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Exam doubt
Accountancy
answered on 21-Jul-21 13:55
In ca foundation exams, is there any option to attempt all the questions. Will marks be considered for the extra questions? Or only 4 out of 5, 1st being compulsory?
latest answer
https://youtu.be/3NRHkfi7VYI Time stamp : 1:56:30 ICAI webinar on Dec 2020
Sibi Srinivasan
CA Final
★ 22K+
7
808
Prize
Accountancy
answered on 21-Jul-21 09:01
I bought a car worth of Rs. 5,00,000 and paid Rs. 25,000 as tax and Rs. 25,000 as transportation charges. so the cost of my car will be Rs. 5,50,000 as per my books of accounts. but if someone asks me about the prize of the car, what should i tell him? Rs. 5,50,000 or Rs. 5,00,000 ? and explain why ? thank you for your kind help.
latest answer
Ex showroom price 500000 On road price 550000
Vijay K
CA Inter
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1
542
Exception to section 133
Corporate & Other Laws
answered on 21-Jul-21 10:32
Why is ques 3 not covered in exception to sec 133. Here creditor is reducing interest which is beneficial to the surety . And mere forbearance to sue debtor also does not discharge surety.
latest answer
Pls refer this, it was discussed here - https://1fin.page.link/iEBatsSQWT3FeZmW7
Aman Mahajan
CA Final
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1
573
Time barred
Corporate & Other Laws
answered on 21-Jul-21 10:00
In features, it is written that debt must not be time barred and in summary it is written that surety is liable even if debt is time barred. Which is correct?
latest answer
In first point it implies that contract of guarantee cannot be made for a debt which is already time barred under the statue of limitations( i.e. debts which remain unpaid or unclaimed for a period of more than three years ) . However in second point it is given with a reference that if the debt for which guarantee is given by surety becomes time barred subsequently then surety will continue to be liable for such time barred debt. Simply speaking, contract of guarantee cannot be entered for a debt which is already declared as time barred.
Aman Mahajan
CA Final
★ 19K+
1
688
44ad
Direct Taxation
answered on 21-Jul-21 10:13
Can assessee declare less than 8%/6%. Income. If turnover is. 1.5cr and 8%=12lacs. Can assessee declare 5 lacs income
latest answer
The assessee may choose not to opt for presumptive scheme and may declare an income lower than 6%/8% of the gross receipts
Rahul Patil
CA Inter
★ 800
1
594
Surety right to claim security sec (141)
Corporate & Other Laws
answered on 21-Jul-21 10:21
What is the difference between example 41 and 42. Why is the answer different?
latest answer
Both examples relate to surety's right to benefit from creditor's securities at the time of contract. Ex 41: When A gives guarantee, C's decree against B was creditor's security which A could have benefitted, but by withdrawl of execution that right is impaired and hence A is discharged Ex 42: Here, the security which C, creditor gives up is one which it acquired after the contract. So, if C gives this up, A is not discharged
Aman Mahajan
CA Final
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2
620
Course extension
Others
answered on 20-Jul-21 20:39
How long is the course extension option available? Could I pay for it tomorrow?
latest answer
Thank you sir.
Smitha Raj
CA Inter
★ 100
2
497
206 AB
Direct Taxation
answered on 20-Jul-21 22:01
It's applicable -For, the assesee for all payments after July 1st or only payments that need TDS deduction.
latest answer
Yes. All payments on which deductee has to deduct the tax
Balamurali Unnithan M S
CA Inter
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4
608
Sec 139 of Indian contract act
Corporate & Other Laws
answered on 20-Jul-21 19:41
How is example 33 a case of creditors act or omission impairing surety eventual remedy?
latest answer
B has prepaid installments, now if C doesn't complete the building of ship, A would have no remedy. Had B not prepaid and if C did not build ship, A being surety would build and get paid from B. But not in case of prepayment already.
Aman Mahajan
CA Final
★ 19K+
1
778
Where can I learn branch accounting ?
Accountancy
answered on 20-Jul-21 19:27
Any YouTube channel or sites you recommend ?
latest answer
https://www.indigolearn.com/course/Accounting-for-Branches-Including-Foreign-Branches/plsnwd?catalogId=wpljho
anqelic bvnni
CMA Foundation
★ 0
1
551