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On Page 10.33, Insurance Claim for Loss of Profit
Accountancy
answered on 18-Feb-21 10:42
Illustration 8, why is gross profit divided by adjusted annual turnover and not previous financial year's turnover like we do in most cases?
latest answer
The total of adjusted standard turnover (given in the question)
Kishore Anil
CFA L1
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Bank balnce
Accountancy
answered on 15-Feb-21 21:25
What does this mean ,bank balance ( cr) ?? Is it overdraft or balance?? State with reason
latest answer
No mention.
Reetikaa R
CA Final
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11
851
Single entry system
Accountancy
answered on 17-Feb-21 12:44
While preparing statement of affairs ,y opening capital is deducted from adjusted closing capital ?? Y not opening capital minus adj closing capital ??
latest answer
Then how will you account for drawings and profit?
Reetikaa R
CA Final
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5
658
In Loss of Profit Insurance Claim
Accountancy
answered on 16-Feb-21 10:29
Why do we take adjusted annual turnover when calculating Gross Profit under Allowable Increased Cost and not regular turnover? Also, while calculating Insurable Sum, why do we calculate it as GP% x Adj Annual T/O?
latest answer
Adj Annual turnover basically indicates - what would have been the annual turnover after adjusting for trends. Insurance for profits is for future profits and not past profits.
Kishore Anil
CFA L1
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702
Theory questions in B-Law
Corporate & Other Laws
answered on 15-Feb-21 22:36
It's very difficult for me to remember side headings. Any solution for me plz.
latest answer
Start small, see if having separate notes for headings helps. Recall / remember at odd times. Overall, revision and testing is the key.
Meda Jeevansai
CA Final
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2
668
AMALGAMATION
Direct Taxation
answered on 19-Feb-21 08:36
During amalgamation, C.A transferred from amalgamating co. to amalgamated co. is not treated as transfer(S.47(vi)) Shares of old co. taken back by amalgamating co. is also not treated as transfer(S.47(vii)) What about new shares given to SHs? What is the tax treatment if consideration for taking back old shares were not new shares of the co.?
latest answer
My response was on specific to amalgamation. If new shares are issued to shareholders - not a transfer If cash is paid to acquire shares from shareholders - transfer. In case of new issue, there is no taxability other than those provided in Section 56.
Salman Faris
CA Inter
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3
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Query
Others
answered on 15-Feb-21 17:16
Is group 2 in CA INTER all theory subjects ??
latest answer
Thank u sir
Reetikaa R
CA Final
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4
519
What is the meaning of Memorandum Trading A/c?
Accountancy
answered on 15-Feb-21 14:54
Is it created only for insurance claim during loss of stock/loss of profit?
latest answer
Memorandum is something which does not form part of regular books. So it can be prepared for any purpose.
Kishore Anil
CFA L1
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2K+
Can loss on disposal of assets be directly debited to P/L?
Accountancy
answered on 15-Feb-21 14:42
Or should we first compulsorily transfer to Loss on Disposal/Sale of Assets?
latest answer
Can be taken to P&L a/c
Kishore Anil
CFA L1
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1
658
Accounting IPCC - Partnership Accounts
Accountancy
asked on 15-Feb-21 11:53
Accounting IPCC - Partnership Accounts - In video lecture no:9 - Illustration 4 - why is interest on drawings on Rs 40000 withdrawn by A on 30/09/2016 not calculated and added along with the interest on drawings on Rs 1000 per month drawn monthly?
latest answer
No answers yet!!
Rohit Reghuraj
CA Inter
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0
717