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Depreciation
Accountancy
answered on 24-Jul-21 16:25
I have worked out this problem. Please check the answer.
latest answer
It is a good practice to open depreciation account
Vijay K
CA Inter
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18
644
Final accounts
Accountancy
answered on 24-Jul-21 08:34
In this question closing stock is given in trial balance and purchases is not given in question. How to get them?
latest answer
Just write COGS on debit side of Trading & P&L A/c. Take closing stock directly on asset side of balance sheet
siva chaitanya
CA Final
★ 13K+
7
518
Final accounts
Accountancy
answered on 24-Jul-21 08:33
Sir, here the fire broke out on 1st April 2018 but the financial year closes on 31st March 2018. So should we consider this adjustment in final accounts or not?
latest answer
No, we shall not consider it.
siva chaitanya
CA Final
★ 13K+
3
500
Treatment of membership fees and entrance fee
Accountancy
answered on 24-Jul-21 12:37
If nothing is specified in the question how should we treat membership fee and entrance fee in npo?
latest answer
You mean whether income or not? You can show in Income and Expenditure and put a note.
MATURU HAMSA GAYATRI
CA Final
★ 23K+
1
485
Final accounts
Accountancy
answered on 23-Jul-21 09:59
What is the effect of this adjustment in the final accounts
latest answer
Yes sir, understood
siva chaitanya
CA Final
★ 13K+
9
468
Final accounts
Accountancy
answered on 24-Jul-21 08:26
when income tax paid is given inside trial balance Then we should deduct from drawings know sir?
latest answer
It will be deducted from capital in the balance sheet. It will be treated similar to drawings as income tax in case of propreitor is personal liability
siva chaitanya
CA Final
★ 13K+
8
585
Final accounts
Accountancy
answered on 24-Jul-21 08:28
when cost of goods sold is given in trial balance and closing stock also given inside trial balance then can we find purchases sir?
latest answer
Now, we can't separately find Purchases in that situation. All we can get to know is Opening Stock + Purchases amount. Then there could be any assumption, whether opening stock is zero or equal to closing stock etc.
siva chaitanya
CA Final
★ 13K+
9
486
Final accounts
Accountancy
answered on 23-Jul-21 09:56
Sir can you please explain the effect of that adjustment
latest answer
Yes, understood Thanks
siva chaitanya
CA Final
★ 13K+
5
509
Final accounts
Accountancy
answered on 22-Jul-21 22:32
Can you please explain the effect of adjustment in final accounts
latest answer
One fourth of the printing and stationary expenses are prepaid. So, it shall be deducted from Printing expenses and shown on asset side of Balance Sheet. So, if we are given printing and stationary expenses as 10,000. 7,500 will only be shown as expense in P&L; 2,500 will be shown on asset side
siva chaitanya
CA Final
★ 13K+
2
508
Depreciation
Accountancy
answered on 22-Jul-21 22:38
Is provision for depreciation a/c and accumulated depreciation a/c the same?
latest answer
Every year provision for depreciation a/c is credited for depreciation of that year. Accumulated depreciation is a term which implies depreciation till date from asset purchase. So, total amount lying in Provision for depreciation account is nothing but accumulated depreciation
Girinath A
CA Inter
★ 765
1
469