Forums
Replacement cost basis
Accountancy
answered on 09-Jan-21 18:39
How are liabilities valued at replacement cost. give examples
latest answer
Liabilities are valued at settlement value.
Aman Mahajan
CA Final
★ 19K+
1
517
Matching concept
Accountancy
answered on 08-Jan-21 12:12
How are bad debts an exception to the Matching concept?
latest answer
There is only expense/reduction in value of an asset. Income would have been recognised earlier.
Aman Mahajan
CA Final
★ 19K+
1
522
Insurance Claims
Accountancy
answered on 08-Jan-21 10:34
if trend percentage not given in the insurance claims sum, then what should do and how to calculate trend percentage?
latest answer
Generally it would be given. Or by looking at sales for different years given in question, we can compute. If you have a specific question, let us know, we will help you out.
Parthiban S
CA Inter
★ 430
1
594
Rectification entry CA foundation
Accountancy
answered on 08-Jan-21 13:46
Q4 of rectification chapter (vi) adjustment - Goods worth 1,000 were sent on sale or return basis to a customer and entered in the Sales Book. At the close of the year, the customer still had the option to return the goods. The sale price was 25% above cost. also , it is a prior period adjustment why is it that we debit inventory and not the profit and loss adjustment a/c for the full sales amount recorded in the books in the previous year ?
latest answer
alright , understood . Thank you , sir
Siddharth Kulkarni
CA Final
★ 28K+
2
3K+
Internal Reconstruction
Accountancy
answered on 07-Jan-21 18:06
Sir, In this question 3rd point underlined are we issuing 60 rs worth share for â?¹7.5 or Fresh share of â?¹7.5 each .
latest answer
It means that instead of taking shares of 60 each, they will take 4 shares 7.5 each.
M Naresh
CA Final
★ 3K+
1
563
Insurance Company
Accountancy
answered on 07-Jan-21 17:56
Profit on Sale of Investment for a Fire Insurance Company. Will it be under the head Other Income in Revenue Account or Goes the PandL ? Do we consider it to be as part of business or other than business ?
latest answer
It's operating income for the insurance companies and others it's is other income
Kaveesh Sethi
CA Inter
★ 2K+
1
565
Schedule 3 balancesheet
Accountancy
answered on 07-Jan-21 18:16
Where we have to show bank overdraft sir
latest answer
Short term borrowings.
M Naresh
CA Final
★ 3K+
3
526
Internal reconstruction
Accountancy
answered on 05-Jan-21 18:06
In point (iv) the debenture holders agreed to take part of freehold property at agreed figures and why the remaining balances revalued sir
latest answer
NO worries.
makthala venkateswarlu
CA Foundation
★ 510
2
570
Subsidiary books
Accountancy
answered on 08-Jan-21 15:16
Sir as you know in purchase book we will record credit purchase .now if we give money to our creditor how to fix this in purchase book or what to do to eliminate that creditor from purchase book.
latest answer
Crystal Clear sir thanks you
Shreesha .T.u
CA Foundation
★ 2K+
4
655
Subsidiary books
Accountancy
answered on 05-Jan-21 15:43
Sir in real business world..if transaction are recorded in subsidiary book .should it again be recorded in journal..
latest answer
No. In real world, most companies use ERP and there is no concept of different set of books. You just do entry at one place and rest of the account posting is taken care of.
Shreesha .T.u
CA Foundation
★ 2K+
1
556