Answer with explanation

answered on 03-Aug-22 22:56

Rectify

latest answer

credit supplier A/C by Rs.500 to reverse the wrong effect of debiting instead of crediting

Priyamvatha Parthasarathy

CA Foundation

★ 5K+

3

288

AS 17

answered on 06-Aug-22 09:53

Whether Non cash expenses like depreciation, amortization is included in the segment result?

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If a particular item of depreciation or amortization is included in segment expense(the expense resulting from the operating activities of segment that is directly attributable to the segment ). then these expenses are included in segment result (segment result =segment revenue - segment expense )

Sri Yoga Vishwa. P

CA Final

★ 2K+

1

299

Profit and Loss prior to Incorporation

answered on 03-Aug-22 10:21

What is the logic behind these entries

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These are memorandum entries to keep a track of collection. One aspect represents receivable from debtor and second aspect reflects payable to the previous owners.

Subramanyam N

CA Inter

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1

331

Basic question

answered on 04-Aug-22 09:59

As I am little bit confuse in basics please try to solve my problem. Is these 2 entries are interrelated or not and if yes please elaborate

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Why cash twice?

Samarth Kshatriya

CA Inter

★ 1K+

17

312

Why different methods of depreciation is used

answered on 03-Aug-22 15:28

Why different methods of depreciation is used ??

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Depreciation reflects the consumption pattern of a depreciable asset. Each asset may have a different pattern and hence different methods. For e.g. Mobile usage and depreciation would be different from that of a Fridge.

Atharv Sankliya

CA Final

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4

283

Depreciation

answered on 02-Aug-22 22:33

Why is provision of depreciation account opened?

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Many companies want to show their assets at book value . They create a provision for depreciation instead of reducing it from the asset.

Jensy Devadhas

CA Foundation

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3

268

AS 2 valuation of inventories

answered on 02-Aug-22 17:07

Please explain this illustration problem of accounting standard 2 I need solution please my dear friends

latest answer

Thank you so much my dear friend..

MPR Sanjay Kumar

CA Inter

★ 490

2

303

AS-2

answered on 02-Aug-22 09:36

Need explanation with example This standard does not apply to Work in progress arising in the ordinary course of business of service provider

latest answer

AS-2 doesn't apply to the Work in Progress (WIP)means service which are partially provided during the end of the financial year

Nikita Rajpurohit

CA Inter

★ 0

2

252

#1 Inter: Question of the day (Group 1)

answered on 03-Aug-22 16:57

Answer till 5pm. Let's see how many get it right. Nalanda University has received the following Grants during a year â?? (a) From Ministry of Human Resources to be used for AIDS Research â?? Rs 45, 00,000, which includes Rs 3, 00,000 to cover Indirect Expenses incurred in administering the Grant. (b) From a Reputed Trust to be used to set up a Centre to conduct seminars on AIDS related matters from time to time â??Rs 35, 00,000. (c) Donations from a wellâ??wisher â?? Rs 5, 00,000 worth of equipments to be used for AIDS Research. During the year, the University spent Rs 32, 25,000 of the Government Grant and incurred Rs 3,00,000 as Overhead Expenses. Rs 28, 00,000 were spent from the Grant received from the Trust. Show the necessary Journal Entries.

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Tq sir

Sahibdeep Singh

CA Inter

★ 14K+

13

1K+

Buyback illu 5

answered on 01-Aug-22 10:50

Please tell me where am I going wrong.I just applied the concepts but the answer coming out is not correct.

latest answer

It is not a free reserve. So you need to reduce from free reserves.

Gauri Shete

CA Final

★ 4K+

7

301