AS 1

answered on 02-Nov-22 08:59

X & Co. a partnership firm has prepared its books of accounts on cash basis. Comment. Will your answer change, if the entity is a company i.e.,X Ltd.

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https://youtu.be/SBz6fh6rFJI

Mahendar Peraboina

CA Inter

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275

#8 Question of the day (Accounts)

answered on 31-Oct-22 22:23

M/s. Dayal Transport Company purchased 10 trucks @ Rs. 50,00,000 each on 1st July 2017. On 1st October, 2019, one of the trucks is involved in an accident and is completely destroyed and Rs. 35,00,000 is received from the insurance in full settlement. On the same date, another truck is purchased by the company for the sum of Rs. 60,00,000. The company writes off 20% of the original cost per annum. The company observes the calendar year as its financial year. Give the motor truck account for two years ending 31st December, 2020

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Correct Answer

Sudha Reddy

CA Final

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1

4K+

Small doubt

answered on 31-Oct-22 09:27

Can anyone explain explain the point of iii part in question no 01.......

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look at b) under exception of cost of inventory...it says storage cost shouldn't be included

Balachandar S

CA Inter

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337

Bill of exchange

answered on 31-Oct-22 00:01

What does point ii) under notes mean...why is that given here...how is that related to BOE

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Got it ... thanks

Yamuna S

CA Inter

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399

Average due date

answered on 31-Oct-22 15:13

Why interest has to be calculated here.

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Ok sir, understood. Thank you

Vijay K

CA Inter

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Small doubt

answered on 31-Oct-22 08:56

Can anyone explain the 4 th point with clear explanation.... And 8 th point by also..... Which is given in below image .....

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Yes

Balachandar S

CA Inter

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277

Gp ratio

answered on 31-Oct-22 10:30

How to calculate the invoice price and gp ratio

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Ok

Shankari C

CA Inter

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3

275

Introduction to partnership

answered on 31-Oct-22 16:34

Please solve the 8th one

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8) Option A

Vedant Vijay

CA Foundation

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280

dividend

answered on 30-Oct-22 19:01

pre acquisition dividend should be reduced from the cost of investments ?

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I GOT IT THANKS

Shankari C

CA Inter

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3

248

Branch accounts

answered on 31-Oct-22 21:07

What is this excess? I didn't understand it properly. Excess of sale of 2000

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Okay sir I got it. That extra 2000 is bcz we had stock of 270000-48000( closing)= 222000 which is cost of goods sold. But sales is of 224000.

Sugam SM

CA Foundation

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386