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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
243
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
265
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
411
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
341
Cash flow statement
Accountancy
answered on 14-Apr-25 06:10
How did they arrive at the balance of Plant and machinery with Rs. 7,60,000 and Rs. 840000 (especially how did they get Rs. 200000 and 320000 added along with balancing figures??
latest answer
Plant and Machinery Opening balance as on 01.04.20X0 = 6,40,000 Add: provision for depreciation = 2,00,000 Total. = 8,40,000 Closing balance as on 31.03.20X1. = 4,40,000 Add: provision for depreciation. = 3,20,000 Total. = 7,60,000
Aswathy Omanakuttan
CA Inter
★ 0
1
255
Discount
Accountancy
answered on 16-Apr-25 14:03
Sold 1000rs goods in 2024 got discount rs100 but discount was received by the customer in 2025 Like outstanding expense this wont be treated the same way ?
latest answer
Pls share the actual question.
Sushmita Chowdhury
CA Inter
★ 2K+
2
231
Cash flow statement doubt
Accountancy
answered on 11-Apr-25 19:53
Why is net profit assumed as profit after tax? Can we assume it the other way or is this only possible. Assumption
latest answer
Net profit as a standard convention refers to after tax unless its mentioned before tax.
Aswathy Omanakuttan
CA Inter
★ 0
2
260
Regarding matching concept
Accountancy
answered on 11-Apr-25 10:19
Sir if we buy a house in an accounting period and sell it in another accounting period how is this concept relevant?
latest answer
The matching concept is to match income and expenses/cost. When we buy a home in first year - we show it as an asset and not as expense. When we sell home in second year the sale value - cost price is recorded in P&L as gain. same way when we buy goods for sale - the unsold portion is shown as closing stock. and not as an expense. When we sell those goods, it gets expensed.
Samyuktha Prem
CA Inter
★ 3K+
1
325
Consolidated Financial Statements
Accountancy
answered on 10-Apr-25 16:41
Sir what if the subsidiary company's opening balance shows debit balance (loss), what to do in this situation sir? can we distribute this loss to holding and minority interest in pre-acquisition ? can this happen sir? sir i send one question in which opening balance of p&l has loss occured.
latest answer
The opening negative balance is used to compute goodwill or capital reserve.
39 - Sri Sankar G
CA Inter
★ 0
1
290
Financial statements of co
Accountancy
answered on 10-Apr-25 16:43
Why they didnt take food stuff in this adjustment of changes in inventories (illustration 4 of icai module).
latest answer
Even if you take in change of inventory final answer would be the same.
meghana karnakanti
CA Inter
★ 21K+
2
242