Not sure about the calculation Bal c/d

answered 2 days ago

Anyone can please confirm Balance C/d amount ₹ 2,59,740. It's looks like typing error.

latest answer

Got it, Thank you for response 🙏

Samarendra Patasani

CMA Inter

★ 0

5

49

AS 7 Construction Contracts

answered 2 days ago

How come the answer is (d) for the MCQ no. 2

latest answer

There is expected loss as well

Shaviri Reddy

CA Inter

★ 380

1

37

AS7

answered 2 days ago

How did we get 36L in sub division 2 of the illsn

latest answer

pls share your working

Shruthi Nachammai

CA Inter

★ 4K+

3

53

AS 7

answered on 14-Apr-24 22:58

How to solve this illustration question. Pls someone send the workings

latest answer

Mari consideration emi ledha

Shruthi Nachammai

CA Inter

★ 4K+

8

53

Lease

answered 2 days ago

How to find out the Principal amount and Finance charge??

latest answer

pls share question

Laxmi Devi Suresh

CA Inter

★ 14K+

1

36

Amount Due To/From Contract Customer

answered 2 days ago

Hi sir, hope you're well For calculating amount due to/from the customer, why do we take contract costs rather than contract revenue? Since it is the revenue only that is falling due from customer Thanks

latest answer

Profit element takes care of the revenue part. Basically Cost + Profit = Revenue

Devaprasad Jothimani

CA Inter

★ 0

1

37

Recognition of Estimated Construction Contract Losses Immediately

answered on 12-Apr-24 17:01

Hi sir, hope you're well Since we recognize estimated losses immediately, and we recognize the costs and revenues of subsequent periods also, won't we be doing double-counting? Since the loss is being recognized effectively in two periods. Thanks

latest answer

Expenses are recognised on a cumulative basis. Cumulative expenses incurred - Cumulative expenses recognised

Devaprasad Jothimani

CA Inter

★ 0

1

28

Conditions for Contract's Outcome being Reliably Estimatable

answered 2 days ago

Hi sir, hope you're well Why are the conditions for a contract's outcome being reliably estimatable, different for fixed price and cost plus contracts?

latest answer

Revenue would vary for cost plus contract.

Devaprasad Jothimani

CA Inter

★ 0

1

31

Initial Recognition of Finance Lease by Lessor

answered 2 days ago

Hi sir, hope you're well In lessee's POV, we capitalize asset at lower of FV and PV of MLP. Why do we straight away take net investment as capitalized value here for lessor? Thanks

latest answer

For the lessor the net investment in lease captures all the present values of future benefits.

Devaprasad Jothimani

CA Inter

★ 0

1

27

AS 12

answered 2 days ago

Illustration 4, b) how come the salary expense account got credited...

latest answer

In real life expense account can have a credit balance.

Vijay K

CA Inter

★ 9K+

3

47