As-10, Property,plant and equipment.

answered on 25-Aug-20 15:32

please explain about commercial substance in as-10 And how should an asset should be valued when asset is acquired by exchange

latest answer

What is your specific doubt. Please solve and share the solution. we can share specific explanations where you have an issue. We cannot solve full length problems for you

VIJAYA SARADHI MAGANTI

CA Inter

★ 850

5

1K+

Consolidated financial statement

answered on 22-Aug-20 21:21

In this below question, i cant understand point c. Can u please explain

latest answer

That TRADE RECEIVABLES of 891000=99% I.e.,after deducting 1% as provision for doubtful debts. So the 100% balance will be 900000. Consider this value as to follow uniform accounting principles in light of A Ltd.

Gomathi K

CA Final

★ 40K+

1

457

Banking companies

answered on 24-Aug-20 23:41

Schedule 9 Advances While calculating advances in case government gurantees we considered secured portion But in case of cash credit we considered only unsecured portion Why?

latest answer

In the total advances of 2150, 20% of a certain amount (cash credit) is to be provided for 100% as it is unsecured. 60% of term loan has guarantee and the balance is secured by tangible assets.(This is the balancing figure)

Gomathi K

CA Final

★ 40K+

2

459

As 22

answered on 20-Aug-20 21:09

Explain illustration 6 sum

latest answer

Now i understood that sum sir

K Ashwathy

CA Inter

★ 170

2

512

Topics having highest wattage

answered on 20-Aug-20 20:23

I wanted to know which topics for accountancy have highest wattage in ca foundation . I am appearing for ca foundation in Nov this year and I have only 2 months to prepare .

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Thank you Gratitude

Parikshit Rathod

CA Foundation

★ 710

2

502

Consolidation

answered on 24-Aug-20 02:55

Sir I haven't understood consolidation chapter in icai module Q/A 2 from Practice questions.. It contains Reserves Adjustments and Endorsement concepts.. I cant get the problem... Pls help me

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Thank you

Ramya kudupudi

CA Inter

★ 2K+

8

441

Consolidated balance sheet

answered on 20-Aug-20 17:41

For calculation of cost of control in CBS it sd b calculated on acquisition date right.. So equity share capital of subsidiary company will also b taken on date of acquisition?

latest answer

Cost of control = Cost of acquisition - Cost of equity(the equity of subsidiary (at the time of acquisition)

Shru Kanda

CA Inter

★ 610

1

456

Net profit

answered on 22-Aug-20 11:52

When we arrive net profit through profit and loss a/c, is that after all charges...Normally net profit is after what deductions? In Indirect method we arrive profit from two years reserve..when we take such profit we add back all expenses and deduct incomes..so does it include provision for taxation, then how..normally how we calculate net profit?

latest answer

Net profit is after tax. Provision for tax is made on profit before tax. Transfers to reserves are from post tax profits

Shalini Shalu

CMA Inter

★ 300

3

468

Partnership

answered on 18-Aug-20 13:29

In page 2.94, Illustration 8 while finding purchase consideration, all the assets and liabilities are taken over rite so why can't we find using net assets approach like all assets - liabilites

latest answer

Purchase consideration is the consideration received on selling the company. The Net Assets approach is taken when the information about the purchase consideration is not available. But here, in this question, it is clearly stated that Prabhu & Co. are receiving 25,000 equity shares of Rs.10 each at a premium of Rs.2 per share. So since the amount of purchase consideration is directly given, Net Assets approach is not considered.

Swathi Krishna

CA Final

★ 8K+

1

488

Redemption of Preference Shares

answered on 19-Aug-20 21:11

Can we follow any sequence of Journal Entries since date is normally not given... like booking liability of PS Holders in first entry and paying them in Last entry ?

latest answer

Preference share capital account dr To Preference shareholders account cr ( being booking liability ) Preference shareholders account dr Bank account cr ( being payment to PS holder)

J J

CA Final

★ 180

3

463