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Repetition of this problem
AFM
answered on 31-Dec-24 09:41
Sir, Your video and material is for 2021-22 exam. Just wanted to know if such questions have been asked for 2023 & 2024. If so, can you please upload the same in this portal or send it to my email pradeep@ekasmai.co.in
latest answer
Shared from *1FIN by Indigolearn* Free Resources https://1fin.link/free_resources
Pradeep Malur
CA Final
★ 1K+
5
368
Ind AS 41: Agriculture
Financial Reporting
answered on 30-Dec-24 15:57
Sir If Milk obtained from own cow is ₹10,000 (All expenses) is ₹5,000 (Fully lies in inventory & No opening Stock) I’m passing entry like: 1) Milk Dr. ₹10,000 (Current Asset - Closing Inventory) Fair Value gain on milk Cr. ₹10,000 2) Expenses Dr. ₹5,000 To Bank ₹5,000 In Schedule III (Statement of P&L) Income: Fair Value income. 10,000 Expense: Operating expenses: 5,000 Changes in Inventory:(10,000) [As opening stock is 0] Net expenses: 5,000 (Negative) Profit: 15,000 So, It seems double accounting right!? Income is ₹10,000 and Reduction in expenses of same milk is 10,000 This is my actual doubt sir! Could you please help out!
latest answer
I sent there
Pradeep Ravikumar
CA Final
★ 1K+
3
766
Shouldn't all 3 auditors be responsible?
Auditing
answered on 06-Jan-25 11:53
As discussed, if one auditor brings forth an issue to other auditors for their advice or discussion, and the other auditor along with the auditor who identified the issue decided not to report it. They decided together. They might have given justification as to why it is not a significant deficiency. So since this matter was brought to other auditors and they decided not to report it, shouldn't all the auditors be liable.
latest answer
All will be liable to matters where they have discussed and come to a decision together. It will become common audit area
Manu Jacob
CA Final
★ 6K+
3
190
Replacement decisions
Financial Management
answered on 30-Dec-24 15:17
IN Illustration 47 , while calculating terminal cash inflow, we are finding only TCI but in previous sums we have calculated the incremental TCI for the computation of Incremental NPV. Why?
latest answer
At Minute 21 faculty explained that aspect - details of OLD machine salvage value are not provided, only those of new machine are provided. When no sale price details etc are provided how will you compute the value for the old machine and how will you compute the net value?
Venkatesh
CA Final
★ 0
1
787
Discontinued operation
Financial Reporting
answered on 30-Dec-24 14:38
Can you give an example for a part of a single coordinated plan to dispose of a single major line of business or geographical area of operations.
latest answer
Say a company has hardware and software divisions. Hardware division has two plants - In Bangalore and Pune. The company wants to sell hardware division. In the process the company wants to dispose bangalore plant and pune plant. Sale of Bangalore Plant is a part of single co-ordinated plan.
SANJITHA
CA Final
★ 505
1
202
Accounting in the books of the lessee
Financial Reporting
answered on 30-Dec-24 15:20
Why the lease incentive is not Adjusted against the future lease payment while calculating the lease liability? as the lease incentive should also be adjusted against the lease payments
latest answer
We are receiving the amount upfront. It is not reducing our liability in the future.
natarajan k
CA Inter
★ 3K+
1
754
TDS u/s 194P
Direct Taxation
answered on 02-Jan-25 23:51
Why do we add 10000 in tax payable computation?
latest answer
Correct.
Soon to be CA
CA Inter
★ 4K+
2
811
accounting in the books of lessee
Financial Reporting
answered on 30-Dec-24 15:23
in this question can we treat the advance payment of Rs.500000 is made before the commencement of the lease and also the lease payment being made at the end of each year instead of the beginning of the year.
latest answer
This is just an example for calculation purpose. We need to look at the exact wording of question to compute.
natarajan k
CA Inter
★ 3K+
1
671
Cost to Sell
Financial Reporting
answered on 30-Dec-24 15:25
Sir, Can we assume that transportation cost is also incurred by seller itself as question is not clear regarding who incurred the transportation cost.
latest answer
After purchase, transport cost was 1000 indicates it was paid by buyer.
Gunda Sharan
CA Final
★ 150
1
256
SPOM Applicability
Others
answered on 30-Dec-24 15:30
Sir, I completed My ca-inter in May 2023 . And I have written my first attempt ca final In May 2024. When it will be applicable? Is it before applying for membership? Or Before appearing for May 2025 ?
latest answer
ICAI has not clarified yet. Since A & B are testable in IBS, pls complete it.
M Naresh
CA Final
★ 3K+
1
782