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Analytical procedures used as substantive tests

Auditing

answered on 28-Jul-21 09:29

Can anyone please tell me the meaning of 2nd point

latest answer

Thank you so much for the explanation

Harsha vardhan S

CA Final

★ 470

373

Amalgamation

Accountancy

answered on 28-Jul-21 11:48

In ICAI Practical Question 4 they haven't given cost of issues of debentures But in solution they took furniture at 4004 instead of 4054 Even in reserves 50 is adjusted through P/L ac Please explain this part

latest answer

Error at ICAI's end. Original from old material (May 19 SM) - they slightly modified question, but copied same answer.

Priyanka Udeshi

CA Final

★ 14K+

310

Amalgamation

Accountancy

answered on 28-Jul-21 07:43

In prac Q1 why is Reserves and P/L account credited? In question nothing is mentioned about amalgamation in nature of merger

latest answer

All the conditions of amalgamation in the nature of merger is being satisfied in the Q

Priyanka Udeshi

CA Final

★ 14K+

270

AS 29 - 14(b)

Accountancy

answered on 28-Jul-21 14:50

What is mean by "An outflow of resources embodying economic benefits"?... Could not understand this properly.

latest answer

For a liability to qualify for recognition there must be not only a present obligation but also the probability of an outflow of resources embodying economic benefits to settle that obligation. This means that the settlement of a liability should result in an outflow of resources that embody economic benefits i.e. the involvement of cash or cash equivalents used for payment . It could also involve the transfer of other assets. A liability is measured by the value of these resources that will be paid or transferred. Cash / asset transferred are resources embodying economic benefits

Harish R

CA Inter

★ 2K+

273

Doubt

Costing

answered on 28-Jul-21 09:03

What is the meaning of optimum run size in this question?

latest answer

U can find economic order quantity/batch quantity thats the economic run Condition: No discount should be offered by supplier

Sri kanaga Varshini

CA Final

★ 3K+

313

currency restructuring

Economics

answered on 28-Jul-21 14:17

every time i saw one us dollar is equal to 74 rupees........ i just cant digest this.......why dont we go for a currency restructuring.......why dont we give a new currency format..........for example......... for every 100 rupees we can actually bring a one super rupee note.......if we go to a petrol bunk instead of 100 rupees we can just give one super rupee note.......thats all...........if we follow this we can actually express dollars in super rupees.......like one super rupee is equal to 1.35 us dollars........can we try this model ??

latest answer

thank you dsouza sir

jsome jsome

CA Inter

★ 575

385

Cash flow statements

Accountancy

answered on 27-Jul-21 20:03

Y they r transferring to general reserve ???

latest answer

It's actualy revenue reserve, not general reserve. And they are adding the increase in balance of revenue reserve to balance of difference in P&L balance assuming that amount was transferred from profit of the year. In this question, we are not given net profit as per Statement of P&L. So, starting point is taking the difference in P&L A/c as appears in Notes to Accounts.