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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
751
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
968
Syllabus introduction
Accountancy
answered on 01-Oct-24 22:03
What is the meaning of legislation
latest answer
Legislation refers to laws that are created and enacted by a governing body, such as a parliament or legislature. It is a formal process through which rules, regulations, and statutes are established to govern a society, manage organizations, or regulate behavior. Legislation outlines the legal rights and obligations of individuals, businesses, and government entities, providing a framework within which a society operates. In simple terms, legislation is the body of laws that are passed by lawmakers to organize, control, and guide actions in a country or community. These laws are enforceable and carry legal consequences if not followed. Examples of legislation in India include: - The **Companies Act, 2013**, which regulates companies and corporate governance. - The **Limited Liability Partnership Act, 2008**, which governs the formation and operation of LLPs. - The **Income Tax Act**, which deals with taxation laws.
DEBJANI Dutta
CA Inter
★ 0
2
743
concepts of carve outs / ins
Accountancy
answered on 01-Oct-24 12:34
Hello sir In Introduction to accounting standards chapter concepts of carve outs /ins Are not covered in class
latest answer
K sir
siddesh N
CA Inter
★ 4K+
2
254
Is it important to know and learn byheart the disclosures of all the Accounting Standards
Accountancy
answered on 30-Sep-24 12:46
Is it important to know and learn byheart the disclosures of all the Accounting Standards
latest answer
Be conceptually clear that you are able to solve sums.... Learning key definitions helps in better presentation... For example AS 16 learn qualifying asset
Dova Shaji
CA Inter
★ 520
6
713
Hire purchase
Accountancy
answered on 30-Sep-24 09:11
In this question hire purchase instalment price is not matching. Year 5 interest price varies.
latest answer
Intrest of 4,000 will be calculated by taking the down payment and the five year installments - Cash price = 4,000 + (6000 X 5) - 30,000 = 4,000 Interest
Ramalaxmi K
CMA Inter
★ 250
3
590
Not for profit organisation
Accountancy
answered on 23-Sep-24 11:14
Where should adjustment of depreciation is to be made for sports material and printing and stationary
latest answer
You can directly take the closing balance. depreciation amount is shown in Income & Expenditure account.
Sathya S
CA Foundation
★ 3K+
1
487
Consolidated financial st
Accountancy
answered on 23-Sep-24 11:14
Unrealised profit WHY is not shown in analysis of profit and deducted from consolidated reserve and minority ?
latest answer
It is adjusted separately. You can show in analysis of profits as well if subsidiary has sold to holding.
Sushmita Chowdhury
CA Inter
★ 2K+
1
560