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Dept accounts
Accountancy
answered on 24-Apr-23 14:01
Is memorandum mark up account in portions ?
latest answer
Yes
SANSKRITI BADRI 2111339
CA Final
★ 4K+
2
585
Payment
Indirect Taxation
answered on 24-Apr-23 18:00
Can balance in minor head of CGST be set off with minor head of IGST?
latest answer
No we cannot use it directly. However, balance in one head can be transferred to another head by filing Form GST PMT 09
Pooja .
CA Final
★ 210
2
567
ITC
Indirect Taxation
answered on 25-Apr-23 13:41
whether ITC can be available for goods normal loss in transit
latest answer
Yes
Raji
CA Inter
★ 920
4
491
Preparation of FS
Accountancy
answered on 24-Apr-23 11:43
Sir the amendment video which is there. Is it applicable for may 23?
latest answer
Yes. But in exams rounding off was not tested
Sugam SM
CA Final
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4
471
Why closing stock in 1728000. Working capital management
Financial Management
answered on 24-Apr-23 18:36
Pls explain the calculation of creditors for rm Wn 6
latest answer
The closing stock is not 17.28 lacs it is 1.44 lacs RM consumed is for units produced and units in WIP - 31200 and 12000
mani charan
CA Final
★ 3K+
2
519
Value of supply
Indirect Taxation
answered on 24-Apr-23 08:32
In point (i) it is clearly given but in ans y municipal taxes are included
latest answer
Just by solving more like questions,in practice time and gain experience, just saying, it's like common sense,but you should have some knowledge of such expense and grip on the subject
Neha
CA Inter
★ 3K+
18
588
Depreciation rates
Direct Taxation
answered on 24-Apr-23 08:53
Can anyone provide depreciation rates pdf for may 23 attempt ? Please
latest answer
Ok Sir thank you!
Meda Jeevansai
CA Final
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4
518
Banking companies
Accountancy
answered on 24-Apr-23 09:38
Interest and discount how it is 22,97
latest answer
Tqqq
Prasanna Ram
CA Inter
★ 0
6
598
Journal entry explanation for provision for tax
Accountancy
answered on 12-Jun-24 12:07
In this entry Profit and loss acc debit To provision for tax acc When provision for tax is a liability then how can it be transferred to a profit and loss account?need explanation behind this posting
latest answer
Provision for Tax: The provision for tax is an estimate of the tax liability that a company expects to pay for a particular financial period. It is a liability because it represents an obligation to pay the government in the future. Profit and Loss Account: The Profit and Loss (P&L) Account reflects the company's revenues and expenses for the financial period, ultimately showing the net profit or loss. Accounting Entry: Profit and Loss Account (Dr) To Provision for Tax Account (Cr) Recognition of Tax Expense: When the company incurs an expense related to income tax, it needs to recognize this expense in the Profit and Loss Account. This ensures that the tax expense is matched with the revenues of the same period. Creation of a Liability: The credit to the Provision for Tax Account creates a liability on the balance sheet. This liability represents the amount the company expects to pay in taxes. Example: Assume a company estimates that it will owe ₹50,000 in taxes for the financial year. Journal Entry: Profit and Loss Account Dr ₹50,000 To Provision for Tax Account ₹50,000 Explanation: Debit to Profit and Loss Account: This entry records the tax expense in the P&L Account, reducing the net profit for the year by ₹50,000. Credit to Provision for Tax Account: This entry creates a provision (liability) for the tax expected to be paid. It shows that the company has an obligation to pay ₹50,000 in taxes in the future. When the company actually pays tax - Provision for Tax A/c Dr. To Bank A/c In some cases the companies pay advance tax, in which case the entry would be Advance Tax A/c Dr. To Bank A/c Ultimately the provision for tax and advance tax account would be netted off.
Gokul Nath
CA Inter
★ 605
12
79K+
FOREX
AFM
answered on 23-Apr-23 21:55
illustration 63 (a) what does this average spot rate means? average of bid and ask?
latest answer
yes
nazriya nasar
CA Final
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1
693