Accounting standards

answered on 10-Nov-20 17:43

Is AS 11,13 covered in respective chapters or should be seen in separate classes provided

latest answer

Ok sir Thank you

Lakshmipathirao Tantravahi

CA Inter

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2

390

Applicability of AS

answered on 10-Nov-20 15:48

I have watched your video on applicability of AS part one In that video the non corporate entities are classified into 3 Lvl 1,2 and 3 In lvl 1 the first criteria was those entities whose equity or debt securities are listed or in the process of listing....etc.. My doubt is that can a non corporate entity issue equity or debt securities and list them.. Kindly reply

latest answer

Ok

PKM Calicut

CA Inter

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2

423

Branch Accounting

answered on 10-Nov-20 18:12

Hi, in illustration 10- Q1. Is 1200 opening stock reserve of branch or ho? Q2. Why are we debiting closing stock reserve in HO column and not BRANCH column when we are calculating closing stock reserve on BRANCH closing balance that is 9560.

latest answer

Branch accounting is done at cost to branch. The excess profit which is generated because goods are invoiced at a higher price, it is to be removed from HO as it is not yet earned.

Karan Chellani

CA Inter

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1

489

Amalgamation related problem

answered on 09-Nov-20 09:43

Sir in this do we HAVE to settle debentures and loan from A through bank account or we can close them through realisation account?

latest answer

You can close through realisation account as well.

Kumarjit Dey

CA Inter

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480

Doubt

answered on 12-Nov-20 12:43

Look a the question image where I tick marked my one and only doubt is that when bad debt is written why we did not deduct from trade receivables that 5000 amt as also no provision is there

latest answer

OK sir

Nilesh Malviya

CA Inter

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495

AS 29 query

answered on 08-Nov-20 12:45

Sir, we know that as per AS 29 "obligation" is a duty or responsibility to act in a certain way arising from binding contracts, STATUTE, business practices or customs to maintain good relationship. The author of this scanner writes that "even a legal requirement does not require the company to make a provision. Doesnt the author's answer contrast with AS 29's definition? Please share your opinion, Sir.

latest answer

Yes as per AS 29 "present" refers to an obligation which is IN EXISTENCE AS BS DATE and it is PROBABLE (more likely than not) based on the evidence available on the balance sheet date. So yes, you and author are correct. I never doubt it the author in the first place but had to clarify my doubt, hence asked. Thanks for clarifying.

Kumarjit Dey

CA Inter

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444

Accounting

answered on 08-Nov-20 11:48

Yes

latest answer

Elaborate your query

Gowri Pagadala

CMA Inter

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1

409

Partnership accounts

answered on 12-Nov-20 09:52

In mtp oct 20 or rtp may 20 . Why the amount to be drawn was calculated in that way any logic behind it

latest answer

Thanks

Satya Shashank

CA Inter

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455

Amalgamation query on Debentures discharged

answered on 10-Nov-20 15:55

Can anyone pass me the journal entry for this: (K & L amalgamate to form LK Ltd.) Given in Balance Sheet in books of K Ltd: 5% Debentures 2,00,000 Given in Additional Information: Issue of such amount of fully paid 6% debentures in LK Ltd as is sufficient to discharge the 5% debentures in K Ltd at a discount of 5% after takeover. an explanation would be even greater. thanks in advance.

latest answer

For selling company, valuation is at 100%. Later settled at 5% discount.

Kumarjit Dey

CA Inter

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5

1K+

Doubt

answered on 10-Nov-20 16:18

Sir in point 5 the unsold stock of 30% is deducted from inventory why? In this question we are consignee then how we will add unsold stock on consignment to our inventory?

latest answer

It is done at cost.

Sri kanaga Varshini

CA Final

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9

464