Company accounts

answered on 12-May-22 09:26

At time of forfeiture share capital should be debited with called value or face value ? In case if the shares are issued at premium the shares are fully called up and forfeited for non payment ? Then which value should be debited in share capital ? Either called value with premium or face value ?

latest answer

At the time of forfeiture, share capital should be debited with called up value. the shares are fully called up and forfeited for non-payment then share capital should be debited with called up value excluding Premium.

Veera dinesh.B

CA Inter

★ 2K+

3

437

Internal Reconstruction

answered on 12-May-22 08:28

Can anyone explain this 5th point

latest answer

They told, after making all reconstruction entry and all adjustment whatever given in the question if any surplus funds remains in Capital Reduction A/c or Restructuring A/c then transferred to Capital Reserve A/c, or If any shortage of funds for meeting Dr bal of P&L a/c and towards writting off of assets then use other reserves to the extent needed...

Manoj Raj

CA Final

★ 12K+

3

428

Internal financial control

answered on 13-May-22 20:43

Which chap is belongs? Chap 6and another chap? Anyone explain this about plz, I am going to learn 1 st tym by ur explanation. So anyone explain crisp and short , or briefly ( if u have time )

latest answer

Welcome ð???

Sathiya Bama

CA Final

★ 24K+

12

514

AS 13 - ACCOUNTING FOR Investment

answered on 11-May-22 17:51

AS 13 - Not applicable to MITUAL FUNDS sir Why this answer given?

latest answer

Thank you

Subash Chandrabose

CA Final

★ 32K+

3

494

settlement of Liabilities

answered on 11-May-22 19:26

In partnership, if no adjustments regarding Settlement of Liabilities given should we consider it as settled fully and debit Realisation a/c and credit cash a/c??

latest answer

Yes it is assumption

madhu miraa

CA Final

★ 5K+

3

414

Buy Back - Advanced Accounting

answered on 13-May-22 11:25

In material Illustration 3, For transferring to CRR account we have to take the nominal. Value of the equity shares bought right? If so, in this illustration I don't know how they mentioned 3 lakhs as a nominal value for CRR account instead of 5 lakhs

latest answer

Yes

Manoj Raj

CA Final

★ 12K+

15

1K+

E way Bill

answered on 11-May-22 18:32

In case goods are sent and after reaching the transporters warehouse in other state the sales has been canceled, can we directly issue E way bill if we are shipping it to other party in other state ? Do we have to generate E way bill separately for Sales return and then again for the sale ?

latest answer

Yes .Thank you

Sahana S

CA Final

★ 25

2

519

Sampling

answered on 12-May-22 14:22

Can anyone explain this second point regarding desired level of assurance in simple terms

latest answer

As per my understanding they are saying this: Say you have a sample of 50 items from a population of 5000 items. Now before checking these 50 items, you decide that you are comfortable even if you find say 15 misstatements and you start checking. You find that the first 8 items are misstated. Here your tolerable limit is 15 but you have already found 8 misstated items. A prudent auditor will get suspicious here. Because by only checking few items you have got these many mistakes. If you start checking the whole population it may happen that you may find a material misstatement. When you find more and more mistakes it indicates a higher possibility of material misstatement in the whole population, irrespective of your tolerable limit. So the auditor will try checking more items, thus increasing the sample size.

Manoj Raj

CA Final

★ 12K+

3

440

Mtp2022

answered on 12-May-22 19:28

Give explanation for answers of (iii) &(v)

latest answer

Thank u sir

Sajeetha R

CA Final

★ 46K+

7

498

Form of organizations

answered on 12-May-22 13:29

Is HUF considered a Separate legal entity or not?? Under which Act Hindu Undivided Family is governed?

latest answer

I hope now it is clear.

Tanya Batra

★ 7K+

9

472