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October 2022 Mock test Financial reporting
Financial Reporting
asked 9 hrs ago
Question 2 (b) An Indian entity, whose functional currency is rupees, USD denominated bond at its fair value of USD 1000. I want to know in video lecture whether this type of problem is solved. It will be helpful to me
latest answer
No answers yet!!
swaminathan sundaram
CA Final
★ 0
0
16
Doubt
Financial Reporting
answered 1 day ago
At the end of its financial year, Company P has 100 units of inventory on hand recorded at a carrying amount of Rs.10 per unit. The current market price is Rs.8 per unit at which these units can be sold. Company P has a firm sales contract with Company Q to sell 60 units at Rs.11 per unit, which cannot be settled net. Estimated incremental selling cost is Rs. 1 per unit. Determine the Net Realisable Value (NRV) of the inventory of Company P. Pls Anyone answer this question..🙏🙏🙏
latest answer
However please frame the second para correctly .. so that we will know whether sale happened or not based on the we calculate it for 40units inventory
Dhanu Shree
CA Foundation
★ 0
2
32
IND AS 16
Financial Reporting
answered 2 days ago
Sir, should revaluation be done at specific intervals though we follow the cost model?
latest answer
Sir can we use arbitrary basis to allocate dividend in pre and post acquisition period profit? As per AS-13
Umayal Lakshmanan
CA Final
★ 6K+
2
32
IND AS 16
Financial Reporting
asked on 29-Sep-23 23:03
Sir, What is the gross carrying amount of the asset, when the asset is used over and above its useful life?
latest answer
No answers yet!!
Umayal Lakshmanan
CA Final
★ 6K+
0
17
Ind AS 19
Financial Reporting
asked on 29-Sep-23 18:42
Hello Sir, What is meant by the experience variance and will this be adjusted in OCI along with the changes in actuarial assumptions?
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Suresh Avinash
CA Final
★ 2K+
0
26
Ind AS 115
Financial Reporting
asked on 28-Sep-23 21:12
Question 49 and 50 given in the video lecture I like to understand the difference between question 49 and 50. Apart from that normally when goods are sold accounting entry is Sundry Debtor Debit and Sales account is credited. This is normal entry assuming it is credit sales. We do not pass entry as cost of goods sold debit and credit Inventor. In question 49 we debit cost of goods sold and credit inventory. I am not able to understand the reason for passing this entry. I guess warranty is attached to this sale that is the reason inventory is credited??
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No answers yet!!
swaminathan sundaram
CA Final
★ 0
0
40
FI
Financial Reporting
answered on 22-Sep-23 10:43
Hello sir, for this question- is the entry attached correct?
latest answer
No need to create FL new account. Combine and pass a single entry
Suresh Avinash
CA Final
★ 2K+
1
47
Financial Instruments
Financial Reporting
answered on 21-Sep-23 10:19
Hello Sir In this particular question, why is subsequent measurement is through FVTPL and not ACM?
latest answer
for ACM it has to be solely payment ofprincipal and interest.
Suresh Avinash
CA Final
★ 2K+
1
42
Business Combination- ICAI SM Illustration 37
Financial Reporting
answered on 11-Sep-23 10:49
Hello Sir, As discussed in the class the concept of accounting of demerger under common control, should we account Investment when the shares are issued to the demerged co. But ICAI has directly adjusted it to the other equity. Which method has to be followed?
latest answer
Question is blank.
Suresh Avinash
CA Final
★ 2K+
2
59
Business Combination
Financial Reporting
answered on 11-Sep-23 12:00
Hello Sir, What is the relevance of replacement award fair value given in this adjustment? Will the fair value of the replacement award be considered anytime for computations?
latest answer
Yes. Part of it will be for period completed and remaining will be for post acquisition period.
Suresh Avinash
CA Final
★ 2K+
1
55
