Forums
journal entries
Accountancy
answered on 05-Aug-21 15:47
can we return the goods purchased on cash ? what is the journal entry then ?
latest answer
Cash A/C. Dr. XXXX To purchase return A/c. XXXX
Harshan Pothula
CA Foundation
★ 0
2
594
Consignment
Accountancy
answered on 05-Aug-21 12:38
Can the consignee sells the goods on credit basis and approval or return basis.
latest answer
Thank you, mam
Vijay K
CA Inter
★ 9K+
12
654
Amalgamation of companies
Accountancy
answered on 05-Aug-21 10:43
How does the concept of paid up capital work in amalgamation mainly when purchasing company issues shares at a value based on paid up capital?. For eg. ( Have attached the of the question)
latest answer
Can you clarify your query In the question attached - shares are issued at face value 20 and question states 18 paid up that means Rs.2 are yet to be called... and Rs.4 as premium.... So 5 shares of value 22 (18+4) is taken as consideration.... so 1 prefernce share in old company = 5 x 22 of new company
Rithani R.C
CA Inter
★ 4K+
1
469
Doubt
Accountancy
answered on 05-Aug-21 11:47
Sir why security premium and CRR cant be applied for payment of unpaid amount on any shares held by existing shareholders ..? As it is also like bonus issues right?
latest answer
Issuing bonus shares are not same as making unpaid into fully paid up shares..... Technically the no. of shares doesnt increase for making unpaid to fully paid but for issuing bonus shares, no. of shares will increase SR & CRR are to be used across for all shareholders in case of bonus shares to transfer the benefit in place of dividend.... Unpaid amount is the liabiltiy due from shareholder
Sri kanaga Varshini
CA Final
★ 3K+
2
555
Partnership
Accountancy
answered on 05-Aug-21 10:04
If we try to make Bank A/c for this question how would it be please give solution
latest answer
Please write the description of entries in the account. Please ensure even for practice you present the answer properly, that will help you
Priyanka Udeshi
CFA L1
★ 14K+
3
454
Debit and credit
Accountancy
answered on 05-Aug-21 10:27
Sir, What is meant by debit and credit?
latest answer
Tnx
Varshini Kasi reddy
CA Inter
★ 3K+
5
577
Insurance claims for loss of stock
Accountancy
answered on 03-Aug-21 20:28
Sir , If insured amt is less than insurable amt which means it is under insured and hence we have to apply average clause. but in this they r considering insurable amt as insurance claim even though it is under insured
latest answer
For calculating under insurance, we compare insured amount with insurable amount (not with actual loss). Here, insurable amount is missing, we are not given its details. So can't say whether average clause will be applicable or not. But yes, since loss amount is more than insurance cover, we can say claim shall be maximum upto 4.8L
anusha athikamsetty
CA Inter
★ 65
1
554
Consignment
Accountancy
answered on 04-Aug-21 07:10
Illustration - 1) Goods sent on consignment = 50,000 Packing charge (by consignor) = 1,000 Freight (by consignee) = 2,000 Rent (by consignee) = 500 Insurance (by consignee) = 300 Goods sold = 4/5th of 50,000 Sale amount = 55,000 The expense of rent and insurance of consignment is for full goods . But in the consignment to wye ledger account, the total expense for rent and insurance are deducted for the 4/5th sale of goods. Isn't it that we have to divide the expense of insurance and rent has to be divided equally with goods? Explain pls
latest answer
Fine
Vijay K
CA Inter
★ 9K+
4
617
Account Current
Accountancy
answered on 05-Aug-21 18:01
W.r.t. product of balances method, will the day on which the bank statement is prepared be included for interest computation for the latest transaction? In IL modules, sir said that the logic was last day minus date of latest transaction plus 1. But in icai study material, it is different. Pls refer the image
latest answer
Ok mam. Thank you
Sibi Srinivasan
CA Final
★ 22K+
2
440
Insurance claim for loss of profit
Accountancy
answered on 02-Aug-21 15:18
For calculating insured amt or policy amt ,why should we consider additional standing chargers ???
latest answer
K sir
anusha athikamsetty
CA Inter
★ 65
2
612