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Changes in study material
Accountancy
answered on 01-Sep-22 17:01
What are the changes in 2021 study material over 2020 material in advanced accounting for ch 4,5,6,7?
latest answer
You can refer the latest study material available
Pushkala S
CA Final
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365
What is interest accrued and not due?
Accountancy
answered on 02-Sep-22 16:17
Here I am confused in this adjustment
latest answer
142500 is loan payable - long term Interest payable - short term - shown separatelyÂ
Sugam SM
CA Final
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6
546
Liquidation of companies
Accountancy
answered on 02-Sep-22 15:53
How do we know sd we give interest on debentures and preference dividend..
latest answer
In case of debentures in question it will be clearly mentioned that some 8% debentures are brought. So this 8% is interest rate. And they will clearly mention that interest is paid annually or semi annually
Shru Kanda
CA Inter
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2
304
Doubt
Accountancy
answered on 01-Sep-22 06:55
In unit 1 u have started saying accounting standards but went on saying accounting policies only. Where exactly we get accounting standards meaning? Or is it completely accounting policies only in this unit 1.
latest answer
See in accs You can find out the meaning of As in unit 8 And accounting policies in the unit of 06
Anil Raj
CA Foundation
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2
358
Doubt
Accountancy
answered on 02-Sep-22 16:22
In unit 1 tat is Accounting policies background u said fifo method and another one that went out of my mind sir plz clear those words or else give me any other examples
latest answer
You will understand FIFO and LIFO in INventory chapter.
Anil Raj
CA Foundation
★ 580
3
329
BRS
Accountancy
answered on 01-Sep-22 09:56
As per 5th adjusted cash book we have given twice debit in cash book, so it should be gone to credit side of passbook , as we have given debit balance of pass book it should be substracted from original balance, but
latest answer
You have to add to passbook since it is high in cash book and low in passbook.
Samarth Kshatriya
CA Inter
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7
473
Calculation Ratio how ????
Accountancy
answered on 01-Sep-22 10:56
Dear friends could you please explain me the total rupees 240 at the ratio of 1:6 how it was allocated and calculator please I need working
latest answer
Thanks
MPR Sanjay Kumar
CA Inter
★ 530
7
344
DEPARTMENTAL ACCOUNTS
Accountancy
answered on 30-Aug-22 08:54
Can anyone explain me the adjustment of rs.1000(marked down value)
latest answer
Thanks a lot
theee k
CA Final
★ 435
3
353
AS 10
Accountancy
answered on 29-Aug-22 16:40
Does Inverter comes under PPE as per AS 10 for a person trading in Jewellery ?
latest answer
Thank you Sir
Avasarala Vivek Aditya
CA Inter
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2
297
#23: Question for the day (Inter - Group I)
Accountancy
answered on 30-Aug-22 09:47
Write the answer in a sheet as you would write in exam and send photo by 8pm. #LetsPractice HIL Ltd. was making provision for non-moving stocks based on no issues having occurred for the last 12 months upto 31.03.2021. The company now wants to change it and make provision based on technical evaluation during the year ending 31.03.2022. Total value of stock on 31.3.22 is Rs. 120 lakhs. Provision required based on technical evaluation amounts Rs. 3.00 lakhs. However, provision required based on 12 months (no issues) is Rs. 4.00 lakhs. You are required to discuss the following points in the light of Accounting Standard (AS)-1: (i) Does this amount to change in accounting policy? (ii) Can the company change the method of accounting? (iii) Explain how it will be disclosed in the annual accounts of HIL Ltd. for the year 2021-22.
latest answer
Correct answer: (i) The decision of making provision for non-moving inventories on the basis of technical evaluation does not amount to change in accounting policy. Accounting policy of a company may require that provision for non-moving inventories should be made but the basis for making provision will not constitute accounting policy. (ii) The method of estimating the amount of provision may be changed in case a more prudent estimate can be made. In the given case, considering the total value of inventory, the change in the amount of required provision of non-moving inventory from Rs. 4 lakhs to Rs. 3 lakhs is also not material. (iii) The disclosure can be made for such change in the following lines by way of notes to the accounts in the annual accounts of HIL Ltd. for the year 2021-22 in the following manner: 'The company has provided for non-moving inventories on the basis of technical evaluation unlike preceding years. Had the same method been followed as in the previous year, the profit for the year and the value of net assets at the end of the year would have been lower by Rs. 1 lakh.'
Sahibdeep Singh
CA Inter
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