Financial statement PY question

answered on 09-Apr-25 09:15

Can you guyz please explain how credit sales ans total sales can be calculated from the given details 🤍

latest answer

Credit sales balance is for 1.5 months = 1,50,000. The total credit sales for 12 months will be = 1,50,000 / 1.5 X 12 = 12,00,000 Total sales = 12,00,000 + 20% cash sales = 12,00,000/80% X 100% = 15,00,000

Aswathy Omanakuttan

CA Inter

★ 0

1

43

CA INTER FAST TRACK BATCH MAY 2025

answered on 09-Apr-25 17:08

01 Hrs : 11 min Sir, goods in transit no entry needed, But in this question we made a JE, can you explain it little more?

latest answer

We will pass entry since it has to be shown as inventory and payable in branch books. HO would have already recorded dispatch entry.

G K

CA Inter

★ 13K+

1

57

Inventory valuation

answered on 07-Apr-25 10:01

How should this question be executed and what should be the answer?

latest answer

Solution available here https://www.youtube.com/live/saIqDiMKXqo?si=Yai7OpHGiQrfmSmb&t=2836

Asmita Kar

CA Foundation

★ 7K+

1

57

Depreciation under WDV

answered on 07-Apr-25 10:21

What is answer for this question?

latest answer

Pls share your working. This is similar to classroom question.

M Pavan

CA Foundation

★ 290

1

70

Provision for doubtful debts

answered on 07-Apr-25 09:57

So my questuon how did they get Rs. 4000 as the provision for baddebts in the other expenses head of P&L a/c! Detailed explanation inclusing journal entries please 🙏 🪽

latest answer

https://www.youtube.com/live/Vg-_oTf7oJ4?si=AnMyBnBZ9Ldi2-Nj&t=288 You can check the adjustment summary explanation here.

Aswathy Omanakuttan

CA Inter

★ 0

4

71

As7

answered on 08-Apr-25 01:22

Sir pls explain this question in simple language

latest answer

Sir I resolved recently, thank you

Sushmita Chowdhury

CA Inter

★ 2K+

2

51

As9

answered on 08-Apr-25 13:41

Sold goods of rs500000 1/1. Certainty received on 5/6. Till then how will it be recorded at pl

latest answer

It will not be recorded. Closing stock would be reduced and corresponding loss would be booked automatically

Sushmita Chowdhury

CA Inter

★ 2K+

3

49

Loan and advance from related parties

answered on 05-Apr-25 11:51

Loans and advances from related parties are written under short term borrowings in the ICAI material 🫡Could anyone explain that!

latest answer

Assumption that its short term.

Aswathy Omanakuttan

CA Inter

★ 0

1

38

As24

answered on 09-Apr-25 17:09

Bathing soap to washing soap, if this is gradually phasing out, then it’s not AS24, but if instead close of bathing soap at once and only keeping washing soap, then it’s AS24 ?

latest answer

gradual phasing out doesn’t meet the “single coordinated plan to dispose/terminate” condition. In the second scenario, Bathing soap is a separate major line of business, and The shutdown is part of a single coordinated plan (e.g., board decision, formal plan, etc.).

Sushmita Chowdhury

CA Inter

★ 2K+

2

51

Partnership ( admission)

answered on 09-Apr-25 17:11

Whether we assumed that goodwill was also brought in by cash or not . Is it necessary to record the goodwill in the partners capital account , in some cases we didn't record it the goodwill in the partners capital account . In What cases goodwill should be mentioned in the partners capital account

latest answer

Goodwill as a ledger is not recorded in capital account. We credit old partners in the ratio of their sacrifice ratio. oR you can credit old partners in old ratio and debit all partners in new ratio. For goodwill that is brought in cash, we credit the capital account of partner who has brought the goodwill amount. Even in this case old partners will be credited with gaining ratio.

Clement A

CA Foundation

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1

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