adjustmet frome final account for SP

answered on 11-Mar-22 15:37

Bank overdraft is secured against hypothecation of stock. Bank overdraft outstanding as on 31.3.2020 has been considered as 80% of real value of stock (deducting 20% as margin) and after adjusting the marginal value 80% of the same has been allowed to draw as an overdraft. GIVEN OVERDRAFT 320000 NOw how to calculate closing stock..first I thought 320000/80% i.e 400000 is closing stock but answer is 500000

latest answer

It will be be 3.2L/80% = 4L and then again 80% of that which gives us 5L (value of stock)

Harshitha Kalidindi

CA Final

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Accounting concepts, principles and conventions

answered on 11-Mar-22 15:42

While giving example of Matching concept purchase amount was taken into consideration. But under MCQs at the end of chapter 1(v) purchase amount is taken into consideration. I am confused. And how is the answer matching concept for the above?

latest answer

Purchases relevant to goods sold will only be taken. 4/5 of purchases - 15L i.e. 12L will be taken and then given expenses of 2.5L, net profit will be 18 L - 12 L - 2.5L = 3.5L

Ratnasri N

CA Foundation

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301

Trail Balance

answered on 10-Mar-22 11:04

In Trail Balance when there is a Purchases and Closing stock together how to record it????

latest answer

It means already closing stock is removed from purchases so just one treatment - record on debit side of balance sheet

Sadhvi

CA Inter

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338

Cash flow

answered on 09-Mar-22 19:30

Sir why in cashflow statements we are not taking cash purchase and cash sale in direct method

latest answer

We do take

Tyson Theclam

CA Inter

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1

203

P'ship

answered on 11-Mar-22 20:34

Can we do in this way also this is the question

latest answer

Ok sir thank you sir

Pandusml V

CA Final

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271

P'ship

answered on 11-Mar-22 15:52

Here why we got TO CAPITAL ACCOUNT in cash or bank account and again why capital account balances are posted to credit of cash or bank account

latest answer

This flows from capital accounts. The ones posted on debit side is the realisation loss which partners brought in. On the credit side, is the payment made to them finally

Pandusml V

CA Final

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273

Accounting standard notes grp2

answered on 09-Mar-22 16:41

Sir where I can find the as notes which contains sums u working out in video I'm a subscribed student?? Where could I get it??

latest answer

Please reach out to our support team at 9154911196.

Sai Swetha

CA Final

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286

Fr questions

answered on 09-Mar-22 16:50

Please someone help me solve this

latest answer

What is your doubt? These are not FR questions

Home Made

CA Final

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292

Financial Accounting

answered on 13-Mar-22 13:19

Income tax paid :- 48000 and provision for taxation :- 55000 in trail balance. How treat it?

latest answer

Show net balance in balance sheet

Hemanth kumar Kumar

CA Final

★ 750

2

278

Financial Statement

answered on 14-Mar-22 16:55

In the question it is given that "Closing stock is mote than opening stock by 160000" Same amount is added ti the cost of purchases Please explain why And if suppose the question says that "Opening stock is more than closing stock by 20000" Should i need to add 20000 or deduct 20000 from purchase cost

latest answer

Thank you so much

Ashfaq Ahmed

CA Final

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