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Can a company use different cost formula for different types inventory
Accountancy
answered on 18-Mar-23 22:52
Can a company use different cost formula for different types inventory like FIFO for some type of inventory and weighted average for some sort of inventory
latest answer
Yes if the characterstics are different.
Atharv Sankliya
CA Final
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430
Company following AS
Accountancy
answered on 18-Mar-23 22:52
Can a company following AS follow ind as for the accounting treatment for which no AS is formulated
latest answer
Yes.
Atharv Sankliya
CA Final
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387
Brochure issue
CFA
answered on 19-Mar-23 06:31
Unable to view the CFA brochure. The following error is being shown.
latest answer
Welcome
Jagadeesh Kunapareddy
CA Final
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549
TDS
Direct Taxation
answered on 20-Mar-23 09:14
If PAN is not furnished then tds will be deducted at higher of the given rates And how the deductor furnish the deducted tds with out the PAN details available
latest answer
Okay sir thank you
Valli Kotapati
CA Final
★ 5
7
478
Assets for rental income
Accountancy
answered on 20-Mar-23 09:49
A IT company(software) have assets like property cars etc to earn rental income so does it is considered as PPE or investment as it is qualifying defination of both
latest answer
Property, plant and equipment are tangible items that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than a period of twelve months. If a business rents out cars, it would be a part of its operations and hence classified as PPE. Earning rental from cars requires a good amount of operating expenses in terms of driver's salary, fuel etc. However in case of land & buildings (which are investment property), the degree of operations is much lesser.
Atharv Sankliya
CA Final
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487
Leases
Financial Reporting
answered on 18-Mar-23 15:27
In case of ROU assets whether a re estimate of discounting rate and present value of ROU asset and lease liability is required at regular intervals or no such estimate is necessary after the commencement of the lease
latest answer
Okay sir thank you
Valli Kotapati
CA Final
★ 5
2
458
Branch acc
Accountancy
answered on 18-Mar-23 16:45
How can we take cash collections in debtors acc?
latest answer
Yes and no:) Actually, I have taken Face to face classes for group 1 and as of now i am just making use of 1Fin's free resources+free classes. But, even these free resources helps me a lot, so I would consider myself a 1Fin student.
Sugam SM
CA Final
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6
479
Salary-PF
Direct Taxation
answered on 30-Mar-23 10:09
Kindly help me with the answer for this
latest answer
Following interest component is taxable: Interest earned on the amount of Contribution exceeding INR 250,000 in a year If there is no employer’s contribution in such fund then, Interest earned on the amount of contribution exceeding INR 500,000 in a year So total interest accrued = 49325 related to employer is 49325/2=24663 Contribution more than 250000 is (304920-250000) i.e. 54920 Interest attributable to excess contribution of 54920 is 4443 (24663/304920 * 54920) is taxable So total salary taxable = 2772000+4443 - 50000 (std deduction ) = 2726443
janani palaniswamy
CA Inter
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7
665
Negative confirmation
Auditing
answered on 20-Mar-23 12:07
Can anyone please explain me these two points
latest answer
Thank you mam
Umayal Lakshmanan
CA Final
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492
Branch acc
Accountancy
answered on 18-Mar-23 17:30
Can anyone send soln using branch method. I am not getting same profit as in Trading method
latest answer
.
Sugam SM
CA Final
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1
479