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Not able to understand certain points in solution
Accountancy
answered on 25-Oct-20 12:30
I am attaching question as well as solutions Following are the points I need to understand from you 1.in 2005 in plant purchased we wrote difference of 50,000 and then charged 10 percent dep And in 2006 what was the point of separating 240k and 460k 2.do we always write full value in depreciation provison account like in to disposal account we wrote the cost 3.in sale or disposal account how did we get loss of 4000 4.i need journal entries of all the transaction to understand more clearly Pls give solution as soon as possible
latest answer
1. For plant purchase in 2005 - depreciation of 50K was charged ie half year dep - nothing else was done. It is diff between Cost and accumulated depreciation so far - it is fully depreciated by this year 2. We are separating 7 lacs into 240 k & 460K because there is a sale of assets worth 240K. For assets of 2004 / 2005 the P&M is fully depreciated and hence we need not separate them. 3. Yes Depreciation & provision for Dep are always maintained 4. 4K loss computation . on 2004 assets fully depreciated so no loss on scrapping. 2005 asset fully depreciated and hence 5k is fully profit. 2006 asset 90% depreciated so book value is 24K less: amount realised is 15K i.e loss of 9K. total loss i.e 9K loss + 5K profit
Nilesh Malviya
CA Inter
★ 655
1
623
Debenture
Accountancy
answered on 25-Oct-20 18:13
Sir why debenture suspense account is shown in asset side?
latest answer
Ok thank you .
Sri kanaga Varshini
CA Final
★ 3K+
2
637
Investment Accounts
Accountancy
answered on 24-Oct-20 23:59
In illustration 5 why didn't they credit the sale of right shares in the investment Account Why is it straightly credited to P&L A/c
latest answer
Thank you
Sri Varshini
CA Inter
★ 575
4
600
Company account
Accountancy
answered on 23-Oct-20 10:17
For allotment due sir wrote this entry but what I wrote is it correct Explain
latest answer
Thank you
Prasanth Kumar
CA Inter
★ 13K+
2
621
company accounts
Accountancy
answered on 23-Oct-20 10:31
sir a company wants to raise authorised capital of 1 lakh the face value of share is 20rs. total shares are 5000 if the company issued this shares at rs 30 we will actually credit the addditional amount to securities premium but 5000 shares @ rs 30 share is 1 50 000 which is more than authorised capital explain this
latest answer
Ok sir
Prasanth Kumar
CA Inter
★ 13K+
3
542
Futures of a Accounting System
Accountancy
answered on 27-Oct-20 12:32
What could the future of accounting look like? And what are the new trends in accounting?
latest answer
Please google and visit their websites .
Seema Singh
Qualified CA
★ 0
5
553
Redemption of debentures
Accountancy
answered on 22-Oct-20 18:42
In Illustration 1. The DRR created is 10%. But as per provisions is it not 25%. Pls clarify
latest answer
It is 10% after August 2019. Explained in video.
Bharath
CA Foundation
★ 0
1
575
Books
Accountancy
answered on 23-Oct-20 08:35
What are the all books , and vouchers documents to be kept by a service provider providing a manufacturing contract(job work).
latest answer
There are no prescribed books.You need to maintain documents which will help tax/gst authorities assess.
Preeshma Manasa
CA Inter
★ 2K+
4
695
Consignment chapter
Accountancy
answered on 22-Oct-20 19:09
Sir what is provision for expenses account . Why it is shown in consignment account.
latest answer
Ok sir
Sri kanaga Varshini
CA Final
★ 3K+
4
570
Consignment
Accountancy
answered on 21-Oct-20 19:56
Sir in this sum there is difference between cost & selling price but the effect of loading is not shown why ? Similar sum like this they have shown the effect.
latest answer
Ok sir understood.
Sri kanaga Varshini
CA Final
★ 3K+
2
592