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Journal
Accountancy
answered on 13-Jul-20 20:36
I didn't understand this sum
latest answer
Thank you mam
Prasanth Kumar
CA Inter
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573
Journal
Accountancy
answered on 12-Jul-20 23:36
When rent paid to arvind will arvind's name come in journal entry
latest answer
Yes, if there is a separate creditor account in his name, amount will be first credited to "Arvind A/c" while booking expense but if there is no creditor account with that name in the books of account, then Rent Payable A/c will be credited
Prasanth Kumar
CA Inter
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564
Journal
Accountancy
answered on 12-Jul-20 23:40
When we purchased furniture we debited it but when goods are purchased we didn' t debit goods . why?
latest answer
Because its not a capital asset and its a current asset. We first debit to purchases and if consumed or sold during the year, it will be debited to P&L as part of "Cost of production" or "Cost of goods sold" but if they remain unsold or unutilised, then they are transferred to closing stock value and taken into the balance sheet as an asset debit balance.
Prasanth Kumar
CA Inter
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1
554
Journal entries
Accountancy
answered on 12-Jul-20 23:41
Are networth and capital is same
latest answer
Capital and retained earnings together are Net Worth.
Prasanth Kumar
CA Inter
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2
561
Journal entry
Accountancy
answered on 12-Jul-20 23:43
Whe we pay salary or rent will the name of personto whom it is paid is involved
latest answer
Depends on whether there is a real account in the name of hte person to whom it is paid is being maintained by the organisation. If not it can either be directly debited to expense account at the time of payment or it can be credited to Salary /REnt payable account through a jouranl entry
Prasanth Kumar
CA Inter
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1
603
Regarding Syllabus
Accountancy
answered on 13-Jul-20 13:56
Is Joint Venture and Royalty Accounts part of CA foundation syllabus? Its not included in books but we have the topics in your module.
latest answer
Thank you, Mam
Swetha S
CA Inter
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3
597
Rectification of errors
Accountancy
answered on 13-Jul-20 13:56
Question4
latest answer
Sales ledger is where you enter the sales made and general ledger is where entries regarding transactions other than daily sales and purchases and cash and bank transactions are entered . Eg: rent paid, interest accounted
Gowshika LT
CA Final
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3
569
Notes
Accountancy
answered on 11-Jul-20 10:26
I have received an email regarding notes . I have enrolled for group2 accounting standards ,in the mail I was siad that notes has been added to course and the notes can be downloaded from the resources section in the course . I am not able to find the notes in my courses section... Is it any additional note or the provided in the free resources tab?
latest answer
All notes are available on the app in free resources section. There are no additional notes
lakshmi kollipara
CA Inter
★ 1K+
1
628
Meaning and scope
Accountancy
answered on 10-Jul-20 11:50
Sir in the 1st video of capital expenditure there is an example of bike modification around 3:40 sec. I feel this a revenue expenditure for wjich sir said it is a capital expenditure
latest answer
Sorry mam. It is 1st video in capital and revenue expenditure
Prasanth Kumar
CA Inter
★ 13K+
2
548
As-4
Accountancy
answered on 09-Jul-20 19:19
Sir!here there is already a provision created@5% on debtors balance and after balance sheet date a debtor of 2L suffered a loss and amount is not recoverable from him. It is an adjusting event and necessary adjustment shall be made in theFS. It is given that 2L shall be provided in addition to 5%.. But if such 5% provision covers such 2L amount is there any neccissulity of creating additional provision? Once plz see the attachment provided sir!
latest answer
This adjustment made is on account of loss on a single trade receivable (debtor) whereas, the provision of 5% was made on all the accounts receivable of the company put together. So additional provision is required.
lakshmi kollipara
CA Inter
★ 1K+
1
555