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change in accounting policy
Accountancy
answered on 23-Jan-23 19:58
change in accounting policy or introduction of new policy 1)creating a provision for doubtful debt which was not a practice in past 2)management decided to pay pension by a scheme which was not a practice in past
latest answer
Mentioned in As 5
Vamsi Krishna
CA Inter
★ 121K+
6
841
Insurance Claim
Accountancy
answered on 20-Jan-23 14:50
Why we are not considering the NP +ISC as GP while Calculating increase cost
latest answer
Yeah that is for calculation of gross profit. Gross profit on annual turnover means percentage of gross profit calculated. By NP+ ISC how will you compare that with annual turnover. So we consider GP rate
Snehashis Mohanty
CA Inter
★ 35
9
502
Insurance Claim
Accountancy
answered on 24-Jan-23 09:24
How could we consider 1l as reduction in turnover avoided because here our actual turnover is 1lakh and Reduction in turnover is 3 lakh so what we are not taking 3 lakh as reduction in turnover avoided?
latest answer
Reduction is 3 lakhs. Reduction avoided is 1 lakh.
Snehashis Mohanty
CA Inter
★ 35
1
404
What is capital profit and revenue profit
Accountancy
answered on 12-Jun-24 11:58
What is capital profit and revenue profit
latest answer
Capital Profit Definition: Capital profit is the profit earned from activities that are not part of the regular business operations. These profits are usually non-recurring and arise from transactions involving the capital structure of the business. Example: A company sells a piece of machinery that it no longer needs. If the machinery was purchased for ₹3,00,000 and it is sold for ₹4,00,000, the company makes a capital profit of ₹1,00,000. This profit is not part of the company's regular sales revenue from its core business activities. Revenue Profit Definition: Revenue profit is the profit generated from the regular business activities or operations. This type of profit is recurring and forms the core income for the business from its day-to-day activities. Example: A retail store buys goods for ₹2,00,000 and sells them for ₹3,00,000. The revenue profit is the difference between the sales revenue and the cost of goods sold, which is ₹1,00,000. This profit is part of the store's normal operations and contributes to its overall income from regular sales activities. In summary: Capital profit comes from non-recurring transactions involving the capital assets of a business, such as selling an old piece of equipment. Revenue profit comes from the regular, recurring operations of the business, such as selling merchandise in a retail store.
Atharv Sankliya
CA Final
★ 3K+
4
17K+
Expenses
Accountancy
answered on 20-Jan-23 10:32
What Are unamortised Expenses ? And Examples Of It ?
latest answer
Unamortised Expenses - Expenses incurred (whose benefit is beyond a single year) but the expenses is not yet charged to P&L
Shanmukh Vemuri
CMA Final
★ 5
2
678
ICAI Q2Chap admissio of partner in memorandum revaluation account first prepare memorandum account all all adjusted after balance in old psr it was come gain then be do apposited then new PSR COME 12 :8:5 LOSS 18700 12480 7800 IS IT COMPALSORY
Accountancy
answered on 25-Jan-23 09:23
To transfer loss in partner capital alc if nothing is mensation and Q silent so I transfer p/L or not
latest answer
Assume sacrifice ration is old psr.
R K
ACCA Skill
★ 9K+
2
416
Death of a partner
Accountancy
answered on 24-Jan-23 09:26
If in the question they had mentioned profit, goodwill, policy to be credited till the date of death that 30.9.2019, how would the working notes be different? Can you show it pls?
latest answer
You would have calculated profits proportionately till 30-Sep.
Vedant Vijay
CA Foundation
★ 1K+
3
527
Single entry
Accountancy
answered on 18-Jan-23 18:20
Why amount stolen in may 21 has been added
latest answer
It is stolen from his house...it might be cash drawings made for personal expenses and that cash has been stolen...i don't know correctly but i think it is treated as personal and is added to capital.
Aditya Shivam
CA Inter
★ 0
1
518
Advance accounts - ESOp
Accountancy
answered on 21-Jan-23 21:40
Check whether my answer is correct or incorrect? I attached the question and answer below Please reply
latest answer
On 30 June, you have to debit esop outstanding ac instead of emp cost.
Krishnan K
CA Inter
★ 5K+
5
425
Capital VS deferred revenue expenditure
Accountancy
answered on 20-Jan-23 22:38
The benefit of which expenditure is not exhausted within a year it is incurred and is extended to future years. State it.
latest answer
Deferred revenue expenditure
Dova Shaji
CA Inter
★ 520
5
1K+