AS7

answered on 15-Apr-24 19:22

How did we get 36L in sub division 2 of the illsn

latest answer

pls share your working

Shruthi Nachammai

CA Inter

★ 4K+

3

204

AS 7

answered on 14-Apr-24 22:58

How to solve this illustration question. Pls someone send the workings

latest answer

Mari consideration emi ledha

Shruthi Nachammai

CA Inter

★ 4K+

8

192

Lease

answered on 15-Apr-24 19:21

How to find out the Principal amount and Finance charge??

latest answer

pls share question

Laxmi Devi Suresh

CA Inter

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162

Amount Due To/From Contract Customer

answered on 15-Apr-24 18:54

Hi sir, hope you're well For calculating amount due to/from the customer, why do we take contract costs rather than contract revenue? Since it is the revenue only that is falling due from customer Thanks

latest answer

Profit element takes care of the revenue part. Basically Cost + Profit = Revenue

Devaprasad Jothimani

CA Inter

★ 0

1

154

Recognition of Estimated Construction Contract Losses Immediately

answered on 12-Apr-24 17:01

Hi sir, hope you're well Since we recognize estimated losses immediately, and we recognize the costs and revenues of subsequent periods also, won't we be doing double-counting? Since the loss is being recognized effectively in two periods. Thanks

latest answer

Expenses are recognised on a cumulative basis. Cumulative expenses incurred - Cumulative expenses recognised

Devaprasad Jothimani

CA Inter

★ 0

1

175

Conditions for Contract's Outcome being Reliably Estimatable

answered on 15-Apr-24 18:58

Hi sir, hope you're well Why are the conditions for a contract's outcome being reliably estimatable, different for fixed price and cost plus contracts?

latest answer

Revenue would vary for cost plus contract.

Devaprasad Jothimani

CA Inter

★ 0

1

181

Rectification of Balance sheet in

answered on 15-Apr-24 19:00

Sir, How shall we rectify the balance sheet if we didn't consider any adjustment, and remembered during the balance of the balance sheet ? Either we need to strike off the old one. And write again ? Or any remedy for that ?

latest answer

Just strike off the incorrect number and write the correct one.

Jashvanth.K

CA Inter

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1

57

Journal entry for preference dividend

answered on 15-Apr-24 19:13

Why we shouldn't write entry for preference dividend that Preference shareholders a/C dr To equity share capital a/c

latest answer

because it is not yet provided for. first we need to provide for the dividend.

sitaram kollepara

CA Inter

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1

45

Initial Recognition of Finance Lease by Lessor

answered on 15-Apr-24 19:15

Hi sir, hope you're well In lessee's POV, we capitalize asset at lower of FV and PV of MLP. Why do we straight away take net investment as capitalized value here for lessor? Thanks

latest answer

For the lessor the net investment in lease captures all the present values of future benefits.

Devaprasad Jothimani

CA Inter

★ 0

1

153

AS 12

answered on 15-Apr-24 19:14

Illustration 4, b) how come the salary expense account got credited...

latest answer

In real life expense account can have a credit balance.

Vijay K

CA Inter

★ 9K+

3

162