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Income??
Others
answered on 10-Aug-21 06:35
Loan relief given by bank treated to be an income to us or reduce from expenses?
latest answer
Thanks ð???
vasabattula abhinav
CA Final
★ 85
10
575
Doubt
Accountancy
answered on 07-Aug-21 13:47
A plant with original cost of 5000000 was revalued after 2 years resulting in credit to revaluation surplus account of 400000. Towards the year end of 2019 to 2020 dur to COVID19 the plan value had gone down by 50000. What shall be the impact of this downwards revaluation on the profit or loss account
latest answer
When there is a revaluation surplus balance any downward revaluation which happens at a later date will be first adjusted with that revaluation surplus and the remaining amount if any will be charged to profit and loss a/c
Balachandar S
CA Inter
★ 59K+
2
886
Partnership
Accountancy
answered on 07-Aug-21 12:58
Pls explain this drawing account given in the image
latest answer
Ok. Thanks
Sibi Srinivasan
CA Final
★ 22K+
3
643
Permutations
Maths & Stats
answered on 07-Aug-21 12:18
In nPr=n(n-1)(n-2).............(n-r+1),the number of factors is How to find factors in this question?
latest answer
TQ so much sir I understand good explanation
Sai CA foundation
CA Inter
★ 780
2
1K+
Video views
Others
answered on 07-Aug-21 09:31
How much times can we view the videos?
latest answer
Unlimited views
Joseph Jaise
CA Inter
★ 0
1
612
Rectification of entries
Accountancy
answered on 07-Aug-21 10:31
Difference between error of ommision and compensatory errors
latest answer
These 2 errors are very different yet often confused as the effect on trial balance of both may be same in some cases 1. Error of Omission - Where a transaction as a whole or part is not recorded only(omitted) . now if part omission happens (eg. purchase asset you go to ledger and put the amount in credit side of cashbook but no entry in asset a/c) then trial balance will not tally as credit side will be more , However if the whole transaction is omitted (i.e. No entry at all) then trial balance will tally 2. Compensating Errors- This is basically an error which gets set off due to another accounting error . For example you made a sale of Rs 1000 this was recorded in the books correctly but the amount was recorded as Rs 100 so there is a difference of Rs 900 on credit side , now another transaction of purchase happens of Rs 1000 again same error made of amount recorded as Rs 100 now there will be difference of Rs 900 on debit side as well . When the trial balance is made it will tally as the error amount on debit side and credit side is same . Hence it got compensated. These errors are difficult to locate as the trial balance will tally.
Harshan Pothula
CA Foundation
★ 0
5
738
Bank reconciliation
Accountancy
answered on 07-Aug-21 10:12
On 30/3/20 we have issued cheques of amount of rs.40000 and we have a bank balance of 1lak ..and the cheques got cleared on 25/4/20..my question is in my books of accounts my bank balance will be 1lak-40k or will show my bank balance as per bank statement?
latest answer
We will adjust our books of accounts as per the BRS . So, when the bank balance is reported in the balance sheet it is the reconciled one taken from the adjusted cash book. In this case the amount will be 1 lakh only as the cheque gets cleared on 25/4/20.
vasabattula abhinav
CA Final
★ 85
1
605
Capital gains
Direct Taxation
answered on 07-Aug-21 13:23
When we sale the land that is given by government..the cost of acq will be fmv on the date of transfer and the sale consideration will be done at the fmv on that day..so there will be no capital gains..can anyone help me this.. whether there will be CG or not??
latest answer
Thanks ð???
vasabattula abhinav
CA Final
★ 85
5
616
Rectification of error
Accountancy
answered on 06-Aug-21 20:51
Explain this rectification
latest answer
When the cheque is received,the entry is Bank a/c dr To man mohan When the cheque got dishonoured, entry (above entry) should be reversed,then Man mohan a/c dr To bank a/c But they had debited sales returns instead of man mohan and hence sales returns to be credited Man mohan a/c dr To sales returns
Bhuvanesh Reddy
CA Inter
★ 7K+
5
736
Advance accounts amalgamation
Accountancy
answered on 06-Aug-21 13:56
While combining the b/s of after amalgamation why dont we merge the free reserve of the selling company? It is also form part of shareholders fund ?please clarify
latest answer
The identity of transferor company's reserves is kept intact in merger method where Share holders holding not less than 90% of the face value of the equity shares of the transferor company become equity shareholders of the transferee company by virtue of the amalgamation. But under purchase method The identity of the transferor company'es reserves except statutory reserves is not kept intact because the same shareholders might not continue
Bhavya Kumar
CA Final
★ 7K+
1
624