Forums
Branch Accounting
Accountancy
answered on 12-Oct-24 11:24
c) -In this sum , How to find Gp in Trading A/C
latest answer
Which part of the preparation of Trading account are you stuck on?
Lathika
CA Inter
★ 6K+
1
665
Schedule 3
Accountancy
answered on 10-Oct-24 09:37
From the following particulars furnished by NM Ltd. Prepare the balance sheet
latest answer
Please solve the solution by yourself. If you have any doubts while solving the solution ask them here
Pranav Ch
CMA Inter
★ 0
1
634
As19 Illustration 1
Accountancy
answered on 10-Oct-24 11:04
Question: X Ltd. sold JCB Machine having WDV of Rs.20 Lakhs to Y Ltd. for Rs.24 Lakhs and the same JCB was leased back of Y Ltd to X Ltd. The lease is operating lease. Comment according to relevant Accounting Standard if (v) Fair value is Rs. 18 Lakhs and sale price is Rs. 19 Lakhs Solution: (v) When fair value is Rs.18 lakhs & sale price is Rs. 19 lakhs, then the loss of Rs.2 lakhs (20-18) to be immediately recognized by A Ltd. in its books and profit of Rs.1 lakhs (19-18) should be amortized/ deferred over lease period. My doubt: shall we have to recognize the loss of 2 lakhs as impairment loss in the books of A ltd. ?
latest answer
it depends on different scenario. if sale price is higher than fair value, excess is ignored. if sale price is less than or equal to fair value - then sale price.
Nagachaitanya Nomula
CA Final
★ 8K+
3
297
As 16
Accountancy
answered on 06-Oct-24 16:16
What is meant by qualifying asset??
latest answer
Usually 12 months, it depends on situation
MAHESH VASUPALLI
CA Final
★ 98K+
3
593
AS 29
Accountancy
answered on 06-Oct-24 20:44
Audit & SM LTD Provides Sales Warranty For 3 years to its customer based on past experience the company has the following policies for making provision for Warranties on the invoice amount on The Remaining balance warranty period . Less than 1.5 years : 3.5 % Provision. More than 1.5 years : 4 % provision. The company has raised an invoice as Under Invoice Date Amount(₹) 26/7/2020 10,00,000 21/3/2020 4,50,000 14/8/2022 9,00,00 18/12/2022 6,50,000 You are required to calculate the provision made for warranty under AS 29 as At 31/3/22 and 31/3/23.
latest answer
As on 31/3/23 ₹10lac x 3.5% ₹900000 x 3.5% ₹650000 x 4%
Rana Darshan
CA Final
★ 810
3
836
inventory
Accountancy
answered on 07-Oct-24 11:22
sir/mam is this representation of answer will get full mark
latest answer
Yes
Rehanabin
CA Foundation
★ 100
3
247
Preparation of financial statements
Accountancy
answered on 08-Oct-24 18:12
why are they adding 160,000 instead of 180,000 in the purchases of finished goods?
latest answer
thank you sir !!!
Niveta Rajkumar
CA Inter
★ 6K+
5
1K+
Lease
Accountancy
answered on 03-Oct-24 14:59
Is there any alternative sentence of this journal Like when machine is purchased it's Machine dr To bank And it's asset When we write To Purchase ?
latest answer
Pls share full question for context.
Sushmita Chowdhury
CA Inter
★ 2K+
1
748
Journal
Accountancy
answered on 03-Oct-24 11:14
Prepare Journal Entries for the following transactions in the books of Gamma Bros. a) Employees had taken inventory worth ₹ 1,00,000 (Cost price ₹ 75,000) on the eve of Deepawali and the same was deducted from their salaries in the subsequent month. b) Wages paid for erection of Machinery ₹ 18,000 c) Income tax liability of proprietor ₹ 17,000 was paid out of petty cash. d) Purchase of goods from Naveen of the list price of ₹ 2,00,000. He allowed 10% trade discount, ₹ 5,000 cash discount was also allowed for quick payment.
latest answer
Sorry I make mistake
Udit chandravanshi
CA Foundation
★ 0
4
2K+
Scope and components of framework
Accountancy
answered on 03-Oct-24 14:59
What is the difference between framework and accounting standard?
latest answer
Framework is the structure or guidance based on which Accounting standards are framed. If on a particular topic, AS are not available, we refer to framework for accounting guidance.
DEBJANI Dutta
CA Inter
★ 0
2
963