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Basicz
Accountancy
answered on 21-Feb-22 07:54
Is Leasehold premises currant asset or non currant assets?
latest answer
If someone has taken on an operating lease - it is not an asset in their books. If someone has given an operating lease it is a noncurrent asset. If it is a finance lease - pls check for treatment in AS 19
Sumita Shah
CA Inter
★ 2K+
1
490
Triple column Cash book
Accountancy
answered on 21-Feb-22 09:47
So here Adit transaction(7thMarch) should be actually in cash column as per condition of question saying all cheques treated as cash receipt initially.So is this right or Is study material right? I think I am right as per condition of question.
latest answer
Please post the question
Sugam SM
CA Final
★ 9K+
1
401
Financial statements
Accountancy
answered on 19-Feb-22 09:41
How to treat Provision for taxation :- 50000 Income tax paid :- 40000 While preparing profit and loss account and balance as per schedule 3.
latest answer
PL dr 50000 BS Provision 50000 liability Advance tax 40000 asset
Hemanthkumar Hemanth
CA Foundation
★ 670
1
392
Chapter 1
Accountancy
answered on 19-Feb-22 09:17
can anyone explain the third question of sub part no -01 was given in below image With logic also pls anyone......
latest answer
Ok sir
Balachandar S
CA Inter
★ 59K+
4
421
Bill of exchange
Accountancy
answered on 19-Feb-22 11:59
Can we give an Part to X on second bill drawn by Y
latest answer
There seems to be a missing line in question after with he help of which the first bill, but yes usually some amount will be given to X.
Gaurav Vyas
CA Foundation
★ 0
1
449
Accounting concepts
Accountancy
answered on 19-Feb-22 05:05
What are the two basic difference among Accounting concepts, principals and conventions ?
latest answer
* Concepts-------- assumption having Universal application based on which financial statements are prepared *conventions:----- rules as per usage practice and Customs *principal------- rules relating to theory and procedures Note: about three are known as (GAAP) -}}} Generally Accepted Accounting principles which is backbone of accounting system
Jitendra Kumar
CA Final
★ 41K+
1
500
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
393
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
430
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
493
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
429