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Inventory IndAS2
Financial Reporting
answered on 22-Jul-24 10:02
If market value(fair value)=4000,and transport cost is Rs.200,but for bulk sale ,price is 3500 so Net realizable value comes to 3300 after transport cost So what is the amount of Rs.3500 known as,Fair Value or Gross Realisable Value?
latest answer
Fair value is 4000 3500 - is gross value that you would realise
Mohammed Sarfaraz
CA Final
★ 720
1
363
CSR committee
Corporate & Other Laws
answered on 22-Jul-24 11:32
From which source CSR committee employees get remuneration?
latest answer
They are paid from the 2% allotted from profits for CSR Activity. However there is a limit to maximum admin expenditure on CSR.
Shivashankar Jawai
CA Inter
★ 2K+
1
303
Engagement letter for joint auditors
Auditing
answered on 25-Jul-24 17:00
Do the joint auditors obtain common audit engagement letter for all areas? Or do they require separate engagement letters i.e; one for common areas and other for separate individual area?
latest answer
Separate responsibility and joint responsibility is the decision they take amongst themselves. So management involvement through engagement letter not required in that matter. It’s common engagement letter .
S Shriram
CA Final
★ 0
2
233
Average inventory
Costing
answered on 24-Jul-24 00:42
average inventory is not discussed in the CMA costing book. neither is the use of this to calculate carrying cost. Please inform whether it is required to be learnt this way. In the book, illustration 1, carrying cost is material cost per kg*8% = 0.16. Please explain
latest answer
Please be more specific with your query. Kindly share relevant question / solution screenshot highlighting your doubt
maria chacko
CMA Inter
★ 0
2
372
Why is Phrase -1 &Phrase -2 capitalised even though a substantial period is less than 1yr
Financial Reporting
answered on 22-Jul-24 12:21
Why is Phrase -1 &Phrase -2 capitalised even though a substantial period is less than 1yr
latest answer
Assumed as qualifying. I have explained in the class that 12 months/1 year period is indicative.
Surya Prakash
CA Final
★ 19K+
1
273
purchase cost
Costing
answered on 24-Jul-24 00:47
why is purchase cost constant in this example? why is it always 20,0000? doesn't it change based on order size?
latest answer
The question doesn't mention about any volume or turnover discount
maria chacko
CMA Inter
★ 0
1
325
Average inventory
Costing
answered on 24-Jul-24 00:46
hi. wanted to understand how the average inventory is calculated. Here is it divided by 2. Isn't it supposed to be the period during a year. For example, 10000/12 months. so the average inventory is 833 units per month?
latest answer
On the day we receive material - qty held will be order qty. Eventually the inventory will become 0. And we will place a new order. ( Basically at re order level) So avg =( qty received+ 0 )/2
maria chacko
CMA Inter
★ 0
1
325
SPOM Set-C & Set-D applicable?
Exams
answered on 22-Jul-24 13:13
I've passed CA Inter G-1 in Old syllabus (IPCC) but G-2 in New syllabus as UNIT-10 (only 3 papers, not 4). Could someone please clarify to me if I need to complete either of Set C & D also along with the mandatory Set A & B ( Bcoz I passed with only 7 but not 8 papers in Inter) ??
latest answer
Yeah. All eyes on ICAI 😂 Will update here for sure. Anyways thanks for the assistance sir 🙏
Venkat Sai
CA Final
★ 0
11
2K+
Narration
Accountancy
answered on 23-Jul-24 09:52
Is there is specific mark for writing narration. If the narration is short which cover complete transaction will they reduce mark for that.
latest answer
Narration writing will increase marks But no narration may decrease the same It totally depends on the invigilator how much marks he will deduct The answer is to write a short narration containing brief description of transaction
Lathika
CA Inter
★ 6K+
3
360
Capitalisation of Int in Loan?
Financial Reporting
answered on 21-Jul-24 17:37
Sir Can we capitalise interest on loans only if paid ? Mere accrual of interest we cannot capitalise isn't it???
latest answer
Pls check para 18 in Ind AS
Surya Prakash
CA Final
★ 19K+
4
318