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Finanal Accountants
Accountancy
answered on 21-Feb-22 10:51
Net profit
latest answer
Provision for taxation will be shown as liability in Balance Sheet (not in P&L as already a part of Trial Blanace). Income tax paid as asset.
Hemanthkumar Hemanth
CA Foundation
★ 670
5
319
Financial Accounting
Accountancy
answered on 18-Feb-22 21:06
Answers
latest answer
Sry sir I post wrong photo
Hemanthkumar Hemanth
CA Foundation
★ 670
2
293
PARTNERSHIP ACCOUNTS -------------> Hidden Goodwill
Accountancy
answered on 19-Feb-22 13:56
If hidden goodwill exists in question, can I raise goodwill and then written off it ( if question remains silent regarding same )? Would It be done as mentioned above ?
latest answer
Thx sir
Varun Mulay
CA Final
★ 38K+
5
379
Accounts for partnership
Accountancy
answered on 17-Feb-22 12:14
What is Limited Liability Partnership? And what is it's purpose?
latest answer
Suggest to please take things lightly here. None of us is as smart as all of us. So, let's make sure we collaborate here because Together it is ! LLP - a form of business organisation which mixes the benefit of partership with that of Company. It's generally preferred by professionals to enjoy the benefit limited liability feature and doesn't contain high compliances as required for companies.
Chris Topher
CA Foundation
★ 5
4
355
Partnership
Accountancy
answered on 17-Feb-22 12:48
What is the difference between Insolvency and Bankruptcy?
latest answer
Insolvency is a state where assets are insufficient to meet the liabilities. If it remains for long, it leads to bankruptcy i.e. legal process or order
Gobi k
CA Inter
★ 12K+
1
323
Mcq??
Accountancy
answered on 17-Feb-22 12:32
What is the ans for 4th Q. .......which was given in below image..... And tell me the logic also pls...anyone.......
latest answer
Answer is conservatism i.e., we should not anticipate any future income however we should provide for all possible losses. 'Cost or market price whichever is lowerâ?? originated from this concept.
Balachandar S
CA Inter
★ 59K+
4
450
partnership - highest relative capital method
Accountancy
answered on 18-Feb-22 16:43
if we have the partner's capital and the current account how do we proceed with the sum? do we take the capital to start the working or do we use the current account for the method
latest answer
You would arrive at closing balance after transferring the current account balance to the capital account.
Isabel Kingston
CA Inter
★ 5K+
1
467
Amalgamation of companies
Accountancy
answered on 16-Feb-22 12:11
How to treat Discount on issue of Debentures ? On which head it should come in Schedule 3 of Balance Sheet ?
latest answer
In notes to accounts under the same head where Debentures are shown. Long term borrowings / Short term borrowings
VIGNESH M
CA Inter
★ 950
3
333
Concept of accounting....
Accountancy
answered on 28-Mar-22 09:28
What is realisation concept in layman's. can anyone's tell me with an any understandable example also for this.....pls anyone..tell....................
latest answer
According to the realization principle, revenues are not recognized unless they are realized. The point at which revenues are realized is circumstantial. For example, revenue is realized when goods are delivered to customers, not when the contract is signed to deliver the goods.
Balachandar S
CA Inter
★ 59K+
3
347
Doubt in BRS
Accountancy
answered on 13-Feb-22 19:08
Cheques issued but not presented to bank Overdraft As per Cash book - Favourable As per pass book - Overdraft As per Cash book + Favourable As per pass book + My question When we add amount to overdraft Can overdraft amount can reduce ? I am right or wrong
latest answer
It's like favorable cash book and unfavorable pass book have same treatment and vice versa
Rishi Kumar
CMA Inter
★ 6K+
4
391