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Lease deed - AS

Accountancy

answered on 20-Sep-22 21:09

The business of the company is renting of space It enters in lease deed and then rents the place and nake rental income 1. If some renovation expenses on the leased premises are incurred, how do we account for it? 2. And if the premises are not yet ready to be lent, can I capitalise the expenses like Salary, professional fees and consulting fees, audit fees etc?

latest answer

1. renovation expenses if capital - capitalise else charge off to revenue. 2. You cannot capitalise such expenses.

Seemran Singh

Seemran Singh

CA Final

4K+

1

253

AS 4

Accountancy

answered on 20-Sep-22 21:05

Is interim dividend an adjusting event.

latest answer

Okay Sir

Swetha S

Swetha S

CA Inter

15K+

2

278

Redemption of Preference Shares

Accountancy

answered on 20-Sep-22 21:09

In Illustration 9: Value of Profit and Loss Account is Not Given. And the Journal Entries for Premium on Redemption of Preference Shares and CRR are done using General Reserve which I think technically dont follow Indian Companies Act. Comment on this.

latest answer

Thankyou sir. I will practice it well now.

A B

A B

CA Inter

105

3

422

Doubt on partnership

Accountancy

answered on 20-Sep-22 20:59

In illustration 5 , it It is given that in place of the retiring partner a new partner would come D â?¦shouldnâ??t Bâ??s share of goodwill be given to D?

latest answer

D is new partner, so D has to contribute towards goodwill.

sradha krishna sunil

sradha krishna sunil

CA Final

5K+

1

253

Advanced Accounting RTP May 22 - Sale of partnership

Accountancy

answered on 20-Sep-22 20:06

How is amount of combined drawings arrived at? shouldnt it be Half of profits earning during the period =13500 /2 = 6750 ?

latest answer

They withdraw half the profits earned together And then share it equally

Sivapriya Kamath

Sivapriya Kamath

CA Inter

3K+

1

272

Redemption of Preference Shares

Accountancy

answered on 20-Sep-22 16:58

In Illustration 5: As Per Marked Arrow; X Ltd has to issue minimum equity share at Rs.50 (i.e., at par). I understood how the value of 37,500 derived in two Journal Entries I marked. But I have a doubt that this why they have used Share Application Account? They should use Bank A/c Dr to Equity Share Capital A/c as its Fresh Issue of Share Capital for the purpose of redemption

latest answer

We will look into it. Thanks for highlightin

A B

A B

CA Inter

105

3

217

#39: Question for the day (Adv. Accounting)

Accountancy

answered on 21-Sep-22 10:12

Write the answer on a sheet as you would write in the exam and send the photo by 8 pm. #LetsPractice Om Ltd. has its share capital divided into Equity Shares of Rs. 10 each. On 1st April 2020, the company offered 250 shares to each of its 520 employees at Rs. 60 per share, when the market price was Rs. 150 per share. The options were to be exercised between 01-03-2021 to 31-03-2021. 410 employees accepted the offer and paid Rs. 60 per share on purchased shares and the remaining options lapsed. You are required to show Journal Entries (with narrations) as would appear in the books of Om Ltd. for the year ended 31st March 2021 with regard to employee stock options. (5 Marks)

latest answer

Tq sir

Sahibdeep Singh

Sahibdeep Singh

CA Inter

14K+

6

299

Liquidation Of Companies

Accountancy

answered on 21-Sep-22 01:06

In this sum arrears of dividend on preference shares is not paid

latest answer

But in the question, preference dividend is given so we should pay it

Harsh Mittal

Harsh Mittal

CA Final

1K+

2

242

Chapter 1 ...unit 3

Accountancy

answered on 19-Sep-22 21:25

Chapter 1 unit 3 is accounting terminology which is not there plz put the video

latest answer

If you have any questions post it here i will try to sort out.....

Vikas Patwari

Vikas Patwari

CA Foundation

3K+

3

256

Doubt on retirement illustration 3

Accountancy

answered on 19-Sep-22 20:46

For this question , for the (i) part instead of passing 3 different entries , can we just pass one adjustment entry ?

latest answer

Yes, as long as you give this working note in the exam you can pass the combined entry. Also the firm column need not be prepared.

sradha krishna sunil

sradha krishna sunil

CA Final

5K+

1

250

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