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Accountancy
answered on 04-Apr-22 18:29
In this question (refer below image) why when calculating purchase consideration we didnt took the agreed value of debentures ? We had taken book value..
latest answer
Issue is after takeover
Sri kanaga Varshini
CA Final
★ 3K+
2
581
AS 2
Accountancy
answered on 04-Apr-22 18:23
In a manufacturing process of vinay Ltd one by Product BP emerges besides two main products Mp1 & Mp2 apart from scrap. Details of cost of production process is here Raw material 15000 units amounting â?¹ 160000, wages â?¹ 82000, fixed ohs 58000 & variable ohs â?¹40000. Output Mp1 produced 6250 units and closing stock 800 units . Mp2 produced 5000 units and closing stock 200 units . BP produced 1600 units. Avg. Price of Mp1 & Mp2 is â?¹80 & â?¹50 per unit respectively .By product is sold at â?¹ 25 per unit . There is a PROFIT OF 5000 on sale of by product after incurring separate processing charges of â?¹ 4000 & packing charge of â?¹6000. â?¹6000 is realised from scrap . calculate value of closing stock of Mp1 & Mp2 as on 31st March 2012. Solution : Net joint cost = raw material + wages + fixed ohs + variable ohs - Nrv of by product - scrap . So here sir calculated NRV of by product 1600 unit �?â?¹ 25 price - 4000processing charges - 6000 packing charges And my doubt is why it's not 1600 unit �? â?¹25 price -4000 processing charge - 6000 packing charge - 5000 profit on sale of by product ? Is profit should be ignored in such situation or considered by deduction.
latest answer
Also there is no restriction to reduce the profit from NRV to allocate cost
Vipul Kumar
CA Inter
★ 240
2
692
Recovery of unrealised rent
Direct Taxation
answered on 03-Apr-22 19:26
sir from my first direct taxation class from another institute i learned that Recovery of unrealised rent by the assessee any unrealised rent which is not allowed as deduction in the past year will not be taxable in the year of recovery. The excess recovery will be taxable as income from house property after giving 30% as Standard deduction. sir my doubt is in PROBLEM NO. 3 FROM IFHP-ILLUSTRATION is any provision like above stated is exist ? IF exist the treatment of UNREALISED RENT in problem 3 is will be like this? Unrealised rent claimed RS. 22,500 (in PY 2008-09) out of which allowed as deduction is RS.16,500 disallowed unrealised rent is RS. 6,000 [ since disallowed unrealised rent RS. 6,000 is taxed in the AY 2009-2010 , Recovery in excess of RS. 6,000 only in taxable in hand of assessee] Unrealised rent recovery in excess of RS. 6000 is RS. 4500 (10500-6000) There fore Unrealised rent in Statement of IFHP is 70% of RS.4500 is RS. 3,150 is that is correct sir ?
latest answer
Your understanding is correct. Only that part of income which was not taxed earlier will be taxed subject to standard deduction
Muhammed Salih
CA Inter
★ 18K+
1
670
Calculation of NRV of by product as per AS 2
Accountancy
answered on 04-Apr-22 18:24
While calculating NRV of by product why profit on sale of by product not excluded from it ?
latest answer
Okay thankyou sir ð???
Vipul Kumar
CA Inter
★ 240
12
660
Income Under head house property
Direct Taxation
answered on 03-Apr-22 12:09
If assese has taken the loan prior to construction of the house.Then From Which PY He Can Claim The Deduction u/s 24(b) of prior construction period. Is it from the previous year in which house is completed or the next year which comes after the PY in which the house was completed.
latest answer
From the year in which house is completed.
Nitish Kumar
CMA Final
★ 16K+
1
446
Penalty for Contravention (Filing Annual Returns)
Corporate & Other Laws
answered on 04-Apr-22 14:45
Company & Officer in default â?¹10,000 - continuing failure â?¹100 per day Maximum Limit Company â?¹2,00,000 & Officer in default â?¹50,000 (given in the latest edition of study material) (Or) Company & Officer in default â?¹50,000 - continuing failure â?¹100 per day - Maximum â?¹5,00,000 Company Secretary â?¹50,000 - Maximum â?¹5,00,000 (given in the October edition 2020) The latest edition is applicable for Nov 2022 attempt right. In the lecture both the provisions are given.
latest answer
Appropriate changes will be made to the lecture . Regret the inconvenience
Swetha S
CA Inter
★ 15K+
4
449
Material costing
Costing
answered on 03-Apr-22 15:35
Store personnel salaries is carrying or ordering cost?
latest answer
Carrying cost
om prakash
CA Inter
★ 110
1
420
Study planner not working
Exams
answered on 03-Apr-22 11:16
Study planner not working Please fix immediately. It gets error in end date of plan.
latest answer
It is working for us - pls share parameters and end date
Venkatesh .
CA Inter
★ 4K+
2
472
Articleship
Others
answered on 03-Apr-22 11:20
May 2020 (COVID time) will be considered leave period or Articleship period.do share any official notification or news .
latest answer
ICAI has not clarrified it.Its between you and your principal to consider those days as leave or working days.
M Mehrotra
CA Final
★ 410
1
461
Doubt
Auditing
answered on 02-Apr-22 21:25
What is the difference between cluster sampling and stratified sampling?
latest answer
OK thanks
Miradevi S
CA Final
★ 16K+
2
451