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AS 2
Accountancy
answered on 04-Apr-22 18:23
In a manufacturing process of vinay Ltd one by Product BP emerges besides two main products Mp1 & Mp2 apart from scrap. Details of cost of production process is here Raw material 15000 units amounting â?¹ 160000, wages â?¹ 82000, fixed ohs 58000 & variable ohs â?¹40000. Output Mp1 produced 6250 units and closing stock 800 units . Mp2 produced 5000 units and closing stock 200 units . BP produced 1600 units. Avg. Price of Mp1 & Mp2 is â?¹80 & â?¹50 per unit respectively .By product is sold at â?¹ 25 per unit . There is a PROFIT OF 5000 on sale of by product after incurring separate processing charges of â?¹ 4000 & packing charge of â?¹6000. â?¹6000 is realised from scrap . calculate value of closing stock of Mp1 & Mp2 as on 31st March 2012. Solution : Net joint cost = raw material + wages + fixed ohs + variable ohs - Nrv of by product - scrap . So here sir calculated NRV of by product 1600 unit �?â?¹ 25 price - 4000processing charges - 6000 packing charges And my doubt is why it's not 1600 unit �? â?¹25 price -4000 processing charge - 6000 packing charge - 5000 profit on sale of by product ? Is profit should be ignored in such situation or considered by deduction.
latest answer
Also there is no restriction to reduce the profit from NRV to allocate cost
Vipul Kumar
CA Inter
★ 240
2
541
Calculation of NRV of by product as per AS 2
Accountancy
answered on 04-Apr-22 18:24
While calculating NRV of by product why profit on sale of by product not excluded from it ?
latest answer
Okay thankyou sir ð???
Vipul Kumar
CA Inter
★ 240
12
504
Time save.in exam.
Accountancy
answered on 02-Apr-22 22:00
Can anyone say sir/mam.... In below NPO as a sum is given ....... In that sum Instead of doing 3 a/cs. In exam........can I combine 3 a/cs together.....is that allowed............
latest answer
Ok sugam bro
Balachandar S
CA Inter
★ 59K+
7
404
AS - 3
Accountancy
answered on 02-Apr-22 18:05
Good evening Sir/Madam, In the CA Intermediate classes - Group 1 Accounting Standards - AS 3 Cash flow statement - Module 18 named "Illustration 6 - Part 2" , there the Cash flow statement is prepared under Indirect method. But , Why we did not add back the "Provision for taxation" to the net profit , being the non-cash item. Kindly clarify Sir/Madam.
latest answer
We would have taken net profit before tax
Avasarala Vivek Aditya
CA Inter
★ 6K+
2
379
NPO interest on deposit
Accountancy
answered on 02-Apr-22 12:10
So here we get an interest on deposit of 2000 for 1 year which is actually deposited as 20000 in end of last year(31/3/19) So after we gain interest in current year i.e.,2000 we will credit it to income and exp account and shouldn't we add this to deposit and show in balance sheet as 22000?
latest answer
Interest is already received
Sugam SM
CA Final
★ 9K+
1
365
Provide me sums
Accountancy
answered on 06-Apr-22 17:13
Please provide me sums of final accounts consisting commission calculation abnormal loss calculation and claim of insurance and provision for bad debt and other tricky adjustments in one problem. I solved all questions from study mat but commission and abnormal loss adjustments were not available. If you find any sums with these adj pls share
latest answer
Ok sir
Sugam SM
CA Final
★ 9K+
5
357
Doubt
Accountancy
answered on 01-Apr-22 21:26
In this question does vesting period starts from 1/10/20x0 and ends in 31/3/x5 ...?
latest answer
Yes you are right
Sri kanaga Varshini
CA Final
★ 3K+
1
337
AS 11
Accountancy
answered on 31-Mar-22 16:41
Sir, I have a small doubt in the CA Intermediate classes - Group 1 Accounting Standards - AS 11 - Module 4 named "Forex loss for depreciable assets (Amendment)" which is a length of 11:30. I have a small doubt in the video duration from 9:25 to 10:00 . There Mr. Satya Raghu Sir concluded that in the Option 2 the journal entries are "P&L a/c Dr, To Forex loss a/c" - which are actually the journal entries of Option 1 , which I think may not be intentionally said by him and may be erroneously spelled by him. Kindly Can you see the video and clarify the doubt ? I just wanted to clarify and in no way I'm trying to make any faculty wrong.
latest answer
Ok Sir. Thank you for your response.
Avasarala Vivek Aditya
CA Inter
★ 6K+
2
371
Manufacturing entities
Accountancy
answered on 01-Apr-22 16:07
How did they classify sale of scrap to manufacturing entity. It can even be sale of some old asset of office which would be sold as scrap. Can we give assumption under this?
latest answer
Bro, in this question they have directly given the amount for sale of scrap. So we don't have to worry about it.
Sugam SM
CA Final
★ 9K+
3
570
INDAS, AS ONLY COMPANIES?
Accountancy
answered on 31-Mar-22 08:26
INDAS and as are to be followed by companies only?? What the other companies or firms or ind books follow if they don't come under AS and INDAS
latest answer
https://youtu.be/SBz6fh6rFJI This video can help you understand
vasabattula abhinav
CA Final
★ 85
1
314