Forums
Entity
Accountancy
answered on 12-Nov-24 08:30
What does level 1entity means?
latest answer
Level I entities are large size entities (i) Entities whose securities are listed or are in the process of listing on any stock exchange, whether in India or outside India. (ii) Banks (including co-operative banks), financial institutions or entities carrying on insurance business. (iii) All entities engaged in commercial, industrial or business activities, whose turnover (excluding other income) exceeds rupees two-fifty crore in the immediately preceding accounting year. (iv) All entities engaged in commercial, industrial or business activities having borrowings (including public deposits) in excess of rupees fifty crore at any time during the immediately preceding accounting year. (v) Holding and subsidiary entities of any one of the above.
Kaaviya Priya
CA Inter
★ 890
1
255
Syllabus covered
Accountancy
answered on 12-Nov-24 08:33
"I have questions regarding the syllabus. AS 19 was not included in my syllabus but was covered in the CMA Inter Financial Accounting topics. Could you please let me know which topics covered are not part of the CMA Institute material? Additionally, for the topics covered, could you clarify which sections in the CMA Institute books they apply to? Thank you, and I request that you provide these details."
latest answer
AS 19 Leases is covered in CMA Inter as Lease Accounting.All the topics that we teach are covered in CMA material.
Kathiravan Arunagiri
CMA Inter
★ 0
1
240
Preparation of financial statements of companies - illustration 4
Accountancy
answered on 15-Nov-24 17:10
Hi sir / madam My doubt is why balance amount of current year profit and loss of 1,42,500 (after deduction of dividend of preference shares i.e 3,00,000 - 157500) is not considered while calculation in condition II . [But the current year profit was considered for condition II in the example which was given in previous video but not considered in this video]
latest answer
We need to check balances as per latest audited balance sheet i.e. previous year.
Nagachaitanya Nomula
CA Final
★ 8K+
1
234
AS-10
Accountancy
answered on 11-Nov-24 17:44
Can any one explain what is Interest charges paid to o supplier against deferred credit & Why it is not capitalised
latest answer
interest expenses incurred on a purchase arrangement where the payment for goods or services is deferred over a period of time, typically beyond the normal credit terms. For e.g. if you buy a product on credit for 90 days and supplier charges interest on it, it is called interest charges paid to supplier. Whether to capitalise or not depends on whether the asset is qualifying asset or not
Gokul N. K
CA Inter
★ 0
1
542
AS 25
Accountancy
answered on 11-Nov-24 12:27
3. How is the answer 17000 4. Provision for 2nd quarter should be 1.5 million right, total provision both 1st & 2nd quarter is only 2 million?
latest answer
Thanks for clarifying
Soon to be CA
CA Inter
★ 4K+
4
566
Company accounts
Accountancy
answered on 11-Nov-24 23:30
In company accounts is it neccesary to read theory
latest answer
Thank you
Misba Siddiqua
CA Foundation
★ 1K+
2
672
Preparation of fs
Accountancy
answered on 11-Nov-24 08:33
If an asset like furniture is in trail balance and there is an adjustment that particular asset is sold during that year and a new asset is exchanged during the same year... Do we need to deduct +add those assets to determine the balance of furniture
latest answer
It is best to create a ledger account for furniture. If it is sold and there will be a depreciation for that and after reducing the depreciation the furniture will be sold. If the furniture is sold for higher/lower than the carrying value then the profit/loss will be shown in P& L a/c. If the new asset is exchanged we will show the value of the new asset exchanged in the furniture account after reducing the old asset value after depreciation.
vamsi krishna
CA Inter
★ 43K+
1
574
Preparation of fs
Accountancy
answered on 15-Nov-24 17:11
Here the hire purchase price should be taken as base 100 as 25% is calculated on hire purchase price, but the base 100 is taken as hire purchase sales price
latest answer
Yes. Incorrectly done.
vamsi krishna
CA Inter
★ 43K+
1
497
AS 16 - Advance paid for a truck
Accountancy
answered on 08-Nov-24 18:58
In this question, an advance was paid for a truck out of borrowings. As the truck has not been delivered, can I assume that the truck will take a substantial period of time to get ready for intended use, thus considering it as a qualifying asset, and capitalising the relevant interest cost? ICAI material has not capitalised it,
latest answer
Understood now, thank you sir!
Vishnu Muraleedharan
CA Final
★ 32K+
3
584
Subscribtion account
Accountancy
answered on 22-Nov-24 14:38
Sir by with out using the subscription Account how can we arrive @ the amount 7170 Like - subscription outstanding for previous year + subscription for current year like this method (part 4 of NPO) can you please explain
latest answer
Subscription as per Income & Exp in 2016 = 7500 Sub outstanding for 2015 (means received in current year) + 600 Sub received in advance in 2015 (means not received in current year but included in Income and Exp ) - 450 Sub in adv as on 31 Dec 2016 + 270 Sub outstanding on 31 dec 2016 - 750 (Shown in income but not received) =7170 (It is exactly opposite of what you do from receipts and payments to income and expenditure.
Rehanabin
CA Foundation
★ 100
1
254