Forums
P&L account
Accountancy
answered on 01-Jul-21 11:23
We have taken a loan of Rs.50,00,000/- from a bank with interest of 5% per annum. Now we are paying the interest for 1st year at the end. Shall I show these in P&L account or Balance Sheet?
latest answer
Loan amount at historical cost of 5000000 in balance sheet Intrest portion charge periodically to profit and loss statement
Vijay K
CA Inter
★ 9K+
1
545
Partnership
Accountancy
answered on 01-Jul-21 11:57
How they taken 3/15 and how come 18/ 90 show the calculation
latest answer
Ok ok i got it... Thank you sir!!
Triveni Patil
CA Inter
★ 290
2
516
Partnership
Accountancy
answered on 01-Jul-21 11:43
How come 3/15 and 18/90....
latest answer
1/5 x 3/3 = 3/15
Triveni Patil
CA Inter
★ 290
5
580
Trial balance
Accountancy
answered on 01-Jul-21 10:36
In this illustration(pic attached) we are asked to correctly prepare trail balance as on 31st march 2020, so when we are answering shouldn't we take the inventory value as on 31.03.2020(refer the lines below the question) instead of inventory on 1.4.2019(which is in table). However in solution they took inventory value as on 1.4.19 which is actually previous year's detail. Kindly explain. Thankyou.
latest answer
Sir, the given inventory is opening inventory the goods which are not sold last year it's essential to show the previous years stock in our accounts and the second thing you were talking about is closing inventory, yes we take it in the books of accounts but in this case it will be in adjustment part (hope you know final accounts) as to make a dual effect it is a part of adjustment
Aswin Chandar
CA Final
★ 40K+
1
516
Buyback of shares
Direct Taxation
answered on 02-Jul-21 06:41
Will the same tax rate for buyback 23.296% applies to any security sir other than shares..?
latest answer
Respective capital gains provisions are applicable.
Naresh M
CA Final
★ 75
1
580
Cost of capital
Financial Management
answered on 01-Jul-21 15:12
How they find growth?? Attached below
latest answer
Thankyou sir
Sathiya Bama
CA Final
★ 24K+
2
527
Sec 139(6)
Corporate & Other Laws
answered on 01-Jul-21 11:20
Can a company not appoint its first auditor as the subsequent auditor?
latest answer
The same auditor can be appointed as the subsequent auditor. However, the first auditor cannot be appointed for 5 years at once.
Aman Mahajan
CA Final
★ 19K+
2
588
Sec 144
Corporate & Other Laws
answered on 01-Jul-21 20:09
How can a firm have an associate firm? Is the definition same as for associate companies?
latest answer
It's through contractual relation. Definition is not same as associate company.
Aman Mahajan
CA Final
★ 19K+
1
618
Chartered accountants day
Others
answered on 01-Jul-21 06:33
Happy CA day To all, proud to be CA student!
latest answer
Likewise & Thanks
Kumar G
CA Final
★ 12K+
1
517
WR
Auditing
answered on 01-Jul-21 16:41
In (c) Should we write- possible effect in accordance with SA 705 OR Should we instead write- Disclaim opinion as per SA 705? Which is more appropriate?
latest answer
Write possible effect and then explain various scenarios of modified opinion
Priyanka Udeshi
CFA L1
★ 14K+
3
562