Forums
Brs
Accountancy
answered on 27-Sep-20 20:29
Dishonor of a bill discounted with bank What if the bill is honoured Also bills collected by bank on behalf of a customer
latest answer
For entries for Bills of exchange, please refer to videos of Bills of Exchange chapter. They are also covered in pages 6.5 & 6.6 of ICAI Study Material. Link below and pages also are attached herewith https://resource.cdn.icai.org/55003bosfndnov19-p1-cp6u1.pdf What happens in BRS depends on the fact if the entity accounted or not. If both bank and the entity passed entries there is no reconciliation. If bank passed but entity did not pass entry then in the BRS , such amount should be reduced from Balance in Bank account as per books of entity in order to arrive balance as per bank.
Prasanth Kumar
CA Inter
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7
929
Internal reconstruction
Accountancy
answered on 26-Sep-20 08:17
Sir illustration 3 of ICAI material Explain Cash and cash equivalents balance amount
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Tq sir
Prasanna Jannu
CA Inter
★ 7K+
2
647
Debenture
Accountancy
answered on 26-Sep-20 10:37
Is this format mandatory, in case own debentures ? If so, Why is the interest portion separately shown in own debentures a/c ?
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K
Swathi Krishna
CA Final
★ 8K+
2
688
Partnership ca foundation
Accountancy
answered on 24-Sep-20 14:49
12. Illustration 2 part -2 Goodwill is transferred to revaluation account In question given that it should be eliminated from balancesheet Why you have not debited the partners capital account as in icai module they have debited the partners capital
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Ok sir
Vaibhav Salgare
CA Inter
★ 8K+
3
665
Insurance claims for loss of stock
Accountancy
answered on 24-Sep-20 11:26
ICAI Material In Illustration 1, we are subtracting written off value from opening stock in next year. But I dont understand why in Illustration 5 and 6, we are adding back the written off value to the closing stock in previous year. Then the written off will not be effected, right? Also we did not subtract the value from opening stock in the next year. Please explain why we are cancelling the "writing off" and where should we all do this. I've attached Illustration 1 and 5 (5 and 6 are similar)
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Okay sir thank you
Susee Arunachalam
Qualified CA
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4
777
Journal Entry
Accountancy
answered on 23-Sep-20 21:28
Q1 and Q3
latest answer
Its not increasing
Satyam Anand
CA Inter
★ 17K+
10
753
Partnership Accounts- Whether Max Loss or Highest Relative Capital Method?
Accountancy
answered on 23-Sep-20 12:00
Kindly advise how to identify whether this is Maximum Loss or Highest Relative Capital method. For your reference, this is Illustration 10 on Page 2.40 of ICAI CA Inter Group 1 Accounting Module.
latest answer
It would be given in the exam.
Suraj Narayanan
Qualified CA
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1
1K+
(Advanced Acc)Banking co. and NBFC
Accountancy
answered on 23-Sep-20 00:46
Apart from the videos in 1Fin, there are so much of theory in study material. Are they not necessary?
latest answer
Okay sir thank you
Susee Arunachalam
Qualified CA
★ 26K+
2
689
Redemption of debentures
Accountancy
answered on 23-Sep-20 21:38
In question 4 of the practical problem , the amount w.r.t debenture redemption reserve investment is encased upto 15% when own debenture is purchased. Why 15% is taken ?
latest answer
Now I understood . Thax
Swathi Krishna
CA Final
★ 8K+
2
674
Consolidated fin statements
Accountancy
answered on 22-Sep-20 12:08
Please explain illustration 10 from module.
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Can you please solve the problem and share let us know where you are getting stuck or where you have a query
Revant Batra
CA Inter
★ 0
1
629