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Rectification
Accountancy
answered on 06-Jun-22 10:55
For the 1st , can I write ?? Bank Dr.20000 To drawings 20000 And exp acc Dr. 12000 To bank 12000 ?? But answer is : Exp acc Dr. 12000 To drawings acc 12000
latest answer
Answer
Reetikaa R
CA Final
★ 7K+
3
613
Contingent liabilities
Accountancy
answered on 08-Jun-22 09:57
Contingent liability is need to be disclosed in the financial statements or not.
latest answer
Need to be disclosed
Jitendra Kumar
CA Final
★ 41K+
6
510
Profit or loss pre and post incorporation
Accountancy
answered on 05-Jun-22 18:22
Why bad debt recovery has double effect? Please elaborate
latest answer
Bad debts recovery is not related to this year so we shouldn't deduct them from bad debt and As the bad debt are recovered they are recovered from PY debtors it's a income so it should be shown as income and it is pre incorporation only
Rinuja TK
CA Inter
★ 10K+
2
916
Ind AS 12 Income taxes
Accountancy
answered on 08-Jun-22 14:53
In identifying the expectations for the Deferred Tax Asset or Deferred Tax Liabilities (DTA/DTL), In a transaction where it is not a business combination & neither impacts accounting PROFIT or taxable PROFIT - in such case no DTL/DTA to be recognised. Doubt:- where the transaction impacts only the accounting LOSS, is DTA/DTL to be recognised or not
latest answer
Yes
Chandu vadla
CA Final
★ 11K+
1
573
Liquidation expenses doubt
Accountancy
answered on 03-Jun-22 20:16
Why good will account to be debited in case of Liquidation expenses is paid by purchasing company in purchasing method
latest answer
Thanks
Venkatesh .
CA Inter
★ 4K+
7
657
Partnership accounts
Accountancy
answered on 03-Jun-22 11:51
In May 22 paper, dissolution of partnership firms question. Instead of doing adjustments in p/l adjustment account I did the adjustments in realization account. Is it OK?
latest answer
No problem
Nikhil Vasanth
CA Final
★ 4K+
3
445
Bank Reconciliation Statements
Accountancy
answered on 03-Jun-22 09:19
What is the meaning of initials on right side of pass book format
latest answer
It's sign
Subramanyam N
CA Inter
★ 6K+
5
450
Consolidated financial statements
Accountancy
answered on 11-Jun-22 21:43
Sir/mam , can you please explain me the reserve working note. Another doubt is how change in opening inventory will not affect p and l. It will change the closing profit know sir/mam.
latest answer
Thank you sir
Umayal Lakshmanan
CA Final
★ 6K+
3
460
Preference share capital
Accountancy
answered on 02-Jun-22 00:32
Is preference share capital part of equity or liability in the balance sheet as this is also an external liability
latest answer
Ok
Vaibhav Gupta
CA Final
★ 18K+
12
763
Consignment
Accountancy
answered on 07-Nov-23 11:49
A of Ahmedabad consigned 1000 units of bed sheets to B of Bangalore each costing â?¹1,000 adding a load of 16 2/3% on invoice price. A paid â?¹20,000 for carriage â?¹10,000 for insurance and â?¹15,000 for freight for transporting the goods. Bed sheets of invoice value â?¹60,000 were destroyed in transit for which insurance company admitted a claim of â?¹ 40,000. B took delivery of remaining goods and paid â?¹5,700 as clearing charges, â?¹10,000 for storage and â?¹6,300 for selling expenses. B sold 20% of the goods received adding 10% profit on invoice price for cash, sold 50% of goods received so as to get 20% profit on selling price (over invoice price) and kept 10% of the goods with himself. B was to be given commission of 5% on total sales at invoice price, 3% del credere commission on credit sales and 10% commission on surplus sales over invoice price. Can someone show the workings of the total sales to be written for the above question?
latest answer
Invoice price = 1200 damaged = 60,000/1200 =50 Remaining 950
Pranaya Ramaprasad
CA Foundation
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4
1K+