AS 13

answered on 15-Mar-22 11:19

Pls explain the statement marked in the image.

latest answer

Ok mam.

Sibi Srinivasan

CA Final

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260

Doubt

answered on 16-Mar-22 09:03

In this question , have they made an assumption that balance deposits are secured by tangible assets...?

latest answer

Ok sir

Sri kanaga Varshini

CA Final

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279

Partnership accounts

answered on 14-Mar-22 14:29

Can any one explain treatment for INVESTMENT,BANK LOAN, INSURANCE POLICY in below question

latest answer

What's your doubt in this? These are assets / liabilities not taken over and hence will be closed using Business Purchase A/c

Sairam Reddy

CA Final

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1

281

AS 11

answered on 13-Mar-22 16:30

If the foreign currency loan is payable in annual instalments, then the exchange difference arising during each year of instalment will be transferred to P/L for each year ending. For e.g., 75 USD payable in 3 equal annual instalments. For the first year ended the exchange difference will be on the basis of 25 USD and that will be transferred to P/L for that year and similar treatment for next 2 years. But in the image below, full exchange difference is transferred in the first year itself as if it was not on instalment basis. Pls clarify.

latest answer

Ok sir thank you

Sibi Srinivasan

CA Final

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320

Acc

answered on 13-Mar-22 13:14

amount spent to reduce the working expenses This is R or C exp anyone confirm me with logic ......also pls.......

latest answer

Yes

Balachandar S

CA Inter

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359

Debt equity ratio test( buy back of shares)

answered on 14-Mar-22 17:45

Is unpaid didvidend, current liabilities are debt?

latest answer

Thanks

Subash Chandrabose

CA Final

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381

Contingent Asset and Liab

answered on 04-Apr-22 18:28

Please explain the below in simple words A contingent liability needs to be disclosed in financial statements unless possibility of outflow of a resource embodying economic benefits is remote. I thought it should not be disclosed in FS but mentioned in notes.

latest answer

Contingent liability is never recognised in financial statements.

Ratnasri N

CA Foundation

★ 0

7

606

AS - 2 "Valuation of Inventories"

answered on 12-Mar-22 16:23

As per AS -2 "Valuation of Inventories" , Inventory should be valued at lower of __________ whichever is lower. 1. Cost and NRV 2. Cost or NRV Which is correct ? I think option 1 is right , but in the ICAI CA Inter study material , in some areas it is written as "Cost or NRV". Kindly clarify and I hope it is not an irrelevant question. Thanks in advance.

latest answer

No option 2 is correct ..cost or nrv whichever is lower

Avasarala Vivek Aditya

CA Inter

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287

Depreciation

answered on 12-Mar-22 14:08

So can you say me logic of this journal entry that is why machinery account is debited to machinery disposal account. So one assumption is that, asset is going out so in journal entry we credit machinery account but my doubt is that,Is machinery disposal account is asset account? In case If we debit it would likely be asset or expense right or is it liability that is decreased? Please justify me

latest answer

For better understanding see this

Sugam SM

CA Foundation

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322

Depreciation

answered on 14-Mar-22 11:42

How 907200 come into Accounts as balance c/d is 972000

latest answer

Yes.

Sugam SM

CA Foundation

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362