Forums
Pre and Post incorporation
Accountancy
answered on 24-Aug-22 15:13
In this sum, date of incorporation and certificate of commencement of business given. 1)Which date we have to consider ? And 2) can you please tell time ratio for this sum ?
latest answer
we should take date of incorporate that is 1.8.2021 and time ratio is 1:2
Surya Ravi
CA Final
★ 4K+
5
414
I need a solution please help me
Accountancy
answered on 24-Aug-22 21:21
Friends could you please give me a solution working notes for this sum...
latest answer
Mm
MPR Sanjay Kumar
CA Inter
★ 530
25
496
Insurance premium account
Accountancy
answered on 24-Aug-22 20:26
Is insurance premium account is a personal, real or nominal account
latest answer
it depends as if: 1.the premium account is paid for year with no surplus payment then it is a nominal account and will come into profit and loss account 2.the premium is paid earlier i.e. prepaid then the prepaid amount will be treated as real account as asset as the utilisation of that premium is going to happen in the future accounting period
Jaya Jaya
CA Inter
★ 165
6
511
ESOP
Accountancy
answered on 23-Aug-22 17:22
unvested option lapsed on which till date expenses recognized to be transferred to general reserve in illustration 6, but different treatment in illustration 5?why?
latest answer
Okay sir
Ragul Periyasamy
CA Final
★ 3K+
2
364
.
Accountancy
answered on 23-Aug-22 16:40
Hlo sir i completed upto trial balance in accounts so now can i listen final accounts or I should follow chapter wise which one is better?
latest answer
Ok
Vamshi Kumar
CA Final
★ 1K+
4
379
Partnership dissolution
Accountancy
answered on 23-Aug-22 15:13
What is realization A/c ? , For what it is prepared ?
latest answer
bro ***Realization Account is prepared at the time of dissolution of a partnership firm. This account is prepared to know the profit made or loss incurred at the time of dissolution of a firm. *** All the assets except cash and bank a/c are transferred to the debit side of realization account and liabilities (not capital accounts) are transferred to the credit side of realization account. When assets are sold cash/bank A/c is debited and Realization A/c credited. *** On settling the liabilities Realization A/c is debited and Cash/Bank A/c is credited. In last if total of credit side exceeds debit side, it means there is profit and that is transferred to partner's capital accounts. In case of loss, the partners' capital accounts are debited and Realization A/c credited.
Bachina Vignesh
CA Inter
★ 7K+
2
787
Doubt Regarding SLR and CRR
Accountancy
answered on 03-Nov-22 12:48
What are the applicable CRR, SLR rates for Nov 2022 exams
latest answer
4% CRR and 18% SLR
Naman trivedi
CFA L1
★ 55
3
1K+
#17: Question for the day (Adv. Acc - Inter)
Accountancy
answered on 22-Aug-22 21:25
Write the answer in a sheet as you would write in exam and send photo by 8pm. #LetsPractice Monu Ltd. sold machinery having WDV of Rs. 400 lakhs to Sonu Ltd. for Rs. 500 lakhs and the same machinery was leased back by Sonu Ltd. to Monu Ltd. The lease back was in nature of operating lease. Explain the accounting treatment as per AS 19 in the following cases: (i) Sale price of Rs. 500 lakhs is equal to fair value. (ii) Fair value is Rs. 450 lakhs and sale price is Rs. 380 lakhs. (iii) Fair value is Rs. 400 lakhs and sale price is Rs. 500 lakhs. (iv) Fair value is Rs. 460 lakhs and sale price is Rs. 500 lakhs.
latest answer
Correct answer below. Please refer and evaluate. Following will be the treatment in the given cases: (i) When sales price of Rs. 500 lakhs is equal to fair value, Monu Ltd. should immediately recognise the profit of Rs. 100 lakhs (i.e. 500 â?? 400) in its books. (ii) When fair value of leased machinery is Rs. 450 lakhs & sales price is Rs. 380 lakhs, then loss of Rs. 20 lakhs (400 â?? 380) to be immediately recognised by Monu Ltd. in its books provided loss is not compensated by future lease payment. (iii) When fair value is Rs. 400 lakhs & sales price is Rs. 500 lakhs then, profit of Rs. 100 lakhs is to be deferred and amortised over the lease period. (iv) When fair value is Rs. 460 lakhs & sales price is Rs. 500 lakhs, profit of Rs. 60 lakhs (460-400) to be immediately recognised in its books and balance profit of Rs. 40 lakhs (500-460) is to be amortised/deferred over lease period.
Sahibdeep Singh
CA Inter
★ 14K+
2
959
Entry
Accountancy
answered on 22-Aug-22 10:24
What is contra entry can anyone explain to me with example and in easy language plzz.
latest answer
Yes
Prathmesh kharul
CA Foundation
★ 3K+
5
429
Calculation of excess capital
Accountancy
answered on 23-Aug-22 01:07
Retirement of partnership-Illustration 4 , I can't understand how to calculate capital proportionate
latest answer
Tq sis
Lathika
CA Inter
★ 6K+
6
637