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Withdrawal of goods for personal use
Accountancy
answered on 21-Sep-22 17:33
If an owner withdraws goods for his personal use, the book says to credit just purchases, but what about the direct expenses incurred on those goods like freight inwards and wages? How do we incorporate these things in our journal entry? What would be the entry that we would pass?
latest answer
Really a great question bro. Also proud to study at an institution which not just says but also proves again and again #Studentfirst. @Suraj sir
MS Kishore
CA Inter
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2
862
Retirement doubt
Accountancy
answered on 21-Sep-22 17:25
Why do we pass that entry to all partners capital on maturity?
latest answer
Just for clarity, that even if it isn't a joint life policy but separate policies the proceeds will be shared among all partners only.
sradha krishna sunil
CA Final
★ 5K+
3
398
Capital expenditure
Accountancy
answered on 21-Sep-22 13:25
1- how expense incurred by firm to sell fixed assets is recorded in the books of accounts ? 2- a firm incurred a cost to demolish its building to construct a new bigger building so does the expenses for demolishing is capital expenditure??
latest answer
Hello, 1. Usually you prepare a separate account called asset disposal A/c, debit the asset and expenses to it, Credit the accumulated depreciation and sales proceed to it and finally arrive at profit/loss from sale which will be transferred to P&L. 2. Yes, such expenses will form part of the cost of asset.
Atharv Sankliya
CA Final
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1
467
Buy - Back Of Securities And Equity Shares With Differential Rights
Accountancy
answered on 21-Sep-22 15:10
Amount to be transferred to Capital Redemption Reserve A/C should be 500
latest answer
Thank you
Harsh Mittal
CA Final
★ 1K+
2
608
Merger and Amalgamation
Accountancy
answered on 21-Sep-22 17:16
Can anyone help in difference between Merger and Amalgamation? Thank you.
latest answer
Merger is generally used in cases where an the merging company loses its identity. For e.g. Merger of ING Vysya bank with Kotak. Howerever there is no hard and fast rule.
Rajasekaran Suresh
CA Inter
★ 495
4
596
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
CA Final
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1
462
AS 4
Accountancy
answered on 20-Sep-22 21:05
Is interim dividend an adjusting event.
latest answer
Okay Sir
Swetha S
CA Inter
★ 15K+
2
461
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
CA Inter
★ 105
3
892
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
CA Final
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1
443
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
600