Forums
Accounting for GST
Accountancy
answered on 22-Sep-22 17:05
While teaching GST, I think it's also important to teach the journal entries for that particular gst treatment. Hope you guys come up with videos for that
latest answer
You will learn most of these in accounting.
MS Kishore
CA Inter
★ 1K+
4
1K+
Withdrawal of goods for personal use
Accountancy
answered on 21-Sep-22 17:33
If an owner withdraws goods for his personal use, the book says to credit just purchases, but what about the direct expenses incurred on those goods like freight inwards and wages? How do we incorporate these things in our journal entry? What would be the entry that we would pass?
latest answer
Really a great question bro. Also proud to study at an institution which not just says but also proves again and again #Studentfirst. @Suraj sir
MS Kishore
CA Inter
★ 1K+
2
843
Section 10(10D)
Direct Taxation
answered on 21-Sep-22 17:45
In case of Keyman insurance policy, whether entire maturity amount is taxable or only gain out of maturity amount is taxable?
latest answer
Sum received on maturity of Keyman Policy as reduced by the surrender value of Keyman Insurance Policy by the Keyman at the time of assignment of policy on which the assessee has already paid tax
Girinath A
CA Inter
★ 765
1
425
Retirement doubt
Accountancy
answered on 21-Sep-22 17:25
Why do we pass that entry to all partners capital on maturity?
latest answer
Just for clarity, that even if it isn't a joint life policy but separate policies the proceeds will be shared among all partners only.
sradha krishna sunil
CA Final
★ 5K+
3
384
Input tax credit - purchase of motor vehicles
Indirect Taxation
answered on 21-Sep-22 17:15
answer me whether ITC is allowed or not for the following questions (assuming seating capacity is 13 including driver for all the questions) 1)Purchase of motor vehicle for transportation of employees ? 2) purchase of motor vehicles by tour travel agency for transportation of tourists? 3) purchase of motor vehicle by educational institution for transportation of students and staffs?
latest answer
1. ITC not allowed 2 and 3 allowed In case of motor vehicle, ITC Can be claimed in the following cases if the capacity of motor vehicle is not exceeding 13 1. Stock in trade 2. Used in business for transportation of passengers 3. Educational institutions for transportation of students or staff
Sajeetha R
CA Final
★ 46K+
1
409
Input tax credit
Indirect Taxation
answered on 21-Sep-22 19:00
GST of 175000 was paid for the purchase of motor vehicles for the transportation of needy people ( seating capacity is 13 incl.driver )... This purchase was made by trust ... Whether ITC is allowed or not ?
latest answer
Tq sir
Sajeetha R
CA Final
★ 46K+
2
398
Blood relations
Maths & Stats
answered on 22-Sep-22 15:38
Why there will be no relation,if mithun is ram's brother?
latest answer
Yes. this is incorrect - will get it rectified soon. thanks for pointing out
Rupa Devi Akkala
CA Final
★ 37K+
4
497
Standard costing
Costing
answered on 21-Sep-22 17:05
In this problem, we are multiplying Actual number of workers employed with 40 hours to get Actual hours. Why can't we do the same for finding out standard hours? ( like 32*3.. 12*2...6*1) Instead we are doing bifurcation among the given 1800hrs..can anyone clarify?
latest answer
Thankyou sir
vs navin
CA Final
★ 1K+
2
445
Doubt on MCQ
Economics
answered on 21-Sep-22 15:11
What is the answers to these 2 questions ?
latest answer
both are options B.
sradha krishna sunil
CA Final
★ 5K+
2
533
Capital expenditure
Accountancy
answered on 21-Sep-22 13:25
1- how expense incurred by firm to sell fixed assets is recorded in the books of accounts ? 2- a firm incurred a cost to demolish its building to construct a new bigger building so does the expenses for demolishing is capital expenditure??
latest answer
Hello, 1. Usually you prepare a separate account called asset disposal A/c, debit the asset and expenses to it, Credit the accumulated depreciation and sales proceed to it and finally arrive at profit/loss from sale which will be transferred to P&L. 2. Yes, such expenses will form part of the cost of asset.
Atharv Sankliya
CA Final
★ 3K+
1
443