Forums
AS-11
Accountancy
answered on 13-Nov-24 19:20
Can anyone explain the depreciation part in this question
latest answer
The cost has not been given directly. It has been implicitly given as 3000L since the Loan was for 3000L, and the PPE was fully financed by the Loan Then we add the exchange loss to cost of PPE because they've exercised the option to capitalise exchange differences arising from a Long Term Monetary Item, which amounts to 100L Depreciation is thus calculated on 3100L
Gokul N. K
CA Inter
★ 0
1
420
Preparation of financial statement
Accountancy
answered on 12-Nov-24 08:41
Changes in closing and opening wip why?
latest answer
What is your doubt?
Dharshana Rajkumar
CA Inter
★ 2K+
1
416
Entity
Accountancy
answered on 12-Nov-24 08:30
What does level 1entity means?
latest answer
Level I entities are large size entities (i) Entities whose securities are listed or are in the process of listing on any stock exchange, whether in India or outside India. (ii) Banks (including co-operative banks), financial institutions or entities carrying on insurance business. (iii) All entities engaged in commercial, industrial or business activities, whose turnover (excluding other income) exceeds rupees two-fifty crore in the immediately preceding accounting year. (iv) All entities engaged in commercial, industrial or business activities having borrowings (including public deposits) in excess of rupees fifty crore at any time during the immediately preceding accounting year. (v) Holding and subsidiary entities of any one of the above.
Kaaviya Priya
CA Inter
★ 890
1
154
Syllabus covered
Accountancy
answered on 12-Nov-24 08:33
"I have questions regarding the syllabus. AS 19 was not included in my syllabus but was covered in the CMA Inter Financial Accounting topics. Could you please let me know which topics covered are not part of the CMA Institute material? Additionally, for the topics covered, could you clarify which sections in the CMA Institute books they apply to? Thank you, and I request that you provide these details."
latest answer
AS 19 Leases is covered in CMA Inter as Lease Accounting.All the topics that we teach are covered in CMA material.
Kathiravan Arunagiri
CMA Inter
★ 0
1
151
Preparation of financial statements of companies - illustration 4
Accountancy
answered on 15-Nov-24 17:10
Hi sir / madam My doubt is why balance amount of current year profit and loss of 1,42,500 (after deduction of dividend of preference shares i.e 3,00,000 - 157500) is not considered while calculation in condition II . [But the current year profit was considered for condition II in the example which was given in previous video but not considered in this video]
latest answer
We need to check balances as per latest audited balance sheet i.e. previous year.
Nagachaitanya Nomula
CA Final
★ 8K+
1
182
AS-10
Accountancy
answered on 11-Nov-24 17:44
Can any one explain what is Interest charges paid to o supplier against deferred credit & Why it is not capitalised
latest answer
interest expenses incurred on a purchase arrangement where the payment for goods or services is deferred over a period of time, typically beyond the normal credit terms. For e.g. if you buy a product on credit for 90 days and supplier charges interest on it, it is called interest charges paid to supplier. Whether to capitalise or not depends on whether the asset is qualifying asset or not
Gokul N. K
CA Inter
★ 0
1
423
AS 25
Accountancy
answered on 11-Nov-24 12:27
3. How is the answer 17000 4. Provision for 2nd quarter should be 1.5 million right, total provision both 1st & 2nd quarter is only 2 million?
latest answer
Thanks for clarifying
Soon to be CA
CA Inter
★ 4K+
4
479
Company accounts
Accountancy
answered on 11-Nov-24 23:30
In company accounts is it neccesary to read theory
latest answer
Thank you
Misba Siddiqua
CA Foundation
★ 1K+
2
535
Preparation of fs
Accountancy
answered on 11-Nov-24 08:33
If an asset like furniture is in trail balance and there is an adjustment that particular asset is sold during that year and a new asset is exchanged during the same year... Do we need to deduct +add those assets to determine the balance of furniture
latest answer
It is best to create a ledger account for furniture. If it is sold and there will be a depreciation for that and after reducing the depreciation the furniture will be sold. If the furniture is sold for higher/lower than the carrying value then the profit/loss will be shown in P& L a/c. If the new asset is exchanged we will show the value of the new asset exchanged in the furniture account after reducing the old asset value after depreciation.
vamsi krishna
CA Inter
★ 43K+
1
490
Preparation of fs
Accountancy
answered on 15-Nov-24 17:11
Here the hire purchase price should be taken as base 100 as 25% is calculated on hire purchase price, but the base 100 is taken as hire purchase sales price
latest answer
Yes. Incorrectly done.
vamsi krishna
CA Inter
★ 43K+
1
423