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Dividend by subsidiary
Financial Reporting
answered on 20-May-24 15:05
In this case, Intially while parent entity passes journal entry it assumed that dividend is paid and passed the entry accordingly Bank a/c........Dr 24000 P& L ac 24000 But while calculating NCI share, only opening balance and current years profit is taken( 35000+4000= 39000) ...dividend paid assmpn is not used here.why?
latest answer
There is no dividend in this specific question. Also if dividend is declared previously, the opening balance of retained earnings would be lower anyways.
binu mathew
CA Final
★ 0
1
340
Exemption
Indirect Taxation
answered on 13-May-24 22:00
Tolerating non performance of contract Taxable or exempt ?
latest answer
Moreover it’s exempt only when it is provided to the Government
Sushmita Chowdhury
CA Inter
★ 2K+
7
429
AS 10, revaluation reserve which method is proper ?
Accountancy
answered on 20-May-24 15:24
Sir there are 2 ways one question is solved in sujjested answer different format is mentioned and in icai mat different format is mentioned
latest answer
both are acceptable and depends on the question.
Sushmita Chowdhury
CA Inter
★ 2K+
4
446
Inventory account
Accountancy
answered on 20-May-24 15:27
Why is inventory account being prepared and not trading account, for this question. Also how to know which account to prepare: inventory or trading account?
latest answer
You can prepare Trading account and solve it. You would get the same answer.
Nova Shaji
CA Inter
★ 2K+
1
258
Cogs
Financial Reporting
answered on 20-May-24 15:07
Sir, This is more of a basic doubt... We are showing purchases, labour, oh etc as and when incurred in p& l ac..like Purchase ac.......Dr Labour ac..........Dr To cash And then when sales happen we put Cash/ Debtorac........Dr To sales ac And we enter closing inventory then p & l get balanced But then why we put this entry COGS ac......Dr Inventory ac By doing so actually p&l is being charged off of expense two times?? Already COGS apperaing in form of purchase of rm, oh, opening inventory and less sales...did it led to double charging of expense?%
latest answer
We are showing purchases, labour, oh etc as and when incurred in p& l ac..like Purchase ac.......Dr Labour ac..........Dr To cash The above entry for purchases is actually Inventory Dr. To Cash
binu mathew
CA Final
★ 0
1
285
Query in the illustration
AFM
answered on 12-May-24 07:17
Hi sir, May I know why the annual cash flows are divided by the discount rate (10%/0.10) to arrive at the present value of cash flows? It seems like it has something to do with the term 'till perpetuity', but I'm unable to catch the logic behind it.
latest answer
When we get same amount of money till perpetuity with growth: the formula is (D1 / Ke-g) When g is 0 then formula becomes D1 / Ke
Ruthvik Reddy Adala
CA Final
★ 5K+
1
380
Revision
Auditing
answered on 12-May-24 20:37
What will be the most beneficial way of revision of audit in these 3 days - Watching revision lectures & conceptual understanding or writing practice from RTP/MTP/SAs etc....
latest answer
RTPs try by practicing the writing of answers. ( at least few ) In exam you will be more comfortable.
Prasoon Tiwari
CA Inter
★ 4K+
2
365
same point repeated in this standard
Auditing
answered on 11-May-24 17:00
madam why is the same point repeated in this standard?it asks us to pursue the audited finacial statements and audit report to verify the correctness of opening balances as a part of the main audit procedure,and as apart of the specific audit procedures...why is that so??
latest answer
Which point is repeated? Can u elaborate ?
aravind lalji
CA Inter
★ 0
1
525
Business Economics
Economics
answered on 22-May-24 12:09
Doubt ❔ I have understood everything in the class in Business Economics And prepared notes on class Should I read the module as well How many times should I read the module Because reading the module is very difficult for me
latest answer
Printed notes is sufficient for exams. Your line of reading should be: 1.Finish Video classes 2.Revise through printed notes 3.Solve MCQs (from institute text book as well) 4.If time permits go through module (not necessary)
Ab Devliear
CA Foundation
★ 3K+
4
506
exemption
Indirect Taxation
answered on 12-May-24 11:01
training of staff of Higher secondary school = exempt or taxable?
latest answer
Taxable.
Sushmita Chowdhury
CA Inter
★ 2K+
1
455