Ind As 105

answered on 28-Dec-23 11:22

Is ind as 105 mandatory..that is, if an asset meets all the conditions specified in ind as 105 is it mandatory to classify that asset as asset held for sale.. Or is it just that, if u need to classify an asset under asset held for sale, the those conditions needs to be met

latest answer

No

Christeena Ambel

CA Final

★ 80

3

302

AS 15 RETURN ON PLAN ASSESTS QUESTION AND ANSWER IS UNDERSTAND

answered on 27-Dec-23 10:52

RETURN ON PLAN ASSEST VIDEO 11 AS 15 COULD YOU PLEASE EXPLAIN IT IS NOT UNDERSTANDING ME ITS CONFUSING ME . Video Details Course: P1 - Accounting Standards - CA Inter (New) Module: AS 15 Section: Return on Plan Assets

latest answer

Which specific part do you have a doubt?

Rajasekaran R D

CA Inter

★ 1K+

1

236

Inventory Valuation - Page 4.23 Q.4

answered on 13-May-25 15:54

4. Physical verification of stock in a business was done on 23rd June, 2020. The value of the stock was ` 48,00,000. The following transactions took place between 23rd June to 30th June, 2020: i) Out of the goods sent on consignment, goods at cost worth ` 2,40,000 were unsold ii) Purchases of ` 4,00,000 were made out of which goods worth ` 1,60,000 were delivered on 5th July, 2020. iii) Sales were ` 13,60,000, which include goods worth ` 3,20,000 sent on approval. Half of these goods were returned before 30th June, 2020. iv) Goods are sold at cost plus 25%. However, goods costing ` 2,40,000 had been sold for ` 1,20,000 Determine the value of stock on 30th June, 2020. Answer key has assumed that other half of goods sent on Sale or Return has been sold. The cost of goods returned has been added back. My question is, why is the cost of goods returned being added back? These transactions occured between june 23 and june 30, thus the goods sent were a part of stock on june 23rd. Agreed, cost of sold goods will be reduced, but why is the cost of goods sent, and subsequently returned, being added back?

latest answer

Are you talking about case iv) ? There, sale price is 25% over cost. This means that if cost is 100, selling price is 125 Then you reduce selling price by 20% to get to cost

Vishnu Muraleedharan

CA Final

★ 32K+

8

904

Consignment Account - Abnormal Loss and Insurance

answered on 26-Dec-23 17:36

If we have an abnormal loss, can we just show it at the gross amount in Consignment Account? Further, what would the treatment be if Insurance paid out more than the loss?

latest answer

Loss - Show at the gross amount as explained in class.

Vishnu Muraleedharan

CA Final

★ 32K+

1

205

Doubt related to Intangible asset

answered on 23-Dec-23 17:21

Whether the revenue generated due to the expense which is capitalised into Intangible asset should be adjusted from the cost of Intangible asset for the purpose of matching concept?

latest answer

What kind of income are you referring to? Can you elaborate?

siva chaitanya

CA Final

★ 8K+

1

206

Cost of Intangible asset

answered on 23-Dec-23 17:22

The company policy is that the expenses should be capitalised for the product till it reaches the targeted customers so whether the salaries paid to the staff particularly working for that product to make changes to the product helpful if we reach the targeted customers can be capitalised into the cost of intangible asset?

latest answer

Expenses should be capitalised till the time of completion

siva chaitanya

CA Final

★ 8K+

1

204

Cost of Intangible asset

answered on 24-Dec-23 06:19

The company policy is that the expenses should be capitalised till it reaches the targeted customers so whether software and maintenance expenses can be capitalised into the cost of intangible asset as the expenses will also be incurred for the new customers?

latest answer

Thank you sir

siva chaitanya

CA Final

★ 8K+

3

193

Non-Profit organization accounting

answered on 22-Dec-23 10:58

What is the treatment for entrance fees in NPO? Is it: - treated as an income and included in the income and expenditure account - OR is it added to the capital fund in the balance sheet? Also how is Sports material treated in NPO accounts? Is it: - treated as an asset and included in balance sheet assets side - Or recorded in the expenditure column in the income and expenditure account?

latest answer

Thank you sir

Asmita Kar

CA Foundation

★ 7K+

14

311

Depreciation

answered on 21-Dec-23 22:03

Sir In this question we got a profit of 20000 but we didn't take. When we get loss we write it on the credit side of account. But we didn't write profit. Sir can i know the reason

latest answer

Ok sir thank you

Chaitanya lahari Sharma

CA Inter

★ 6K+

4

228

Branch accounting

answered on 23-Dec-23 17:25

How was the value of 245 payment for furniture caluclated Branch accounting sum 12

latest answer

That is for stock reserve.

Sujitha M

CA Inter

★ 1K+

2

197