Forum - CA, CMA & CS Exams

IndigoLearn

Forums

All Topics Accountancy Auditing Corporate & Other Laws Direct Taxation Indirect Taxation Financial Management Economics Costing Strategic Management Maths & Stats Exams Others AFM Financial Reporting CFA Level I

Cost accounting systems

Costing

answered on 13-Mar-23 19:42

If certain output needs reworks due to inefficiency of the production process .so we pass entry like Rework charges ac dr To gla ac My question is why are we not posting reworks

latest answer

So you have accounting records and inventory records. These may be integrated or kept separately. IN todays ERP systems, most of these are integrated and interlinked. You will be able to understand more of these as you start working or in your articleship.

Gokul Nath

CA Inter

★ 605

205

suggested ans

Direct Taxation

answered on 11-Mar-23 19:46

wen will we get suggested answers for nov 22 attempt

latest answer

Yes even I have been waiting for them

Reetikaa R

CA Inter

★ 7K+

193

OH ILLUSTRATION 9

Costing

answered on 12-Mar-23 16:26

Friends, why 70,000*12.5%=8750 was not shown instead of computing 70000/87.5%=10,000?

latest answer

Whatever is % given on assume it to be 100. Say profit is 10% of Cost. Then Cost = 100, Profit = 10, SP is 110 If its given on sales Then Sales = 100, Profit = 10 and Cost = 90

Kamal Kumar

CA Inter

★ 7K+

256

Income Under Head Salaries (Rent Free Accommodation provided by employer)

Direct Taxation

answered on 11-Mar-23 16:03

Whether Services of a Gardener Along with Rent-free Accommodation taxable?

latest answer

Treat them as separate items.apply servant provisions separately.so if employee is a specified then taxable if not then non taxable

Udaya Kumar

CMA Inter

★ 920

147

Ind as 40

Financial Reporting

answered on 12-Mar-23 16:26

Icai material backside question no:4 Don't we have to consider the depreciation here?

latest answer

No Depreciation on land

nazriya nasar

CA Final

★ 7K+

210

Trademark

Others

answered on 12-Mar-23 18:07

If select device mark option upload a logo which includes the trade name , does it mean our trade name is also got registered?

latest answer

PLs consult an IP lawyer

Eswar K

CA Final

★ 125

158

Integration of Minor Income Clubbing and Transferor Income Clubbing .

Direct Taxation

answered on 11-Mar-23 15:13

Where in a circumstances, an individual transfers any income to a minor, such income is taxable in hands of minor's parents or Transferor himself?? Eg :- Mr Rahul ( brother of Rohit ) transfers F.D to Chotu ( Rohit's Minor Son ) . Then , income through interest to be clubbed in Rahul's or Rohit's Hands ?? Plz explain neatly with conclusion.

latest answer

in this question , transfer of income without transfer of asset to be clubbed in the transferor hands

Varun Mulay

CA Inter

★ 38K+

178

pvt co

Corporate & Other Laws

answered on 20-Mar-23 14:12

MrA 1st became member of xyzpvtltd has 10shares Next year MrA became employee of xyzpvtltd Will MrA b counted in 200limit ?

latest answer

Employee & ex employees are never included for the purpose of counting of members

Sushmita Chowdhury

CA Inter

★ 710

159

What is substance over form

Accountancy

answered on 11-Mar-23 14:21

Answer this question

latest answer

Example: Your company has purchased a property but the registration and other legal formalities are pending. Your company has the possession of the property and is using the property. So you will be showing this property as an asset in your balance sheet irrespective of whether or not the legalities are completed. This is substance over form i.e. reality over legality.