Interest

answered on 09-Aug-21 18:08

In average due date unit as well as account current unit, we are talking about interest. Bill of exchange is for credit purchase which contains only the due amount. Then who will pays those interest to the firm. Is the firm or debtor or what ?

latest answer

Message me telegram bro My I'd = unknown_121212

Vijay K

CA Inter

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Average due date

answered on 09-Aug-21 11:26

Illustration 10 : in the calculation of average due date they have rounded off 37.5 months to 38 months. Instead of 38 months, can we add 37 months 15 days in this problem. By this the average due date will be 16th Feb.

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Thank you mam.

Vijay K

CA Inter

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448

Liquidation of companies

answered on 09-Aug-21 10:53

Why haven't we mentioned specifically pledged bank overdraft ( Rs.54000) in the outer column and also equity shareholders in the left column ( Rs. 240000)?

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We will not mention bank overdraft again as we have paid it in list B and taken the surplus amount . and as far as equity shareholders are concerned whatever remains at the end is given to equity shareholders irrespective of the capital in balance sheet .Hence it is not written on left side

Rithani R.C

CA Inter

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adv acc.video no.32 past exam pblm

answered on 09-Aug-21 10:11

in that solution the p and l is not correct it seems if it is correct pls tell me where i lag

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Which part of the P&L are you referring to

Bhavya Kumar

CA Final

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4

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Bank reconciliation

answered on 10-Aug-21 08:13

If I'm having difference in bank balance as per books and balance as per bank statement then what figure I will consider on 31st March closing..? And what will I show in my books on 31st mar ? Can anyone help me with this??

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Thank youu

vasabattula abhinav

CA Final

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407

Average due date

answered on 09-Aug-21 07:51

In illustration 3, the due date 4th is wrong by one extra date i.e. the correct date is 17 March. In the no of days, 2nd is wrong i.e. the correct no of days is 41. These are according to my calculation, please tell whether I am correct or wrong.

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Thank you for the help brother. I have sort it out the 2nd one just now.

Vijay K

CA Inter

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414

Doubt

answered on 07-Aug-21 13:47

A plant with original cost of 5000000 was revalued after 2 years resulting in credit to revaluation surplus account of 400000. Towards the year end of 2019 to 2020 dur to COVID19 the plan value had gone down by 50000. What shall be the impact of this downwards revaluation on the profit or loss account

latest answer

When there is a revaluation surplus balance any downward revaluation which happens at a later date will be first adjusted with that revaluation surplus and the remaining amount if any will be charged to profit and loss a/c

Balachandar S

CA Inter

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Partnership

answered on 07-Aug-21 12:58

Pls explain this drawing account given in the image

latest answer

Ok. Thanks

Sibi Srinivasan

CA Final

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Rectification of entries

answered on 07-Aug-21 10:31

Difference between error of ommision and compensatory errors

latest answer

These 2 errors are very different yet often confused as the effect on trial balance of both may be same in some cases 1. Error of Omission - Where a transaction as a whole or part is not recorded only(omitted) . now if part omission happens (eg. purchase asset you go to ledger and put the amount in credit side of cashbook but no entry in asset a/c) then trial balance will not tally as credit side will be more , However if the whole transaction is omitted (i.e. No entry at all) then trial balance will tally 2. Compensating Errors- This is basically an error which gets set off due to another accounting error . For example you made a sale of Rs 1000 this was recorded in the books correctly but the amount was recorded as Rs 100 so there is a difference of Rs 900 on credit side , now another transaction of purchase happens of Rs 1000 again same error made of amount recorded as Rs 100 now there will be difference of Rs 900 on debit side as well . When the trial balance is made it will tally as the error amount on debit side and credit side is same . Hence it got compensated. These errors are difficult to locate as the trial balance will tally.

Harshan Pothula

CA Foundation

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435

Bank reconciliation

answered on 07-Aug-21 10:12

On 30/3/20 we have issued cheques of amount of rs.40000 and we have a bank balance of 1lak ..and the cheques got cleared on 25/4/20..my question is in my books of accounts my bank balance will be 1lak-40k or will show my bank balance as per bank statement?

latest answer

We will adjust our books of accounts as per the BRS . So, when the bank balance is reported in the balance sheet it is the reconciled one taken from the adjusted cash book. In this case the amount will be 1 lakh only as the cheque gets cleared on 25/4/20.

vasabattula abhinav

CA Final

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1

398