AS 26

answered on 02-Aug-21 11:36

Can we solve this question by the way I've done it? Which one is correct please guide

latest answer

Yes you can

Priyanka Udeshi

CFA L1

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3

448

Buy back - illust 1

answered on 30-Jul-21 07:11

Why there is crr entry passed for rs.600000 when there is sufficient amount through fresh issue ?

latest answer

Thank you sir !

Akshaya Vk

CA Final

★ 625

2

388

Promissory notes

answered on 29-Jul-21 18:42

Vijay bought goods from Yuvaraj on 2 months credit for Rs. 5,00,000. Vijay gives a promissory note to Yuvaraj. But on the due date Vijay can't make payment. What will happen then?

latest answer

Hi

Vijay K

CA Inter

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4

433

Bills of exchange

answered on 30-Jul-21 15:03

1) the acceptor didn't pay the money before the grace date. For example the due date is 28/07/2021 and the end of grace date is 31/07/2022. When should we get him to the notary ? 2) who is notary? Where does he works? Private or government ? 3) in the bills for collection, will the bank charges some amount like purchase using credit/debit card ?

latest answer

Thank you for the response, mam.

Vijay K

CA Inter

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440

Amalgamation

answered on 28-Jul-21 11:48

In ICAI Practical Question 4 they haven't given cost of issues of debentures But in solution they took furniture at 4004 instead of 4054 Even in reserves 50 is adjusted through P/L ac Please explain this part

latest answer

Error at ICAI's end. Original from old material (May 19 SM) - they slightly modified question, but copied same answer.

Priyanka Udeshi

CFA L1

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452

Amalgamation

answered on 28-Jul-21 07:43

In prac Q1 why is Reserves and P/L account credited? In question nothing is mentioned about amalgamation in nature of merger

latest answer

All the conditions of amalgamation in the nature of merger is being satisfied in the Q

Priyanka Udeshi

CFA L1

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391

AS 29 - 14(b)

answered on 28-Jul-21 14:50

What is mean by "An outflow of resources embodying economic benefits"?... Could not understand this properly.

latest answer

For a liability to qualify for recognition there must be not only a present obligation but also the probability of an outflow of resources embodying economic benefits to settle that obligation. This means that the settlement of a liability should result in an outflow of resources that embody economic benefits i.e. the involvement of cash or cash equivalents used for payment . It could also involve the transfer of other assets. A liability is measured by the value of these resources that will be paid or transferred. Cash / asset transferred are resources embodying economic benefits

Harish R

CA Inter

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391

Cash flow statements

answered on 27-Jul-21 20:03

Y they r transferring to general reserve ???

latest answer

It's actualy revenue reserve, not general reserve. And they are adding the increase in balance of revenue reserve to balance of difference in P&L balance assuming that amount was transferred from profit of the year. In this question, we are not given net profit as per Statement of P&L. So, starting point is taking the difference in P&L A/c as appears in Notes to Accounts.

anusha athikamsetty

CA Inter

★ 65

1

453

Cash flow statements

answered on 27-Jul-21 10:26

In this prblm y int on investments is considered as ( 35,000-10,500) ??

latest answer

Yeah done

anusha athikamsetty

CA Inter

★ 65

2

393

Liquidation

answered on 28-Jul-21 09:12

Where does this 59 lakh came from? Is it a calculation mistake?

latest answer

It's just balancing figure total amnt to be paid is 79lakhs and u had only 20 lakhs remaining portion is loss from liquidation

Himanshu Somani

CA Final

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2

390