Forums
Discount received
Accountancy
answered on 12-Jul-24 11:51
Why discount received is debited with p/l account
latest answer
for debtors, we give discount which is an expense.
Sathya S
CA Foundation
★ 3K+
1
274
Journal entries in final account
Accountancy
answered on 27-Jun-24 17:22
In final account journal entries sales, return outward,are debited and why trading account is credited
latest answer
Initially when sales or return outward takes place. The journal entries will be cash/ debtor account debit TO sales/ return outward account. Now while finalizing the Books of accounts all the nominal accounts should be closed and transferred to trading and p&l. Hence sale/ return outward which normally hold a credit balance is closed by debiting the sales/ return outward account and crediting the p&l account
Sathya S
CA Foundation
★ 3K+
1
351
Residential Status
Direct Taxation
answered on 30-Jun-24 16:02
Can a person be resident in 2 different countries in one PY.?
latest answer
Possible. Since residential status is determined based on tax laws of respective country.
Sampath R
CA Inter
★ 4K+
2
344
Adding purchase and closing stock
Accountancy
answered on 27-Jun-24 18:51
Why closing stock is added to purchase when closing stock exist in trial balance
latest answer
When closing stock is existed in the trail balance, it means that from the total purchases of the accounting period the unsold stock has been deducted and shown as asset . If there want to get total purchases there have to add back closing stock whcih deducted earlier.
Sathya S
CA Foundation
★ 3K+
2
602
Net Realizable value Method
AFM
answered on 28-Jun-24 22:44
Hi sir, in NRV method we took Book value as 450 cr. It is book value of total assets only right ? or is it book value of Equity ?
latest answer
nrv is of assets valuation of a co. is nrv of net assets
B. Dinesh
CA Final
★ 3K+
5
327
debt and equity
AFM
answered on 28-Jun-24 10:18
In proposal 1 we got Assets as 19.5, so liabilities will also be equal to 19.5. So equity we have taken as 19.5*3/5. So we are assuming here that in liabilities side there won't be any current liabilities, but in liabilities there will be only debt & Equity ?
latest answer
Yes
B. Dinesh
CA Final
★ 3K+
3
329
Minimum number of directors for Public Company
Corporate & Other Laws
answered on 29-Jun-24 13:52
If a public company has 13 directors. Then how many independent directors it should have ? My query is straight away we should apply 1/3rd = 4.33( 5 )or we should do proportional calculation i.e; 13/0.66*0.33=6.49 ( 7 ) independent directors
latest answer
Thanks mam, in my opinion a company is already having 13 so the answer is 6 . If not 6 kindly correct me with your logic.
Pavann Reddy
CA Final
★ 31K+
4
343
charge
Indirect Taxation
answered on 27-Jun-24 05:01
qsn = the details in the qsn are for Oct month....ITC are for other month (1st attachment) why in solution (i.e other attachment) it said upto 30/11 & why it said 22-23 ?
latest answer
this query is resolved
Sushmita Chowdhury
CA Inter
★ 2K+
2
311
residence
Direct Taxation
answered on 01-Jul-24 06:41
qsn 2 answer A reason ?.................
latest answer
They have not clearly mentioned whether as agent or employment in this particular question
Sushmita Chowdhury
CA Inter
★ 2K+
6
316
basic of accounting
Accountancy
answered on 27-Jun-24 21:28
difference between the purchase returns and sale returns
latest answer
Purchase returns is an expense going down so it's a credit. Sales return is an income going down so it's debit.
Akshara Agrawal
CA Foundation
★ 180
2
292