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Insurance claim for stock
Accountancy
answered on 17-Mar-22 10:24
In july 2021 Question paper, why they not taken cost price of stock for abnormal item. They have taken reduced value. In book, they have taken cost price. But, why following different approach for this sum? Anyone
latest answer
Cost of abnormal item which is included in opening stock is only 13000 Total cost is 20000 but 7000 already written off
vs navin
CA Final
★ 1K+
1
392
As 5
Accountancy
answered on 16-Mar-22 12:50
In question 2.5 for year ended 2007 the insurance claim is still an contingent asset ,how can it be considered as an extra ordinary activity for that year.It is received only during 2008 so the entry will be passed only when such claim is received
latest answer
Please post a clear picture
pradyumna hariramani
CA Inter
★ 290
1
328
Doubt
Accountancy
answered on 21-Mar-22 10:56
Why legislative changes having long retrospective application is ordinary activity.What does it mean exactly?
latest answer
For e.g few income tax provisions are made applicable retrospective. The impact of same is considered to be an ordinary activity.
pradyumna hariramani
CA Inter
★ 290
3
325
Liquidation of companies illustration 2
Accountancy
answered on 21-Mar-22 10:52
Im not able to understand this mainly that balance part
latest answer
Security is 100000 so balance 25000 is unsecured.
Ashwathi selvanathan
CA Inter
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2
352
Profit (Loss) prior to incorporation
Accountancy
answered on 15-Mar-22 17:25
Pre and post incorporation & Profit (loss) prior to incorporation both are same chapter or not...?
latest answer
Thank you Sir
Ravikumar Pandi
CA Inter
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2
328
AS 16
Accountancy
answered on 15-Mar-22 14:26
For e.g., If actual interest on foreign currency loan taken for a specific project is Rs. 10000. But the interest that would've resulted if the loan was taken in local currency is Rs. 8000. Rs. 8000 will be accounted for as per AS 16 and Rs. 2000 would go into P/L. Am I right?
latest answer
Ok sir
Sibi Srinivasan
CA Final
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2
372
As29
Accountancy
answered on 15-Mar-22 16:41
If company has done a fraud ,company is fearful that the opposing party may file a court case against it ,though it has not done yet,will contingent liability be created in this respect
latest answer
Ok,thanks
pradyumna hariramani
CA Inter
★ 290
4
311
As3
Accountancy
answered on 15-Mar-22 11:05
Treatment of loss or gain on sale of asset
latest answer
Ok mam
Pandusml V
CA Final
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339
Amalgamation of company -unrealised profit
Accountancy
answered on 15-Mar-22 13:05
In illustration 7 of icai module, Why the unrealised profit is being adjusted with capital reserve in the module?? It has to be adjusted with profit &loss a/c right?? What is the logic behind it?
latest answer
I too have that confusion and thanks for that reference
Sai Swetha
CA Final
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3
421
AS 13
Accountancy
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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308