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Company Accounts CMA paper 12
Accountancy
answered on 21-Nov-22 09:30
Hello Guys, just a quick question; in problem on beautiful co part 4 we forfeit the shares and reissue and finally arrive at the bal sheet. Since we I didn't reissue the forfeited shares at a discount, why is the price still taken as Rs.10? It should be Rs.8 right? Also we didn't forfeit the entire amount but is taken as Rs.10.. Can someone shed some light on this for me please?
latest answer
Share capital is always credited at face value. Hence 10 is taken.
Sri Murthy
CMA Inter
★ 0
9
306
P/L pre and post incorporation
Accountancy
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
465
Inventories ca foundation
Accountancy
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
350
Inventories
Accountancy
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
318
Admission of partner
Accountancy
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
367
Format Closing stock on Consignment a/c
Accountancy
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
282
Partnership accounts
Accountancy
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
314
Admission of partnership
Accountancy
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
357
Insurance claim for loss of profit policy
Accountancy
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
343
Partnership Accounts
Accountancy
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
316