My honourable Suraj lakhotia sir plse check me

answered on 16-Aug-22 09:51

For an example : If the Raw material cost is RS 500 on this raw material partly maked some goods that worth is RS 600 ( finished goods) ..here I have to value which value ??? The market price of material is RS 450 Here which price I have to valuation of inventories.. Replacement cost when I have to use?? Plse guide me

latest answer

Yes - if FG are expected to be sold below cost.

MPR Sanjay Kumar

CA Inter

★ 490

3

334

Bank Reconciliation Statement

answered on 13-Aug-22 17:59

What is the meaning of credit side of bank column cast short What is the effect on cash book

latest answer

Bank is a real account so " Debit what comes in " and " Credit what goes out" ......in bank statement debit represents all incomes and receipt ..credit side is all expenses payment

Rishi jain

CA Inter

★ 1K+

4

271

Please explain me

answered on 16-Aug-22 10:04

Could you please explain me this short clearly my dear friends

latest answer

Thank you so much my honourable CA sir

MPR Sanjay Kumar

CA Inter

★ 490

5

220

Profit or loss pre and post incorporation

answered on 13-Aug-22 21:57

When both date of incorporation and date of commencement of business given. Which one will be considered ?

latest answer

My honourable sir ,I watched the link video

Surya Ravi

CA Final

★ 3K+

3

290

Financial statement of a company

answered on 13-Aug-22 14:03

In illustration 1 of icai material why is debenture interstellar not shown in current liability in the balance sheet

latest answer

interest in tb means both expense and payment entry is done.

Shriram Ravichandran

ACCA Skill

★ 2K+

4

309

AS-16

answered on 13-Aug-22 14:07

If they ask compute borrowing costs and exchange difference for the loan taken and then we calculate and find some amount which should be treated as per AS-11, should we do it or write it should be treated as per AS-11

latest answer

So we need to combine both the As and provide soln. Okay sir!

Sugam SM

CA Foundation

★ 9K+

6

384

Entry

answered on 13-Aug-22 11:06

Goods of selling price rs 1500 were distributed as free sample. It is our practice to charge 20% on selling price........entry???

latest answer

Advertisement account. Dr. 1200 To Purchases account. 1200

Shruti ghosalkar

CA Foundation

★ 0

3

278

Entry

answered on 13-Aug-22 11:10

Goods of the selling price rs 3300 are stolen. It is our practice to charge 10% on cost price.

latest answer

Goods lost by theft A/c Dr. 3000 To Purchases A/c 3000 3,300*100/110

Shruti ghosalkar

CA Foundation

★ 0

3

258

Plse tell IAM I correct or not

answered on 12-Aug-22 20:38

As per as2 valuation of inventories the measurement of cost for raw material is at cost or replacement cost which ever is lower I am a correct or not? For working progress and finished goods need a realisable value or lower of cost whichever is lower..

latest answer

If you are valuing Finished Goods at "cost" , then RM which is in the finished goods should be valued at "cost" and WIP also same should be valued at "cost" If you are valuing Finished Goods at "NRV", then RM which is in the finished goods should be valued at "Replacement cost" and WIP should be valued at NRV.

MPR Sanjay Kumar

CA Inter

★ 490

11

303

Doubt

answered on 16-Aug-22 10:24

Good of the sp rs 4000 are lost by fire and insurance co. Admitted 60% of claim. It is our practice to charge 20% on selling price.....entry for this??

latest answer

Thank u sir!!

Shruti ghosalkar

CA Foundation

★ 0

8

329