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AS-7
Accountancy
answered on 29-Jul-23 11:33
Anyone explain Advance paid to sub contractor treatment. Why is it not considered as part of contract cost.
latest answer
Advance is just money paid and need not be cost till it is incurred. Cost is what is incurred actually.
Sugam SM
CA Final
★ 9K+
1
547
Mediclaim
Direct Taxation
answered on 26-Jul-23 19:40
if mediclaim policy is in the name of the parents , and the individual filing the return is also included in that policy as son, than can it be taken as deduction in the return of that individual?
latest answer
Yes
Jiya T
CA Inter
★ 10
1
579
Derivatives- Options Illustration 7
AFM
answered on 26-Jul-23 16:48
Hello sir, In this problem, they have given risk free interest rate as 3.6% and a one month call. Why did we not take e^rt as e^(0.036*1/12)
latest answer
How will compute the 12th root of e power 3.6%? In this probelm they did not mention that 3.6% is 1 year disc rate or 1 month disc rate it is easier to assume it as rate for 1 month and solve it. These are simple problems that will not be asked in exam also in exam they will be more specific whether the rate if for a month or year. What you said is also right but it is a computation nightmare using a normal calculator
Suresh Avinash
CA Final
★ 3K+
1
671
Doubt in term
Direct Taxation
answered on 26-Jul-23 16:28
Is it Ordinary Resident or Ordinarily Resident or both are same?
latest answer
Okay Mam...Thank you
Soon to be CA
CA Inter
★ 4K+
2
455
Internal reconstruction
Accountancy
answered on 26-Jul-23 15:07
In reason for internal reconstruction, When company incurs series of losses for several years, it doesn't show true picture of assets and liabilities Why asset and liability not show true picture when company incurs series of losses for several years Explain
latest answer
It happens mainly when assets become impaired (in other words they lose utility or usefulness). Also when an entity is incurring series of losses, it may not be able to pay all its liability in full. Thus the assets and liabilities may not reflect true value.
Krishnan K
CA Inter
★ 5K+
2
877
Forex
AFM
answered on 26-Jul-23 14:42
Illustration 90 There is cancellation gain sir But it's written as loss
latest answer
Yeah - getting it corrected - it was written as gain initially and then changed to loss - not sure why Gain is right
Priya Namburi
CA Final
★ 2K+
1
646
doubt ratios
Financial Management
answered on 26-Jul-23 10:54
In inventory turnover ratio why in some cases COGS is take as numerator and other cases sales? how to understand which to take ?
latest answer
Cogs should be taken. If sales is given in the question deduct gross profit to arrive at cogs
sradha krishna sunil
CA Final
★ 5K+
1
557
Exemptions
Exams
answered on 26-Jul-23 18:10
Sir/mam, I had cleared inter group 1 in may 23 and I decided to attempt group 2 in may 24... Whether I get exemption in costing.. What about the advanced accounting... What are all the other benifit....
latest answer
Ok.... Thanks✨
Aswin Kumar
CA Inter
★ 0
3
660
Incomplete records
Accountancy
answered on 30-Jul-23 00:03
Can someone explain the effect of cheques collected but dishonoured entry in bank and sundry creditors A/c
latest answer
Got it cleared Thank you
Devika Das
CA Inter
★ 2K+
3
512
New scheme
Others
answered on 26-Jul-23 18:11
I'm writing group 2 in nov 23 and fortunately in the hope of passing the same. So for may 24 I need to write only group 1,so do I need to write costing which is in group 2 from may 24 even if I pass group 2 of the old scheme and also advnaced accounts which has been combined with accounts for new scheme...should I need to write that paper also even if I clear my group 2 this attempt. Thank you
latest answer
You should be waiting for official clarification from ICAI, presently you can focus on preparing for exams. All the best 👍😇
Gayathri S Nambiar
CA Final
★ 2K+
1
439