Construction contract

answered on 07-Mar-24 08:35

1fin materials does not contain all the illustrations explained in videos and illustrations of icai materials also.

latest answer

Can you please let me know which illustration is missed in notes?

sitaram kollepara

CA Inter

★ 2K+

1

51

Related party

answered on 04-Mar-24 21:40

A.Ltd owns 90%in B Ltd BLtd owns 25% in C Ltd Is ALtd and C Ltd related parties??

latest answer

Yes

Krishnan K

CA Inter

★ 5K+

2

179

Adjusting Events - Additional Evidence

answered on 07-Mar-24 08:44

Hi sir, hope you're well. Let us say at balance sheet date, provision for doubtful debts from a customer stood at 20%. However due to a tsunami the customer's entire premises were wiped out and thus had to be 100% written of in our company's books. Here, would this constitute an adjusting event? Since we cannot really say that the circumstances of 100% write-off existed at balance sheet date, since the event of the tsunami happened after balance sheet date only. So my question is would this be considered an adjusting event, and if so, why. Thanks

latest answer

Non adjusting event since conditions were not existent on balance sheet date.

Devaprasad Jothimani

CA Inter

★ 0

1

205

Difference btw closing stock and closing inventory

answered on 31-Mar-24 11:20

Sir what is the difference btw closing stock and closing inventory . give some examples.

latest answer

They can be used in each other's place

Ajaykumar Parit

CA Inter

★ 815

2

186

Amalgamation and shareholder's worth

answered on 13-Mar-24 13:48

Sir while studying amalgamation we have understood that equity or shareholder's worth is calculated by subtracting liabilities from assets, which denotes the amount shareholders earned throughtout they year and deserve while exiting the company. Now doubt is, when we listen that shareholder's worth has increased for whatever reason (like share prices in stock market have increased or profits have increased or both or for any other reason) the lia.side of balance sheet will increase but when SH's worth increase, how do they increase the corresponding assets in real life? Let's say stock prices have risen manifold and gone from ₹10 to ₹80, now how will asset side increase? Cash won't increase ofcourse BCz money won't come in bank by increase in share prices in stock market, so how exactly assets will increase?

latest answer

When you refer shark tank, the increase is in valuation of the company. Valuation is from market point of view. Net worth is from balance sheet point of view.

Garima Bhargava

CA Inter

★ 185

3

191

Borrowing cost illustration 7

answered on 07-Mar-24 08:52

Interst till completion is 18 lakhs.. int till mar is 25 laksh .. only the diff will be charged off to pnl whyyyy 25 lakhs to pnl

latest answer

ONly 7 lacs will be expensed

MONIKAA RAMESHKUMAR

CA Inter

★ 710

1

44

Borrowing cost

answered on 10-Mar-24 19:05

In illustration 2 book pg no 5.119 is the same method of this problem .. but slight difference is in.. can i use book method to solve the weighed avg interest method

latest answer

Yes

MONIKAA RAMESHKUMAR

CA Inter

★ 710

1

52

Subsequent Recognition of Current Investments

answered on 02-Mar-24 20:05

Hi sir, hope you're well. Generally, we reduce the carrying value down to lower of cost / FV, at balance sheet date. Suppose we make a sale of part of the investment before the balance sheet date, do we reduce the carrying value down to lower of cost / FV first, and then book profit / loss on disposal? Or is there no need to check for revaluation apart from balance sheet date. Thanks

latest answer

For sale you directly compare carrying amount and sale value.

Devaprasad Jothimani

CA Inter

★ 0

1

153

Adjustment regarding final accounts

answered on 02-Mar-24 19:32

In this question, intdrim dividend paid is given as 18000 but un the adjustments, final duvidend is declared at 10 percent. Why arent we showing that or deducting it from profit

latest answer

Date of declaration is after FY end.

Parvathy Ajith

CA Inter

★ 0

1

151

Consolidation

answered on 01-Mar-24 09:43

In consolidation if question didn't mention about general reserve pre or post then we consider It as per is it correct?

latest answer

It would be given in the question reserves on date of acquistion

Mile s

CA Inter

★ 250

1

157