Forums
Reclassification of investment
Accountancy
answered on 17-Feb-24 15:24
If current investment is reclassified into non current investment then does the carry amount after reclassification should be as per current investment provision ( lower of fair value and cost) and vice versa for non current to current
latest answer
yes
Atharv Sankliya
CA Final
★ 3K+
3
214
AS-13 disposal of investment
Accountancy
answered on 17-Feb-24 15:28
Here it is given that we need to follow average cost basis so does it mean we can't use fifo method as per AS-13 for valuing carrying amount?
latest answer
Trading in securities as business.
Atharv Sankliya
CA Final
★ 3K+
3
385
As-2
Accountancy
answered on 09-Feb-24 22:31
For determining cost of inventory in As-2, direct cost increases with increase in production and variable overheads also increases with increase in production. How can we differentiate direct cost and variable overheads
latest answer
Direct cost is variable cost. It refers to Direct Material and Direct Labour which you can trace to final product. For e.g tyres for a car is direct material. Overhead is something which you cannot trace to final product. E.g Electricity ⚡️. You will learn more of this in costing.
sitaram kollepara
CA Inter
★ 2K+
1
116
Esop-J.E
Accountancy
answered on 23-Feb-24 09:34
Why charging diff value of mkt price & face value as sec.prem in Esop rather we take employee ex.price compare with face value?
latest answer
We are allowing employees to buy shares at a lower price. If the company would have issued the shares to outsiders, they would have received fair value. Say FV 20 Exercise price is 15. Employee is getting a benefit of 5 and company is sacrificing that benefit.
Kamal Kumar
CA Inter
★ 7K+
1
208
As 18
Accountancy
answered on 09-Feb-24 19:06
What is difference between substantial interest and significant influence if one has 20% or more voting power , then it is called substantial interest or significant influence
latest answer
They have substantial interest with which they exercise substantial influence.
Krishnan K
CA Inter
★ 5K+
1
255
AS 7, Recognition of Expenses (MCQ)
Accountancy
answered 13 hrs ago
Total expenses to be recognised in year 1 is 30 lakh right? But the answer is 36 lakhs, Can you please explain XY Ltd has Billed GH Ltd for 42 lakhs means cost plus contract??
latest answer
But answer key me to answer 38 h ??
Shruthika Bala
CA Inter
★ 6K+
8
1K+
Financial statements of company ch-11
Accountancy
answered on 08-Feb-24 16:10
If a company made an investment in fixed deposit of 3 yr in 1/4/20 and disclose the same as non current investment so my question is whether in year 2022 does the company need to disclose the fd as current investment or not? Since it is maturing within 12 months
latest answer
It would be shown under Current Assets in the balance sheet.
Atharv Sankliya
CA Final
★ 3K+
1
223
AS-13
Accountancy
answered on 17-Feb-24 15:52
Does we have to convert a current investment into non current investment if the current investment is not sold within 12 month?
latest answer
Where investments are reclassified from current to long-term, transfers are made at the lower of cost and fair value at the date of transfer.
Atharv Sankliya
CA Final
★ 3K+
5
246
Financial statements of company
Accountancy
answered on 07-Feb-24 16:29
As we disclose current maturity of long term borrowing in short term liability so does we also have use the same treatment in case of Assets also ? Like if a company have prepaid expense of validity of 3 yr
latest answer
You split between current and non current
Anjali S
CA Inter
★ 0
1
191
As15
Accountancy
answered on 07-Feb-24 11:36
1) If plan asset value is more than DBO, why it said the refund is in future ? Contribution is done next year ..hence Reduction in contribution or refund it’s supposed to be in the next year 2) Contribution each year is fixed ? Or it can changed each year based on actuarial estimate ?
latest answer
https://youtu.be/cMHP3h8CjAc?si=aeJ07ZWeigyqcCqV You can watch the full standard here.
Sushmita Chowdhury
CA Inter
★ 2K+
1
279