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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
CA Inter
★ 3K+
1
358
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
CA Inter
★ 105
3
291
#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
CA Inter
★ 14K+
6
352
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
CA Final
★ 1K+
2
280
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
CA Foundation
★ 3K+
3
296
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
CA Final
★ 5K+
1
290
Illustration of chapter 2 accountancy
Accountancy
answered on 21-Sep-22 10:35
Sir you are only explaining concepts..you are not discussing illustrations....how will we understand all....we have paid money to understand all concepts.....so plz explain all.....explaining in short is not good for us...
latest answer
yes. key terms however shoudl be used
Vikas Patwari
CA Foundation
★ 3K+
7
321
Piece meal distribution HRC method
Accountancy
answered on 19-Sep-22 19:18
In the given question why there is a transfer of â?¹600 to P&L a/c, why only â?¹162 has been paid towards creditors. Why can't we pay total amount of creditors even though having adequate amount.
latest answer
Creditors were settled for 15900. There is already a payment of 15738 above and the balance 162 is paid later.
Naveen Kumar
CA Inter
★ 0
1
297
Amalgamation of companies
Accountancy
answered on 19-Sep-22 13:50
In illustration 11,why equity share is not calculated at premium but pref share value is taken at premium....
latest answer
Purchase consideration is calculated as per the net asset method (5,30,000). After considering payments to pref.shares by considering the premium (1,10,000), Balance of 4,20,000 is payable to equity share holders. face value-10 value of the share, including premium, is -10.5 so, total shates to be issued=4,20,000/10.5 40,000 shares of hari Ltd 40,000*0.5(premium per share)considered in B/s under R&surplus
Sri Yoga Vishwa. P
CA Final
★ 2K+
2
381
BRS
Accountancy
answered on 19-Sep-22 14:53
Please solve 7th point
latest answer
My pleasure. You can mark best answer if you feel so.
Harshita Tripathi
CA Inter
★ 2K+
3
804