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Consolidated financial statements
Accountancy
answered on 13-Jul-21 06:02
In the working note of Analysis of Profit, do we have to make the time adjustment on both the post acquisition profit or loss and post acquisition reserves? In this problem - practical question no. 1 from icai study material, there are no post acquisition reserves, so time adjustment has been done only on post acquisition p and l..but if post acquisition reserves had been there, what should be done?
latest answer
Reserves are not a part of P&L A/c , so they are not part of ascertaing profit or loss for pre and post incorporation ,they directly appear in the balance sheet . So they are not considered in analysis of profit
Gnanakshi Dandapani
CA Final
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1
668
Partnership
Accountancy
answered on 10-Jul-21 19:42
Loan from D will come in realization account sir?
latest answer
I understood now
Miradevi S
CA Final
★ 16K+
10
622
STOCK AND FLOW CONCEPT
Accountancy
answered on 11-Jul-21 11:39
What is the exact meaning of stock and flow concept? And how this both are different from each other?
latest answer
STOCK CONCEPT: Stock variable is a variable which is measured at a point of time. Example- population of the country, etc.. FLOW CONCEPT: Flow variable is a variable which is measured in a period of time. Example- National Income,etc
Satha Sivam
CA Final
★ 7K+
1
652
Partneship
Accountancy
answered on 10-Jul-21 11:02
In the Partnership Constitution, A recurring deposit in the name of the partner & the payment is done from the Firm's bank account. Can it take as an asset of the firm?
latest answer
Thank you Ji.
Balamurali Unnithan M S
CA Inter
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5
629
As 16
Accountancy
answered on 10-Jul-21 16:14
In Lecture 10 of AS 16 the solution shown is diff from icai sugg ans Which one to follow?
latest answer
Okay Sir Thankyou!!
Priyanka Udeshi
CFA L1
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10
664
Rectification
Accountancy
answered on 09-Jul-21 16:24
"B" purchase goods on credit for Rs.50,000 from Ram. He made this entry in sales book instead of purchase book. Why can't we just stick those errors instead of rectifying the errors?
latest answer
Most welcome!
Vijay K
CA Inter
★ 9K+
5
590
Contingent liabilities
Accountancy
answered on 10-Jul-21 08:59
Is contingent liabilities shown in financial statements??
latest answer
Thanks
Aditya A.D
CA Foundation
★ 10K+
9
655
Journal proper
Accountancy
answered on 08-Jul-21 23:40
Is journal and journal proper both are same? If not please give me a example for journal proper. Thank you for your kind help.
latest answer
Journal is a broad term while journal proper is narrow . When companies keep separate subsidiary books for recording of transaction then special transactions such as Bill dishonor , depreciation charged etc which can't be entered into other subsidiary books like cash book , purchase book, sales book etc are entered into Journal proper. While an entity which don't keep separate subsidiary books can record all the transaction in Journal
Vijay K
CA Inter
★ 9K+
2
634
Ratio problem
Accountancy
answered on 19-Jul-21 23:12
Can any one solve this sum
latest answer
A-16000 interest on capital B-10000 interest on capital C-8000 interest on capital interest charged on partner's capital @ 5 percent per anum given below- Capital of A -320000 B-200000 C-160000 Profit sharing ratio is 5:3:2 159000*5/10 159000*3/10 159000*2/10 A's Share of profit is 62500 B's Share of profit is 37500 C's Share of profit is 25000 Check in question it is given that a guaranteed c that he will be given profit 30000 every year in any condition. So, the profit in X's share is of 30000 but he gained 25000 ,remainig amount will be given by a to c in respect of his promise to c. A-62500- 5000-57500 C- 25000+5000-30000
Aakash Raavi
CMA Inter
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2
677
Subsidiary books
Accountancy
answered on 08-Jul-21 10:12
Mr. A purchase goods worth of Rs.5,00,000 on 6 months credit. We have written this transaction in purchase book. Is that we have to entry this transaction in journal also?
latest answer
Entry in purchase book should only be made and not in Journal proper.
Vijay K
CA Inter
★ 9K+
1
549