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MTPs Oct 2018
Corporate & Other Laws
answered on 24-Apr-22 16:33
Mr. Ram was employed as financer in "Swaraj Ltd" on the surety of his good conduct, given by Mr. Janak, a good friend of the director of the company. Mr. Ram was kept on the salary of Rs. 45,000 per month. After 3 years, the company went into losses and so company decided for the cost cutting by retrenching of many employees and reducing the salaries of the employees. Mr. Ram was also proposed either to quit the job or continued with the lower salary of Rs. 35,000 per month. He accepted and continued with the job. After few months, it was reported by accounts department of the company that Mr. Ram manipulated with the funds of the company. As per the provisions of the Indian Contract Act, 1872, analyse the legal positions of Mr. Janak, in the given situations: (i) Mr. Ram has manipulated the funds of the company since the time of his appointment. (i) Mr. Ram has manipulated the funds of the company since from few months before when he accepted to continue the job on lower salary. A. (i) In case where, Mr. Ram has manipulated the funds of the company since the time of His appointment. In this case Mr. Janak is liable as a surety for the loss suffered by the Swaraj Company due to manipulation of the funds by Mr. Ram during the three years of his service. ii) In case where, Mr. Ram has manipulated the funds of the company since from few months before when he accepted to continue the job on lower salary. In this case, variance in the terms of the contract (i.e., to work on lower salary) was made without surety's consent. For all the transactions taking place subsequent to such variance, shall discharge the surety for the loss suffered by the Swaraj company. In second Case why is surety discharged. Being a director of the company he would be aware of lowering the salary right?
latest answer
Okay. I had read the question wrongly. Thank you
Swetha S
CA Inter
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2
652
Nature of accounts transactions debit and credit
Accountancy
answered on 24-Apr-22 13:27
For instance I have purchased 50000 worth of goods of Mr Shankar. In my tally accounting software I enter this entry purchase entry 50000.. few days later I am going to pay this amount..1. if I passed the payment entry means if I wants to payable means which side it will show debit side are credit side and if I paid means which side it will show table credit side?? Please tell me
latest answer
Purchase ac To shankr In balance sheet purchase will under closing stock at asset side and Shankar will come under creditor head at liability side
MPR Sanjay Kumar
CA Inter
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1
409
Employee cost
Costing
answered on 25-Apr-22 13:58
Whether overtime payment and Abnormal idle time payment are also a part of employee cost?
latest answer
It is charged to Costing P&L A/c
Nivedha Balaji
CA Final
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4
414
Joint product costing
Costing
answered on 25-Apr-22 10:23
Practical qs no 2 a Here products are not further proceesed so sale revevnue taken as considering sales price per unit at split off point. But why joint cost are allocated based on NRV which is based on sale vale after further cost incurred ?
latest answer
Because question says so
Balaji R
CA Final
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1
675
B List Contributories- Liquidation of Companies- Advanced Accounting
Accountancy
answered on 24-Apr-22 07:39
Can anyone please explain to me that in the given question, how did the figure of â?¹50 is arrived at (in the last row in last column)? I am not able to get it.
latest answer
I've got this. Thanks for the attention anyways.
Pratik Badade
CA Final
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1K+
Cash flow statement
Accountancy
answered on 25-Apr-22 08:17
In this illustration 12, why they are adding the prov for depreciation amount to the value of plant and machinery
latest answer
The solution given in study material can be confusing. Follow the below steps 1. Transfer the cost of fixed asset sold to a separate account called "Fixed Asset-Disposal" Account Dr. FA Disposal A/c Cr. Fixed Asset Account 2. Transfer depreciation pertaining to fixed asset sold to FA disposal account Dr. Provision for Depreciation Cr. FA Disposal Account 3. Amount realised on sale Dr. Bank Cr. FA Disposal Account 4. Balancing figure will be gain or loss.
vs navin
CA Final
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11
530
Cash flow statement
Accountancy
answered on 24-Apr-22 07:31
How to choose which method to use either direct or indirect? Anyone
latest answer
Correct
vs navin
CA Final
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3
599
DUE DATE OF GSTR-1
Indirect Taxation
answered on 25-Apr-22 11:21
What is the due date for filling GSTR-1?
latest answer
Due date prescribed in the Act is 10th day of the next month. However, presently the same is being extended to 11th day of next month
Bharath Kumar Reddy Bandiatmakur
CA Final
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Management of working capital
Financial Management
answered on 25-Apr-22 11:47
In this sum for computing total cash cost why wages and admin exp are not included in total cash cost computation
latest answer
If we reduce gross profit from sales, we get cost of goods sold which includes wages and admin expenses already. For cost of sales, add selling expenses to arrive at cost of sales
Miradevi S
CA Final
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5
504
Income from House Property
Direct Taxation
answered on 25-Apr-22 15:34
What is the difference between "Let out and Vacant" and "Unsold and vacant"?
latest answer
Unsold and vacant is from builder's point of view
Nivedha Balaji
CA Final
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2
477