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Rectification of errors
Accountancy
answered on 15-Oct-23 19:19
An amount of rs 300 is spent on the repairs of machinery is wrongly debited to the machinery account Account Rectify the above entry I feel the question is somewhere wrong please explain me
latest answer
Thankyou so much bro 👍
Divinne Fiona
CA Inter
★ 9K+
4
447
Gift Provisions
Direct Taxation
answered on 16-Oct-23 01:03
David gifted 50lakhs to his wife. Later, his wife uses that amount to buy an asset from him. Are there any tax implications?
latest answer
Yes clubbing provision will not apply
Kriti Iyer
CA Inter
★ 3K+
3
387
Listing of shares
Corporate & Other Laws
answered on 14-Oct-23 14:37
If a company wants to get listed on recognized stock exchange , then it applies for Both NSE And BSE to get listed , then in NSE the application is rejected , then the company can go for listing or it cant be listed on BSE also ??
latest answer
The criterial for NSE and BSE may vary and company may be allowed to list on BSE (even if rejected from NSE) However, if in the prospectus the company mentions that it is listed on both exchanges and later it gets rejected from one such exchange, the prospectus will be invalid
Naveen Nazare
CA Inter
★ 0
1
364
MAY 24 attempt
Direct Taxation
answered on 17-Oct-23 16:00
I have May 23 notes of income tax with amendments,I have covered nov 23 amendments, except for the change that 115 bac has been incorporated in every chapter,aur koi change toh nahi h na.. I have done my classes in May 23 do I again need to take classes because of new scheme
latest answer
Yes
Ayushi Maheshwari
CA Inter
★ 0
6
448
Branch account
Accountancy
answered on 14-Oct-23 10:23
Here is it given head office sent goodd to branch at cost plus 25%. But in answer transfer has taken take in cost. Is it correct?
latest answer
1,00,000 includes cost+25%
Pooja .
CA Final
★ 210
1
372
NPO PRATICAL SUM 1
Accountancy
answered on 14-Oct-23 12:27
Adjustment 4 50%of entrance donation was to be capitalized.. There was no pending membership as on 31 March 2020 What is the meaning there was no pending membership as on 31 March 2020
latest answer
No outstanding
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SRIHARI K U [XI-D]
CA Inter
★ 4K+
1
454
Accounting for financial instruments
Financial Reporting
answered on 14-Oct-23 16:17
Extinguishment accounting given in page 12.164 Module 3 of ICAI study material. This is covered in your video lecture also. What I am trying to understand is bonds are redeemable at the end of 10 years. We do not calculate present value of Rs 10 lakhs only interest portion present value is calculated. Reason for not calculating present value of Rs 10 lakhs effective interest rate and interest on bond is same. Am I correct?
latest answer
Interest portion plus principal present value is calculated
swaminathan sundaram
CA Final
★ 110
1
411
Cost of capital
Financial Management
answered on 17-Oct-23 19:05
In illustration icai took Ko = market price but in the practical question they took Ko = issue price, while finding Kr.... Why??? And which one is correct??
latest answer
Retained Earnings are not traded in the market unlike Equity shares. So when the data of issue price and flotation cost is given, the ideal method is to take consider issue price alone for Kr and floatation cost also for Ke. As institute followed 2 methods. It’s is advised to mention a note in the examination saying that Alternatively Kr may be computed using MP also
Ashish Jha
CA Inter
★ 45
5
606
Buyback
Accountancy
answered on 17-Oct-23 18:21
should we consider current maturities of long-term borrowings in the calculation of loan funds?
latest answer
Yes we have to consider
Sujitha M
CA Inter
★ 1K+
3
403
Buyback
Accountancy
answered on 14-Oct-23 12:29
Why are marked 2 numbers different? Is there something I'm missing?
latest answer
We should consider 3 tests, not 2 tests. Here, least of the following is to be taken 1. Shares outstanding test - 31,250 shares 2. Resources test - 39,063 shares 3. Debt Equity ratio test - 28,750 shares Co. can buyback shares upto a maximum of 28,750 shares. But co.wants to take only 25,000 shares only, it is under the limits of maximum buyback shares. So co.can buyback 25,000shares. In the ans. they given wrong in Debt equity ratio test. Take as above as I said and do like that.
Sujitha M
CA Inter
★ 1K+
4
553