Liquadation

answered on 16-Apr-22 17:40

Sir,can kindly explain calculation of liquidator remuneration and money contributed by equity shareholders I couldn't understand the working of icai

latest answer

Shortage of funds is 19,600. If you call 100 from shareholders , you need to pay 2 to liquidator. So net balance left would be 98. We need total of 19,600. For net balance of 98, 100 is called from shareholders For net balance of 19,600, how much? Cross multiply : 19,600 x 100 /98 = 20,000

Vysali Pasumarthy

CA Inter

★ 1K+

1

251

Partnership accounts (Unrecorded liability )

answered on 15-Apr-22 17:41

What is treatment of Unrecorded liability taken over by purchasing firm and also explain the reason

latest answer

While calculating purchase consideration reduce it.

Vemula Mounika

CA Final

★ 2K+

1

276

Redemption of Debentures

answered on 14-Apr-22 17:14

In the question its said that the balance on 31/3/20X2 is Rs. 750000 Then why in the answer the balance on 31 -3 - X2 Taken as opening ? And why is the Debenture interest not recorded ?

latest answer

Opening balance means for that day before the transactions were carried out. You can make an assumption and record debenture interest paid as well. Other wise make an assumption (as ICAI has done) that debenture interest is already paid.

R M

CA Final

★ 3K+

2

354

Company accounts

answered on 13-Apr-22 19:52

Sir while preparing p and l account is it compulsory to segregate expenses and post or we can post expenses as given in trial balance Eg like depriciation I mean should we provide classification in schedules or we can directly post to p and l

latest answer

Ok sir

Pandusml V

CA Final

★ 4K+

2

235

Redemption of debentures

answered on 15-Apr-22 17:38

Sir , How to know whether the question is asking about Cancellation of debentures by opening own debentures account or without opening own debentures account In question 1 they used the entries of opening own debentures account

latest answer

You can follow either method. Refer to the latest study material - https://resource.cdn.icai.org/66500bos53751-cp8.pdf

Subramanyam N

CA Inter

★ 6K+

2

290

Amalgamation of companies

answered on 14-Apr-22 17:20

Journal entry of debentures along with the amount in the books of purchasing company

latest answer

Please try on your own once. If any issue or specific doubt, we will help you out.

Vemula Mounika

CA Final

★ 2K+

1

221

Redemption of debentures

answered on 14-Apr-22 19:59

Why the half yearly interest payable on debentures entry : Debenture Interest A/c Dr. To Debenture holders Is the entry should be like : Debenture interest a/c Dr To Bank Is there any reason we using debenture holders account ?

latest answer

Thankyou sir

R M

CA Final

★ 3K+

2

455

To find closing stock amount

answered on 13-Apr-22 17:46

Could you please tell me the closing stock amount came from where??

latest answer

Thank you so much my friend

MPR Sanjay Kumar

CA Inter

★ 490

2

244

Average due date

answered on 13-Apr-22 15:38

Hello, kindly explain how number days from Aug 10 to Dec 24 comes to 137 in this problem. I am getting everything including final answer correct but not this. I get 136 days. Thank you.

latest answer

Ok thank you sir.

Aswin Chandar

CA Final

★ 40K+

2

279

Internal reconstruction

answered on 13-Apr-22 17:10

Is this right ? Creditor ac dr 4.5L To share capital 45k To capital reduction (3.6L+45k) 405k

latest answer

Yes.

Kir Ca

CA Final

★ 18K+

4

284