Reserves ?
latest answer
CRR is created to safeguard the creditors. Premium on redemption is like a loss and hence debited to free reserves.
Anirved Rahatgaonkar
CA Inter
★ 0
6
505
Intangible asset
Accountancy
answered on 29-Jan-23 09:38
Goodwill (internally generated) cannot be recognised as intangible assets Goodwill (acquired) can be recognised as intangible assets Check whether the above statements are true? An intangible asset is an identifiable non monetary asset. Why it is called as identifiable non monetary asset though money can be raised by selling it?
latest answer
Refer to definition of non monetary in AS 11.
Krishnan K
CA Inter
★ 5K+
1
375
Can anyone explain the solution of this question?
Accountancy
answered on 29-Jan-23 08:35
My answer is not coming
latest answer
1.12.2005 : Opening Stock 50*44 2,200 2.12.2005 : Purchase 100*47 4700 Weighted average closing stock as on 2.12.2005 (2200+4700) / (50+100) 6900/150 = 46/unit Closing Stock on 2.12.2005 (100+50) * 46 = 6900 4.12.2005 Issued 50 units Closing stock 100*46 4600 units. ® 5.12.2005 Purchased 200 units @ 48 = 9600 Weighted average cost of inventory (9600+ 4600®) + (200+100) 14200/300 = 47.33 You have to consider the closing stock and value after issue of raw material as on 2.12.2005
Anshu Singh
CA Foundation
★ 0
1
562
Why we need Provision for Expenses Item?
Accountancy
answered on 31-Jan-23 12:06
"Provision for Staff Welfare," I notice in one question. I thought that provision is for Bad Debt , Income tax etc., to ensure Matching Concept. Then Why Need Provision for Staff Welfare, Staff Welfare Expenses Incurred and accounted in same year, there is no provision required to meet the Matching Concept!
latest answer
Sometimes to avoid huge expenditure which is contingent
Yogesh S
CA Final
★ 125
3
577
Sir Genral donasation example
Accountancy
answered on 30-Jan-23 09:38
5 ex
latest answer
Donation without any specific purpose. Like you donate money to a school without telling what is the money to be used for.
R K
ACCA Skill
★ 9K+
1
377