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AS 29 Meaning of Provision
Accountancy
answered on 24-Feb-20 06:13
In the annexed pictures, there is a meaning of Provision and a case study. In the given case study, amount is clearly provided and thus as per definition we didn't apply any substantial degree of estimation, then how come we are Calling it as a Provision? Pls explain.
latest answer
Your understanding is correct. It would be a liability once the amount is ascertained. However, at times in cases of environmental damages etc, the amount incurred may be more than the original estimate. Hence could be called a provision as well.
Rahul Sharma
CA Inter
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INSURANCE CLAIMS
Accountancy
answered on 02-Mar-20 22:20
Which expenses of these following expenses are treated as insured standing charges expenses
latest answer
Yes sir normal g/p means = net profit+ insured standing charges. #g/p for additional expenses is g/p%on adjusted annual turn over. Satya.. Sir clearly. Am i correct
subramanyam yendakuarthi
CMA Final
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13
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Redemption of debenture
Accountancy
answered on 22-Feb-20 20:15
Can I able to get this chapter alone for online classes?
latest answer
Okie thankyou
sai karthi
CA Final
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Operating cycle
Accountancy
answered on 22-Feb-20 20:13
Can a business can have more than 1 operating cycle for different products? Can it alter the operating cycle whenever they feel so?
latest answer
Operating Cycle is determined for each business separately. A company can have more than one Operating Cycle. But for most practical purposes, an average can be used.
Raviteja Kusumanchi
Qualified CA
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Best way to revise all the standards the day before exam?
Accountancy
answered on 13-Mar-20 19:51
Dear Satya Raghu Sir, It is great learning to attend your classes. Everything is just perfect. The quizy assessments make it more interesting. The notes are also good. I would like to request you to suggest a plan to revise max. of standards in least min. time that too day before exam. Thanks in advance.
latest answer
We already did one important AS YouTube live. We suggest you go through the notes and if required make own notes and go through the same before the exam
Rahul Sharma
CA Inter
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AS 25 Interim Financial Reporting
Accountancy
answered on 24-Feb-20 06:19
There is no specification by the AS to prepare Interim financial report in a particular manner - Complete set or condensed. Then, as an auditor how and from where will I come to know hat company has resolved the IFR to be prepared?
latest answer
An interim financial report should include, at a minimum, the following components: (a) condensed balance sheet; (b) condensed statement of profit and loss; (c) condensed cash flow statement; and (d) selected explanatory notes. This is the minimum requirement. Now if an enterprise prepares a complete set of financial statements, the auditor has to ensure that the complete set of financial statements complies with relevant presentation and disclosure requirements.
Rahul Sharma
CA Inter
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AS 25 Interim Financial Reporting
Accountancy
answered on 24-Feb-20 06:20
In the annexed illustration, expenditure incurred towards property tax for calender year for Q1 was treated as outstanding or prior period expense? If it is treated as prior period expense, then additional disclosures are required to be made, right? If not, then what will be the treatment and disclosure w.r.t. same?
latest answer
Property tax assessed cannot be considered to be a prior period item. A provision would have been created in the previous periods.
Rahul Sharma
CA Inter
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Redemption of preference shares.
Accountancy
answered on 21-Feb-20 20:37
Illustration 2 to find out number of shares ,when shares issued with premium u divided only by face value.. Bt in illustration 4 went shares r issued @ 50 and 10 premium.. We SD divide by 50 right sir.. Y u divided by 6.
latest answer
First is a case where you want to ensure that there is no transfer to CRR. Second is a case where you want to know how many shares are to be issued so that enough money is raised for redemption.
Shruthi V
CA Inter
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659
AS 2 Q&A
Accountancy
answered on 21-Feb-20 20:52
In this question ,the excise duty has not been mentioned but sir took it as Rs.10.How? Does cenvat imply here?
latest answer
Okay
Raviteja Kusumanchi
Qualified CA
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2
654
Doubt in AS 2
Accountancy
answered on 21-Feb-20 20:52
Is depreciation of all assets in factory always considered as fixed overhead ?
latest answer
Okay thank you sir
Raviteja Kusumanchi
Qualified CA
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