Depreciation

answered on 27-Jul-20 09:15

Is Retrospective effect is in syllabus for CA foundation Nov. 2020?

latest answer

No, restrospective effect in the syllabus

atharva sanap

CA Inter

★ 4K+

2

526

Amalgamation of Partnership- Illustration 3

answered on 29-Jul-20 13:43

In Illustration 3 of Amalgamation of Partnership Chapter (Question pertains to Acquisition of Business by Shri Raman and is Illustration 2 in Pg 2.71 of Module 1 of ICAI Material: Advanced Accounting), the answer to business purchase differs with what is given in ICAI Material. May I please seek clarification about the same?

latest answer

Thanks a lot ma'am for the clarification

Suraj Narayanan

Qualified CA

★ 7K+

3

595

Doubt

answered on 26-Jul-20 07:11

Sir, Does gross profit and gross income is same? Does net profit and net income is same? If not please explain me the difference....

latest answer

Gross Income and Gross profit ( in context of a business entity) are same and so are Net Income and Net profit. There is no differentiation between Manufacturing or service sectors

Sakthi Praveen

CA Inter

★ 2K+

2

519

Commerce

answered on 25-Sep-22 09:56

Commerce

latest answer

If your question is what is commerce? Then -commerce refers to all those activities which help directly or indirectly by the distribution of goods and services ....It is a trade i.e buying and selling of goods and auxiliary to trade i.e ,communication, transportation advertising etc.. It is an art as well as science .

Priyanka Kumari

CBSE XI

★ 0

2

531

Financial statements

answered on 23-Jul-20 21:05

In profit and loss account format under the heading expense there is change in inventory in that why we subtract opening to closing ?? Why we cannot do closing to opening.

latest answer

Hello

Akshay jerry

CA Inter

★ 10

2

459

AS-26(goodwill) application in amalgamation, conversion and sale of partnership firms.

answered on 23-Jul-20 11:24

As per AS-26,only purchased goodwill can be shown in books, but in problems related to conversion/sale of partnership firms to company in study material they are providing purchase consideration for goodwill also.

latest answer

AS-26 does not apply to goodwill arising on an amalgamation and goodwill arising on consolidation

Deagle -oM

CA Final

★ 0

4

529

Esop

answered on 21-Jul-20 11:38

I no solve this problem.plse solve this problem

latest answer

Please solve the problem and ask for any specific doubt you have

bhuvaneswari sundaram

CA Inter

★ 330

1

502

Query

answered on 21-Jul-20 07:39

Sir is it okay to start Advance Accounting before completing Accounting Standards?

latest answer

Yes it is ok. But do read AS 14 & 21 before you start solving problems on Amalgamation & consolidation

Prateek Khandelwal

CA Inter

★ 0

1

498

Rectification

answered on 20-Jul-20 19:42

What is capitalization of asset mean

latest answer

Capitalisation of assets means to record expenses incurred for assets in the balance sheet as an asset and not charge it as an expenses in profit and loss account. Generally expenses which are incurred at a time of installation of asset or upto the assets are first ready to use are capitalised.

Prasanth Kumar

CA Inter

★ 13K+

1

524

Subsidary books

answered on 20-Jul-20 16:40

Sir generally credit sales will go into sales book And from there it will go into sales account trial balance and balance sheet...case 1 But if the creditor pays cash before we prepare balance sheet how is creditor account sales account cash account trial balance are impacted..case 2 Pls draw the ledger accounts in the two cases

latest answer

Now I understood

Prasanth Kumar

CA Inter

★ 13K+

4

500