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BRS
Accountancy
answered on 14-Sep-21 13:27
Pls tell me what does this question mean and wat shd I do ??sub Question 6 ) only
latest answer
Practically, when we deposit cheque received from our customer with our bank, we will increase bank balance as per cash book. Bank account is also credited in Pass book (and it is subject to clearance). But here later, the cheque returned from the bank to whom our bank had sent for collection, so our bank reversed the entry and made a debit of Rs. 3,500. In short, in pass book they first made a credit and then debit i.e. zero effect. But in cash book, we had increased bank balance. This means cash book balance is more by Rs. 3,500. In this particular question, we need to increase overdraft balance further. Hope this clarifies.
Reetikaa R
CA Final
★ 7K+
4
473
Merger
Accountancy
answered on 07-Sep-21 09:57
Does purchasing company take over intangible assets as well or are they written off?
latest answer
usually its taken over unless given in adjustments to write off, if nothing mentioned take over and write a note after answer saying as nothing was mentioned regarding intangible assets assumed that purchasing co. has taken over. Don't assume reverse better to take it over. And goodwill/capital reserve arising out of amalgamation is shown in asset/reserves and surplus
Aman Mahajan
CA Final
★ 19K+
1
371
Home liability or asset
Accountancy
answered on 07-Sep-21 00:01
Personal home is liability or asset and why
latest answer
As we prepare final accounts only for the business... Personal home is a liability... because Personal home is proprietary assets and in business it should be considered as liability
Harsh sharma
CMA Inter
★ 55
4
457
Interest on drawings
Accountancy
answered on 06-Sep-21 16:08
In the firm's point of view, the capital employed by the owner is like a liability. So that the firm is paying interest on the capital to the owner. If we take some money from the firm, it is written as drawings. Drawings is like we are taking our money right. Then why we have to pay the interest on drawings to the firm's? And thank you for your kind help.
latest answer
All the best ! Keep revising on regular basis and also clear all your basics and fundamentals at foundation level so that at later intermediate and final level these doubts will not come and you will understand better
Vijay K
CA Inter
★ 9K+
3
517
Rectification of errors
Accountancy
answered on 14-Sep-21 14:01
In sub question 6 , why p&l adjustment is not debited with 1000 ,y only gain on sale is debited??
latest answer
Sale or return basis, we have a separate module on that with Illustrations. Here, I hope above answer clarifies.
Reetikaa R
CA Final
★ 7K+
5
517
Partnership
Accountancy
answered on 06-Sep-21 13:09
A, B, and C are the partners in a firm. After sometime B and C retires from the partnership. No one is joining in the partnership with A. Now the firm is completely run only by A. So will A be a sole proprietor or a partner of the firm?
latest answer
Ok mam.
Vijay K
CA Inter
★ 9K+
2
459
Buyback
Accountancy
answered on 05-Sep-21 14:29
can securities premium be used to write off premium on buy back
latest answer
Yes Sec 52 of companies act deals with it. As per sec 52 sec premium can be used to written of premium on buy back
Aman Mahajan
CA Final
★ 19K+
1
429
Branch accounting
Accountancy
answered on 05-Sep-21 08:18
Sir, Can anyone please tell whether the working is correct or not?
latest answer
Ok sir thank you so much
Balamurugan V
CA Final
★ 52K+
2
416
Investment accounts
Accountancy
answered on 04-Sep-21 16:18
Wt is interim dividend ?
latest answer
Nice :D It depeds on several factors like good results in the last quarter, excess cash with company with no significant investment opportunity, shareholding structure - promoter may have significant shares in company and needs cash or say retail investors are such, company considers better to give them semi-annual income etc.
anusha athikamsetty
CA Inter
★ 65
5
445
trading account
Accountancy
answered on 04-Sep-21 13:13
how insurance came in trading account
latest answer
It indicates the Insurance Premium actually ...
Fayis E
CA Inter
★ 5K+
3
633