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On Page 10.33, Insurance Claim for Loss of Profit
Accountancy
answered on 18-Feb-21 10:42
Illustration 8, why is gross profit divided by adjusted annual turnover and not previous financial year's turnover like we do in most cases?
latest answer
The total of adjusted standard turnover (given in the question)
Kishore Anil
CFA L1
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3
502
Bank balnce
Accountancy
answered on 15-Feb-21 21:25
What does this mean ,bank balance ( cr) ?? Is it overdraft or balance?? State with reason
latest answer
No mention.
Reetikaa R
CA Final
★ 7K+
11
613
Single entry system
Accountancy
answered on 17-Feb-21 12:44
While preparing statement of affairs ,y opening capital is deducted from adjusted closing capital ?? Y not opening capital minus adj closing capital ??
latest answer
Then how will you account for drawings and profit?
Reetikaa R
CA Final
★ 7K+
5
487
In Loss of Profit Insurance Claim
Accountancy
answered on 16-Feb-21 10:29
Why do we take adjusted annual turnover when calculating Gross Profit under Allowable Increased Cost and not regular turnover? Also, while calculating Insurable Sum, why do we calculate it as GP% x Adj Annual T/O?
latest answer
Adj Annual turnover basically indicates - what would have been the annual turnover after adjusting for trends. Insurance for profits is for future profits and not past profits.
Kishore Anil
CFA L1
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1
520
What is the meaning of Memorandum Trading A/c?
Accountancy
answered on 15-Feb-21 14:54
Is it created only for insurance claim during loss of stock/loss of profit?
latest answer
Memorandum is something which does not form part of regular books. So it can be prepared for any purpose.
Kishore Anil
CFA L1
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2
2K+
Can loss on disposal of assets be directly debited to P/L?
Accountancy
answered on 15-Feb-21 14:42
Or should we first compulsorily transfer to Loss on Disposal/Sale of Assets?
latest answer
Can be taken to P&L a/c
Kishore Anil
CFA L1
★ 2K+
1
513
Accounting IPCC - Partnership Accounts
Accountancy
asked on 15-Feb-21 11:53
Accounting IPCC - Partnership Accounts - In video lecture no:9 - Illustration 4 - why is interest on drawings on Rs 40000 withdrawn by A on 30/09/2016 not calculated and added along with the interest on drawings on Rs 1000 per month drawn monthly?
latest answer
No answers yet!!
Rohit Reghuraj
CA Inter
★ 2K+
0
558
Receipts and payments A/C
Accountancy
answered on 16-Feb-21 20:42
Does depreciation appear in the above ac ?
latest answer
No.it appears in income and expenditure account. Receipts and payments ac involve only summary of actual cash transactions
Meda Jeevansai
CA Final
★ 21K+
2
551
Journal entries
Accountancy
answered on 13-Feb-21 16:40
How to know particular account effected in transaction and apply rules?
latest answer
Did you complete the chapter on Journal Entries.
Ganesha P
CBSE XII
★ 0
1
550
AS 10
Accountancy
answered on 13-Feb-21 16:40
When there is an exchange in the items of PPE with no commercial substance and fair value of both the assets is not ascertainable ,then carrying value of the asset given up shall be reduced by 'amount settle up paid' or 'amount received' ?
latest answer
No. Unless some other asset is received - say cash is received in part.
Kumar Sarthak
CMA Final
★ 12K+
3
557