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As4
Accountancy
answered on 14-May-25 12:34
Dividend is non adjusting event and still how is it disclosed at notes on account I.e after balance sheet sign ?
latest answer
Final dividend comes into picture at AGM only. If AGM is delayed, then you may have to include in disclosures.
Sushmita Chowdhury
CA Inter
★ 2K+
7
275
Suspense account
Accountancy
answered on 21-Apr-25 11:59
When we don’t write the entry there is no effect in the trial balance the where did the suspense account come from?
latest answer
It is not that we have not passed the entry. We have passed the entry. But We have not take customer's account to trial balance. Hence the trial balance will not tally and we wil record in suspense account.
Rudransh Aheer
CA Foundation
★ 3K+
2
272
AS 11
Accountancy
answered on 21-Apr-25 12:02
A company based out of India exported goods worth $10,000 to a customer in the US on 30th June 2017. The customer settled the amount on 30th April 2018. The company closes its financial statements on 31st March of every year. The exchange rate of 30th June 2017 was Rs. 60/$, on 31st March 2018 was Rs. 61/$ and on 30th April 2018 was Rs. 60/$. What is the foreign exchange gain or loss in this transaction to be recognised in the profit and loss account for year ending on 31st March 2019? If you are accounting for gain in the year 2018, arent we overstating revenue to the extent of 10000? as the amount is unrealised. can we account it as gain ?
latest answer
Date | Event | Rate (INR/USD) | Amount (USD) |Amount (INR) | 30-Jun-2017 Sale recorded (initial recognition) ₹60 $10,000 ₹6,00,000 31-Mar-2018 Year-end balance sheet date ₹61 $10,000 ₹6,10,000 30-Apr-2018 Settlement received ₹60 $10,000 ₹6,00,000 Now as on 31st mAr 2018, there is a gain of 10,000 on customer receivable. This gain is recorded. We do not know how much would be the settlement value on 30th April 2018. Also for monetary items - we know that we would be receiving 10,000 $ and current worth of those $ is 6,10,000. Hence a gain of 10,000 is recognised. It like having a foreign currency at hand.
gokul___g _
CA Inter
★ 9K+
1
246
AS 11
Accountancy
answered on 21-Apr-25 12:16
which exchange rate is usually used when translating net realizable value of an inventory into foreign currency? If it is the rate at which the net realizable is determined. It should be the closing rate right, because usually NRV is determined at the end of financial year? Is that the reason. If yes why does attached MCQ has two options one is closing rate and rate on date on which NRV is determined.
latest answer
Financial statements may be prepared for interim period as well . So you take the date on which NRV was determined.
gokul___g _
CA Inter
★ 9K+
1
350
Intangible asset
Accountancy
answered on 18-Apr-25 16:11
Sir... Wt if the skilled employee made an agreement with entity for fixed period of time(i.e he will do job for 10yrs like that) for that much period can we call him intangible asset becoz we can have control on him know sir for that much period
latest answer
Achha tq sir🙂↕️
Bhavani Hadpad
CA Inter
★ 5K+
4
256
As 1 disclosure of accounting policies
Accountancy
answered on 21-Apr-25 12:28
Can I know by decreasing provision for non moving inventory how the profit is reduced?
latest answer
https://youtu.be/RoUMm8p7Jy8?t=1167
1 Minute Review
CA Inter
★ 405
2
306
AS 10 - PPE [Exchange of Assets]
Accountancy
answered on 17-Apr-25 18:15
Question: I've attached a pic Doubt: Why can't the journal entry be like this? Cash/Bank a/c 15,000 Car Y 13,00,000 To Car X 13,00,000 To P&L 15,000 Is it wrong? If Yes, Why?
latest answer
If there is no commercial substance we can recognise profit.
Girinath A
CA Inter
★ 765
1
223
Dissolution of partnership
Accountancy
answered on 17-Apr-25 16:57
what is the weightage of 'higher relative method', 'statement of distribution of cash' in dissolution of partnership? Is there a high chance that questions on these topics could appear in the exam? Would it be safe to skip them while preparing?
latest answer
Ok sir
Asmita Kar
CA Final
★ 7K+
2
250
amount spent on lawyer's fee to defend land- how is it not capital expenditure?
Accountancy
answered on 16-Apr-25 11:23
when we are able to defend our land, are we not securing the future economic benefit? suppose we don't defend our land and spend the lawyer's fee, aren't we losing out on a potential economic benefit in the long term?
latest answer
Got it sir. Thank you
Anoushka Ravi
CA Foundation
★ 2K+
6
374
Cash flow statements
Accountancy
answered on 16-Apr-25 13:59
This comes under which activity?
latest answer
Yes
meghana karnakanti
CA Inter
★ 21K+
4
323