Forums
As 16
Accountancy
answered on 06-Oct-24 16:16
What is meant by qualifying asset??
latest answer
Usually 12 months, it depends on situation
MAHESH VASUPALLI
CA Inter
★ 98K+
3
433
AS 29
Accountancy
answered on 06-Oct-24 20:44
Audit & SM LTD Provides Sales Warranty For 3 years to its customer based on past experience the company has the following policies for making provision for Warranties on the invoice amount on The Remaining balance warranty period . Less than 1.5 years : 3.5 % Provision. More than 1.5 years : 4 % provision. The company has raised an invoice as Under Invoice Date Amount(₹) 26/7/2020 10,00,000 21/3/2020 4,50,000 14/8/2022 9,00,00 18/12/2022 6,50,000 You are required to calculate the provision made for warranty under AS 29 as At 31/3/22 and 31/3/23.
latest answer
As on 31/3/23 ₹10lac x 3.5% ₹900000 x 3.5% ₹650000 x 4%
Rana Darshan
CA Inter
★ 810
3
585
inventory
Accountancy
answered on 07-Oct-24 11:22
sir/mam is this representation of answer will get full mark
latest answer
Yes
Rehanabin
CA Foundation
★ 100
3
110
Preparation of financial statements
Accountancy
answered on 08-Oct-24 18:12
why are they adding 160,000 instead of 180,000 in the purchases of finished goods?
latest answer
thank you sir !!!
Niveta Rajkumar
CA Inter
★ 6K+
5
704
Lease
Accountancy
answered on 03-Oct-24 14:59
Is there any alternative sentence of this journal Like when machine is purchased it's Machine dr To bank And it's asset When we write To Purchase ?
latest answer
Pls share full question for context.
Sushmita Chowdhury
CA Inter
★ 2K+
1
577
Journal
Accountancy
answered on 03-Oct-24 11:14
Prepare Journal Entries for the following transactions in the books of Gamma Bros. a) Employees had taken inventory worth ₹ 1,00,000 (Cost price ₹ 75,000) on the eve of Deepawali and the same was deducted from their salaries in the subsequent month. b) Wages paid for erection of Machinery ₹ 18,000 c) Income tax liability of proprietor ₹ 17,000 was paid out of petty cash. d) Purchase of goods from Naveen of the list price of ₹ 2,00,000. He allowed 10% trade discount, ₹ 5,000 cash discount was also allowed for quick payment.
latest answer
Sorry I make mistake
Udit chandravanshi
CA Foundation
★ 0
4
1K+
Scope and components of framework
Accountancy
answered on 03-Oct-24 14:59
What is the difference between framework and accounting standard?
latest answer
Framework is the structure or guidance based on which Accounting standards are framed. If on a particular topic, AS are not available, we refer to framework for accounting guidance.
DEBJANI Dutta
CA Inter
★ 0
2
672
Syllabus introduction
Accountancy
answered on 01-Oct-24 22:03
What is the meaning of legislation
latest answer
Legislation refers to laws that are created and enacted by a governing body, such as a parliament or legislature. It is a formal process through which rules, regulations, and statutes are established to govern a society, manage organizations, or regulate behavior. Legislation outlines the legal rights and obligations of individuals, businesses, and government entities, providing a framework within which a society operates. In simple terms, legislation is the body of laws that are passed by lawmakers to organize, control, and guide actions in a country or community. These laws are enforceable and carry legal consequences if not followed. Examples of legislation in India include: - The **Companies Act, 2013**, which regulates companies and corporate governance. - The **Limited Liability Partnership Act, 2008**, which governs the formation and operation of LLPs. - The **Income Tax Act**, which deals with taxation laws.
DEBJANI Dutta
CA Inter
★ 0
2
436
concepts of carve outs / ins
Accountancy
answered on 01-Oct-24 12:34
Hello sir In Introduction to accounting standards chapter concepts of carve outs /ins Are not covered in class
latest answer
K sir
siddesh N
CA Inter
★ 4K+
2
111
Is it important to know and learn byheart the disclosures of all the Accounting Standards
Accountancy
answered on 30-Sep-24 12:46
Is it important to know and learn byheart the disclosures of all the Accounting Standards
latest answer
Be conceptually clear that you are able to solve sums.... Learning key definitions helps in better presentation... For example AS 16 learn qualifying asset
Dova Shaji
CA Inter
★ 520
6
533