Cost sheet

answered on 27-Nov-21 08:41

In the q they haven't mentioned that the admin OH is related to production, but in ans they have taken it as admin OH related to prod.. Why?

latest answer

Give a note of your assumptions in answers

Sri Varshini

CA Inter

★ 575

3

526

Value of supply

answered on 27-Nov-21 08:53

While determining the value of supply any subsidy received from Government directly related to price of the goods, we have to deduct right?

latest answer

Yes

Kumar G

CA Final

★ 12K+

2

781

COMPOSITE SCHEME

answered on 27-Nov-21 16:50

IF THERE ARE 2 TRADERS A & B every month,, Both buy goods from same person of value 1,18,000 (1 Lakh worth stock & pay 18% GST @ 18,000 Rupees) and avail ITC =18,000 They sell the stock @ VALUE ADDITION of 30,000 (i.e profit) in the sale receipt they include price ---------1,30,000 GST@18%--- 23,400 Cash collected 1,53,400 GST NET PAYABLE TO Govt = 23,400-18,000 = 5,400 THIS 5,400 also = value added amt 30,000 x 18% now if B opt for COMPOSITE SCHEME as TRADER * B can NOT claim ITC. * B can not collect GST. * has to pay tax @ 0.5% CGST + 0.5% SGST from own pocket. For suppose he contiue with same VALUE ADDITION of 30,000 HIS BILL OF SUPPLY includes Price--------------1,30,000 GST N/A--------- 0 CASH collected---1,30,000 TAX to be paid to GOVT from OWN pocket =1% X 1,30,000 = 1,300 HIS ULTIMATE PROFIT of B = 30,000-1,300 = 28,700 PROFIT of A who is REGULAR scheme with ITC = 30,000 but here CUSTOMER IS GETTING A DIFFERENCE OF 23,400 rupees IN BUYING BETWEEN A & B COST OF GOODS IN A SHOP= (1,30.000+23,400) incl GST = 1,54,000 rupees COST OF GOODS IN B SHOP= 1,30,000 ONLY DIFFEERENCE = 23,400 ARE ALL OF ABOVE ASSUMPTIONS ARE RIGHT ?? IF TRUE ALWAYS A COMPOSITE DEALER CAN SELL GOODS @ LOW PRICE OR IS ANY UNDERSTANDING OF CONCEPT IS WRONG ?? PLEASE ANSWER

latest answer

From end consumer point of view, he will only be concerned about where the price is less. However, the point to be noted is that whether to opt for composition scheme or not is pure business decision making based on profits he is making. Moreover, composition scheme is not mandatory it is purely optional.

tejeswar choudhury

CA Inter

★ 130

2

677

Amended notes

answered on 26-Nov-21 17:16

Is the GST notes under free resources amended for Dec exams

latest answer

yes

lithish kumar

CA Final

★ 3K+

1

673

Law

answered on 28-Nov-21 20:06

Can we attempt questions alternate?

latest answer

That another guy who asked in the first question

Rakesh Shah

CA Final

★ 5K+

11

654

EBQ

answered on 29-Nov-21 11:58

Sir, Could you please explain the (ii),(iii),(iv) points

latest answer

Thank you sir. Understood

Star Ca

CA Inter

★ 3K+

7

582

Cash flow statement - indirect method

answered on 26-Nov-21 14:15

For example, if the company X Ltd. Sells and buys the land and property in the ordinary course of business. For that company, do we need to subtract profit on sale of land and property from profit before tax? Or Do we need to add loss on sale of land and property to profit before tax? While preparing cash flow from operating activities

latest answer

It is inventory in such a case and no adjustment is needed in operating activity

Sai Eswar Kolli

CA Final

★ 30K+

1

504

Branch accounts

answered on 26-Nov-21 14:23

How to account "Scrap value realised in case of Normal loss" in stock & debtors system?

latest answer

IS this query in reference to branch accounts?

Girinath A

CA Inter

★ 765

1

557

Contract of indemnity and gurantee

answered on 26-Nov-21 19:42

Pls expalin example 42

latest answer

Sec 141 applies w.r.t. Security at the time when the contract of suretyship is created. If any security is accepted after contract of suretyship and later returned, Sec 141 will not come in picture.

Gauri Shete

CA Final

★ 5K+

2

654

Kam and emphasis

answered on 28-Nov-21 09:47

What is the one line difference between Key audit matter and emphasis of matter para

latest answer

thanks my doubt is also clarified

Vignesh Hari Krishnaa Karthigayan

CA Inter

★ 5

4

3K+