Amalgamation May 22

answered on 28-May-22 17:13

"Contingent liability of selling company treated as actual liability" For that I have assumed that selling companies' contingent liability was paid by buying company.. Is it a valid assumption..? Because we had to prepare balance sheet and I didn't know where we will classify "liability"..

latest answer

Oh ok sir

Nikhil Vasanth

CA Final

★ 4K+

4

270

Predetermined fixed overhead recovery rate?

answered on 27-May-22 18:32

I didn't the concept of fixed overhead recovery rate.. Can any te me practically

latest answer

Estimating fixed overhead before it's actually inccured

Madhu Reddy

CA Inter

★ 4K+

3

298

Schedule 3 presentation

answered on 28-May-22 17:14

Can I show retirement gratuity fund account as a "other non current liabilities" under non current liabilities

latest answer

Sorry sir didnt see you had answered the question already. Thank you.

Nikhil Vasanth

CA Final

★ 4K+

9

276

Accounting BRS

answered on 26-May-22 21:03

Is it necessary to do reconciliation if starting point is cash book and the balance is same as of pass book? True or false

latest answer

Yes, it is necessary. The pass book and cash book may tally but there may be some errors despite it. For example you may have debited bank account wrongly by 500 and at the same time the bank has debited your bank account for bank charges of which you have know knowledge. So this makes it necessary to make BRS.

Sugam SM

CA Foundation

★ 9K+

1

322

Subsidiary books

answered on 28-May-22 13:51

Bills Receivable dishonored will be recoded in Bills Receivable book or Journal ? In the notes they have given Journal but I am not understanding how

latest answer

Here the question is about dishonor of Bills Receivable.

Ratnasri N

CA Foundation

★ 0

7

385

Ind As 36, Goodwill allocation

answered on 25-May-22 10:25

Plz could anyone explain this line in detail "The goodwill allocated to A cannot be identified or associated with an asset group at lower level than A, arbitrarily".

latest answer

CGU is A. A has multiple assets. A also has goodwill. The assets under A is divided amongst B, C & D. The statement means that Goodwill cannot be attributable to other specific assets of A. (i.e a level lower than Unit A level)

Chandu vadla

CA Final

★ 11K+

5

302

Subsidiary Books

answered on 24-May-22 21:30

while preparing ledgers for purchase or sale book why don't we write to balance b/d ? Is it because the double entry gets completed and reconciled ?

latest answer

Transferred to p&l

Ratnasri N

CA Foundation

★ 0

4

273

Is CRR statutory reserve?

answered on 25-May-22 10:36

Is CRR statutory reserve?

latest answer

Cash reserve ratio determines the amount of deposits which banks have to keep with RBI.

Jiya T

CA Inter

★ 10

16

355

Buy back

answered on 24-May-22 12:33

In question 1.3 ,we can alternatively debit premium on buy back in second journal entry as can be seen and in next entry Debit Secutities Premium Account and Credit Premium on buy back?

latest answer

Yes you can write like this

pradyumna hariramani

CA Inter

★ 290

5

343

Buy back

answered on 24-May-22 09:54

In question 1.1 ,shouldn't the amount transferred to Crr be 500k because that's the nominal value of share.

latest answer

You have paid back shareholders. So an amount of distributable profit is blocked to protect interest of creditors.

pradyumna hariramani

CA Inter

★ 290

14

328