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ICAI RTP MCQ 2024
AFM
answered on 25-Apr-24 14:33
In this below question in ICAI RTP MCQ 2024, isn't Growmore Ltd the originator and MAC fin corp the investor? ICAI RTP answer is given as MAC Fin Corp to be the originator. Please clarify Sir.
latest answer
Thank you so much Sir. Got the doubt clarified.
Dheebhan Mahalingam T
CA Final
★ 21K+
2
406
LLP
Auditing
answered on 28-Apr-24 09:32
Screenshot attached partners in LLP and partnership firm practicing CA Firms
latest answer
LLP is a body corporate qualified to be appointed as an auditor. Only partners who are CA can act and sign on behalf of the LLP. So if all partners are companies, there is no possibility of CA acting ;as Individuals only can be Chartered Accountants .
R Yashwanth Kumar
CA Final
★ 87K+
3
326
Ind as 116
Financial Reporting
answered on 02-May-24 09:36
Sir in lessor accounting while calculating interest rate implicit in lease. shall we consider Only residual guaranteed by lessee or include guaranteed by third party too
latest answer
All Guaranteed and unguaranteed.
Ravi Teja
CA Final
★ 20
1
257
Marginal costing
Costing
answered on 05-May-24 03:39
M/s Alpha Ltd. manufactures a single product and has the following data for the year 2022: Selling price per unit 200 Direct material cost per unit 54 ₹40 Direct wages per unit 1,90,000 Fixed overheads Variable overheads 50% of direct wages 5% Trade discount M/s Alpha Ltd. approaches you as a qualified cost accountant and asks you to: 1. Advise the Profit Volume Ratio of the company. 2. Critically assess the Break-even Sales (in units and in ₹). 3. Evaluate the Margin of Safety (in and as % of sales). 4. Recommend the Net profit if sales are 10% and 20% above the Break-even Volume.
latest answer
How to find units
Sowmiga Chandrasekaran
CA Inter
★ 7K+
7
1K+
Internal reconstruction
Accountancy
answered on 24-Apr-24 23:17
Please tell me, meaning and correct treatment of of point 11 ? I have little bit confusion 😔
latest answer
Reconstruction a/c Dr. 12,500 To Bank a/c 12,500
Nakul Dixit
CA Final
★ 4K+
1
278
Cash alternative where entity has a choice
Financial Reporting
answered on 02-May-24 09:47
Sir, Doubt 1 ) if cash option is cheaper at balance sheet date and entity provided for equity option. Do we need to provide the loss at every balance sheet date or we should only at settlement date. Doubt 2 ) in 16:29, You have accounted as SPB reserve A/c Dr 1350 , Bank 1350 for settling in cash where initially we accounted as equity. why we did not assume it as buy back and account it like . Share Based Payment reserve dr 1450 ( fair value on settlement ) to Bank cr 1350 ( cash we paid , i.e fair value of option ) to p and l cr 100 ( diff between cash and equity ) If we initially record at equity and later we change our mind by issuing cash settlement we need to assume it as Buyback and account accordingly.
latest answer
1)Management has to review each year end. 2) You do not recognise profit on buyback in P&L When I debit share based payment reserve by 1350, there is a balance of 100 which remains in other equity. So indirectly gain is accounted.
M Naresh
CA Final
★ 3K+
1
296
change in method
Accountancy
answered on 03-May-24 11:13
while changing to different method y we divide by useful year and not multiply by rate of depreciation
latest answer
You can calculate revised rate of depreciation.
Bharavi Kothari
CA Foundation
★ 20K+
2
193
Illustration 5 - query
Financial Reporting
answered on 29-Apr-24 19:35
sir in this sum the difference between Fair value of Liability and Equity is equity .i understood that is 40,000. it shall be expensed over the vesting period(restriction period ) of Equity shares know ( 3 years Given in question ) . why the equity portion 40,000 Rs spread over only 2 years of Cash equivalent Liability period ? why we should not consider for a period of 3 years ?
latest answer
Service requirement is 2 years. The 3 years is the period for which employees cannot sell shares.
M Naresh
CA Final
★ 3K+
1
283
When agreed value of consideration is intrinsic value (₹30 in this example) of Y ltd. But it shows it at Face value (₹10)
Accountancy
answered on 24-Apr-24 22:04
In this example, when Yltd. Decides to show the purchase consideration at par value i.e. ₹10 per share, so in books we mentioned purchase consideration as 50,00,000 shares x ₹10 per share, but what about the rest portion of purchase consideration that Yltd.paid to X ltd but doesn't show in books that is rest ₹20 per share (₹30-₹10, agreed value -fave value)?
latest answer
Liquidators A/c Dr 8000000 To psc A/c 3000000 To Esc A/c 5000000 If premium is allowed then Liquidator a/c Dr. 18000000 To psc 3000000 To Esc 5000000 To securities premium 10000000
Garima Bhargava
CA Inter
★ 185
4
347
Final exam
Exams
answered on 25-Apr-24 10:50
Sir, If I pass ca inter both groups in sep 2024 exam, when will be my first ca final attempt?
latest answer
Ok sir
Abhirami Mohan K
CA Inter
★ 0
4
371