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AS2
Accountancy
answered on 20-Nov-20 10:03
If the model itself is removed wont the items that were required to manufacture that car model become useless and if so it cannot form part of inventory as it fails to sarisfy the defn. Of inventory? I mean shouldn't it be shown under current asset or non current asset as per its realization term? Please clarify
latest answer
It will be shown under inventory.
Venkatesh Rathinam
CA Final
★ 15K+
5
531
Investment Accounts
Accountancy
answered on 19-Nov-20 15:15
Sir , In most of the Sums The sale value of investment is credited in investment Account And corresponding effect is given to profit Can we credit with cost and profit element should transfer to P&L A/c sir. Is this alternative presentation is acceptable sir ?
latest answer
In exams you will not have a separate ledger to account for profit.
M Naresh
CA Final
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1
528
AS 1
Accountancy
answered on 22-Nov-20 08:20
In this answer why closing stock is valued at net realizable value because generally closing stock is valued at cost on net realizable value whichever is lower
latest answer
If not a going concern, no benefit in future.
subramanyam yendakuarthi
CMA Final
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3
707
Redemption of preference shares
Accountancy
answered on 19-Nov-20 11:05
On redeeming preferences by using Divisible profit we cannot use capital reserve because we can use them for distributing divided, am I right sir
latest answer
Thank you sir
SREEABITHA SENTHILKUMAR
CA Inter
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3
525
Doubt
Accountancy
answered on 18-Nov-20 19:42
Sir if gross profit on cost is 30% then how much on sales?
latest answer
Assume cost is 100 then 100+ 30 = sales price = 130 Profit as % of sales = 30/130 = 23.07%
Sri kanaga Varshini
CA Final
★ 3K+
1
545
AS 11
Accountancy
answered on 20-Nov-20 09:59
Shouldn't we restate to 47.15 on 31 December and then take the difference of profit or loss . As the books are closed on 31st December
latest answer
Gain or loss will be booked on 31st December if books are closed.
Swathi Krishna
CA Final
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4
526
AS 11
Accountancy
answered on 20-Nov-20 09:33
In the this entry can we debit p&l a/c ?
latest answer
K thank you sir
Swathi Krishna
CA Final
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2
586
Inventory
Accountancy
answered on 21-Nov-20 22:23
Can u pls explain point no. 6
latest answer
This is past year question, you please confirm with faculty
Sri kanaga Varshini
CA Final
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7
561
AS11
Accountancy
answered on 20-Nov-20 09:32
How is share captial treated as non monetary item as per AS 11? Plzz reply
latest answer
Thank you sir
Swathi Krishna
CA Final
★ 8K+
2
586
Advanced acc Consolidated financial statements
Accountancy
answered on 18-Nov-20 16:07
In icai material, price of share was not given, and answer automatically assumed it to be â?¹10. Is it fine? Or they found the value somehow?
latest answer
Assumed.
Susee Arunachalam
Qualified CA
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1
554