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Discount
Accountancy
answered on 14-Sep-20 17:11
If a purchaser purchases goods of worth more than 5,00,000 then discount 3% will be allowed for the goods purchased in excess of 5,00,000 in a year. Discount allowed is 12,480. Gross profit ratio 30% on sales. Given sales = 12,80,000 No opening stock. Here how should we consider the discount whether it is trade discount or cash discount?? If discount is considered as trade discount then how can there be an uniform gross profit rate?? Please clarify this to me.....
latest answer
Uniform gross profit (is generally an average rate) through out the year.
VIJAYA SARADHI MAGANTI
CA Inter
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as 11
Accountancy
answered on 13-Sep-20 17:10
what is mean by contingent liabilities
latest answer
Liabilities which depend on future event. You will learn about it in AS-29.
shobha kamatwar
CA Inter
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748
Depreciation
Accountancy
answered on 14-Sep-20 02:07
Wt is the difference between depreciateion, provision for Depreciation and accumulated Depreciation
latest answer
Cost of the asset is spread over through out its useful life(working life). The portion of cost of asset that is allocated to a particular period is called depreciation. Depreciation is an estimate on some suitable basis because technically it is not possible to determine the exact remaining useful life of asset at the end of a period (As Wear and tear of machine depends upon many factors). Provision for depreciation and accumulated depreciation are same they are created for fair presentation of balance sheet. So that asset can be shown at original value at which it is purchased and total depreciation till date. Provision for depreciation is cumulative depreciation year after year. Hope it helps!!!
Shruthi V
CA Inter
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3
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Underwriting Commission
Accountancy
answered on 13-Sep-20 12:53
Underwriting Commission charged on Shares taken by underwriters or total shares issued by company
latest answer
Total number of shares
Mkv N
CA Final
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2
947
Profit sharing ratioo
Accountancy
answered on 12-Sep-20 22:49
Case (I) given in question please solve
latest answer
I am sorry, if I interpret the question in a wrong way. So, here is the solution for you.
Bhavya jain
CA Inter
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4
708
Conversion of partnership firm into company
Accountancy
answered on 12-Sep-20 09:19
How's that dena bank 25000 credited in realisation account
latest answer
Loan
anamika vardhan
CA Inter
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1
801
Accounting Redemption on Preference Share
Accountancy
answered on 11-Sep-20 11:34
Please do look the question for the adjustment of debentures and why were they given extra for conversion
latest answer
How is it extra?
aman kawad
CA Inter
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Amalgamation
Accountancy
answered on 14-Sep-20 18:59
In practical problems question no. 2 , in the solution provided by institute why didn't they provide the 'loan Yltd' in the debit side of realisation a/c?
latest answer
Thank you sir
Swathi Krishna
CA Final
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Partnership accounts
Accountancy
answered on 11-Sep-20 11:34
Can anyone explain this illustration no.2
latest answer
What is your doubt here?
anamika vardhan
CA Inter
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663
Journal Entry
Accountancy
answered on 09-Sep-20 23:09
Please write journal entry and explain given below transaction is of passbook at bank or cash book of account holder. "Dear bank User, ur A/cX111 - debited by Rs 1000 on 11 -8-2020."
latest answer
Generally we receive these type of messages mentioned above to the registered mobile numbers which are linked to bank accounts. This message indicates that the customer account is debited in bank books of accounts(passbook is a copy of account of customer in the bank). Customer deposits money in the bank, such money should be returned to the customer as on request of customer. From this it clearly depicts that the customer is creditor for bank So customer a/c will be of credit balance(deposited amount) in bank books if he draws money the liability of bank will be reduced. so, to reduce credit balance it will be debited such that the balance in bank account will be reduced. There are two types of account formats i) T shaped accounts ii) Running balance form of accounts The second type of accounts are used in banks which you can see in bank passbooks. Journal entry in the books of customer, Expense/Asset/Drawings a/c....Dr 1000 To Bank a/c. 1000 (Being expense/Asset/Drawings made through bank) Journal entry in the books of Bank, Customer a/c.... Dr. 1000 To cash a/c. 1000 ( Being cash drawn by customer) If the bank customer issues any cheque to his creditor and he presents such cheque on a later date NO ENTRY is required in the books of Bank customer, because it is already recorded on the transaction date. Hope it helps!!!
Hari Krishna
CA Foundation
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