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Not sure about the calculation Bal c/d
Accountancy
answered on 16-Apr-24 10:41
Anyone can please confirm Balance C/d amount ₹ 2,59,740. It's looks like typing error.
latest answer
Got it, Thank you for response 🙏
Samarendra Patasani
CMA Inter
★ 0
5
272
AS 7 Construction Contracts
Accountancy
answered on 30-Apr-24 15:52
How come the answer is (d) for the MCQ no. 2
latest answer
Revenue = 28 lakhs Cost incurred = 30 lakhs So loss is 2 lakhs Total expected loss = 8 lakhs. 2 is already recognised, we need to recognise additional 6 lakhs. So total cost = 30 + 6 = 36
Shaviri Reddy
CA Inter
★ 1K+
3
397
AS7
Accountancy
answered on 15-Apr-24 19:22
How did we get 36L in sub division 2 of the illsn
latest answer
pls share your working
Shruthi Nachammai
CA Inter
★ 4K+
3
273
AS 7
Accountancy
answered on 14-Apr-24 22:58
How to solve this illustration question. Pls someone send the workings
latest answer
Mari consideration emi ledha
Shruthi Nachammai
CA Inter
★ 4K+
8
231
Lease
Accountancy
answered on 15-Apr-24 19:21
How to find out the Principal amount and Finance charge??
latest answer
pls share question
Laxmi Devi Suresh
CA Inter
★ 16K+
1
201
Amount Due To/From Contract Customer
Accountancy
answered on 15-Apr-24 18:54
Hi sir, hope you're well For calculating amount due to/from the customer, why do we take contract costs rather than contract revenue? Since it is the revenue only that is falling due from customer Thanks
latest answer
Profit element takes care of the revenue part. Basically Cost + Profit = Revenue
Devaprasad Jothimani
CA Inter
★ 0
1
215
Recognition of Estimated Construction Contract Losses Immediately
Accountancy
answered on 12-Apr-24 17:01
Hi sir, hope you're well Since we recognize estimated losses immediately, and we recognize the costs and revenues of subsequent periods also, won't we be doing double-counting? Since the loss is being recognized effectively in two periods. Thanks
latest answer
Expenses are recognised on a cumulative basis. Cumulative expenses incurred - Cumulative expenses recognised
Devaprasad Jothimani
CA Inter
★ 0
1
213
Conditions for Contract's Outcome being Reliably Estimatable
Accountancy
answered on 15-Apr-24 18:58
Hi sir, hope you're well Why are the conditions for a contract's outcome being reliably estimatable, different for fixed price and cost plus contracts?
latest answer
Revenue would vary for cost plus contract.
Devaprasad Jothimani
CA Inter
★ 0
1
241
Rectification of Balance sheet in
Accountancy
answered on 15-Apr-24 19:00
Sir, How shall we rectify the balance sheet if we didn't consider any adjustment, and remembered during the balance of the balance sheet ? Either we need to strike off the old one. And write again ? Or any remedy for that ?
latest answer
Just strike off the incorrect number and write the correct one.
Jashvanth.K
CA Inter
★ 11K+
1
100
Journal entry for preference dividend
Accountancy
answered on 15-Apr-24 19:13
Why we shouldn't write entry for preference dividend that Preference shareholders a/C dr To equity share capital a/c
latest answer
because it is not yet provided for. first we need to provide for the dividend.
sitaram kollepara
CA Inter
★ 2K+
1
81