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Purchases ledger
Accountancy
answered on 01-Sep-20 22:11
While preparing the purchases ledger why is the freight amount not included as per the illustration 2 of ch 2 unit 4
latest answer
Ok thanks
Parikshit Rathod
CA Foundation
★ 710
4
720
Business documents
Accountancy
answered on 31-Aug-20 17:38
Why should we draft accounting vouchers as we already have source documents like cash memos(for payments and receipts), invoices/bills,pay-in slips etc What is the need for vouchers Can't we take source documents as conclusive evidences?? Please explain...
latest answer
Thank you sir.
VIJAYA SARADHI MAGANTI
CA Inter
★ 850
2
694
As 3 cash flow
Accountancy
answered on 31-Aug-20 14:56
Voluntary separation payment is a liability to the company then why it is shown on the asset side of the balance sheet ( it can be fictitious asset) voluntary separation payment is extraordinary item so can you please explain the above mentioned voluntary the above mentioned voluntary separation payment and how it can influence the cash and cash equivalents
latest answer
That is the payment which is made in advance
Deepak Thinu
CA Inter
★ 390
1
839
Cma foundation doubt
Accountancy
answered on 31-Aug-20 17:36
over which of the following costs management is likely to have least control Wages Building insurance Machinery breakdown cost Advertisement cost
latest answer
A machine breakdown is like an accident. How can we control that?
Anirudh Gupta
CA Inter
★ 3K+
3
1K+
As 3 cash flow statement
Accountancy
answered on 31-Aug-20 08:33
When accounting for an investment in an associate or a subsidiary or a joint venture an investor restricts it's reporting in the cash flow statement to cash flows between itself and the investee/jointventure for example cash flows relating to dividends and advance can you Please explain this
latest answer
Cash flow from investing activities is one of the sections on the cash flow statement that reports how much cash has been generated or spent from various investment-related activities in a specific period. Investing activities include purchases of physical assets, investments in securities, or the sale of securities or assets. Cash flows from interest and dividends received and paid should each be disclosed separately. Cash flows arising from interest paid and interest and dividends received in the case of a financial enterprise should be classified as cash flows arising from operating activities. In the case of other enterprises, cash flows arising from interest paid should be classified as cash flows from financing activities while interest and dividends received should be classified as cash flows from investing activities. Dividends paid should be classified as cash flows from financing activities. For example - Cash receipts from the repayment of advances and loans made to third parties (other than advances and loans of a financial enterprise).
Preetham Pai
CA Inter
★ 400
1
982
Why it is not credit balance as per pass Book ..?
Accountancy
answered on 28-Aug-20 12:10
In Bank reconciliation statement chapter .. in illustration 5 .. I got -20,758 as my answer , so it will become "credit balance as per pass Book" but icai answer is " debit balance as per pass Book"..I'm confused. Please clearly explain
latest answer
Yes sure, the answer is wrongly depicted in the study material It is credit balance or favourable balance as per pass book 20,758. If there is no error with regard to wrong credit of 20,000 it would show you credit balance of only Rs 758.
Hari Krishna
CA Foundation
★ 1K+
1
933
Why is not credit balance as per passbook ?
Accountancy
answered on 28-Aug-20 12:35
In Bank reconciliation statement chapter .. in illustration 5 .. I got -20,758 as my answer , so it will become "credit balance as per pass Book" but icai answer is " debit balance as per pass Book"..I'm confused. Please clearly explain
latest answer
It is wrongly stated to be debit balance as per pass book in the material. It should be Rs.20,758 Credit balance as per pass book and Debit balance as per Cash book.
Hari Krishna
CA Foundation
★ 1K+
1
834
Amalgamation of companies
Accountancy
answered on 27-Aug-20 12:57
Ill 9(ICAI study material) Adjustment 4 Why they do for this journal enry?
latest answer
Mutual owing are cancelled as P Ltd and Q Ltd are amalgamating into 1 company. The liquidation expenses of P Ltd paid by Q Ltd is over and above the consideration payable to Q Ltd. It is treated as Goodwill. As we have capital reserve balance, it is adjusted with Goodwill, to get the net effect of amalgamation.
Gomathi K
CA Final
★ 40K+
1
782
Depreciation
Accountancy
answered on 27-Aug-20 16:36
Is provision for depreciation is current liability? In case it is current liability then what is the reason
latest answer
Under classification of accounts there are i) personal a/c's ii) Real a/c's iii) Nominal a/c's iv) valuation a/c's Here your doubt is about valuation a/c's These are the accounts which are created to show assets or liabilities at their original values (for clear presentation of financial statements). These accounts doesn't have any nature of assets or liabilities but they are just opposite to their original or source accounts (in terms of posting entries like debit and credit). Examples are prov for dep, prov for bad and doubtful debts, reserve for creditors etc., If clearly shows what is the cost at which it is purchased and accumulated depreciation details.... Hope it helps!!!
Akshay jerry
CA Inter
★ 10
2
1K+
Banking co.
Accountancy
answered on 26-Aug-20 22:01
How come the fixed asset is added with the depreciation amount in this problem ?
latest answer
The closing balance of the asset is 70.12(cost given in question) and the depreciation thereof is 0.78 which makes the opening balance 70.9 Thus Fixed asset balance in balance sheet(in Solution) 70.12 + 155.7 = 225.82
anamika vardhan
CA Inter
★ 1K+
3
731