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Profit or loss pre and post incorporation
Accountancy
answered on 26-Apr-21 10:44
When Travelling expenses or Travelling commission given in question. On which basis we have to calculate either on Time or Sales?
latest answer
Thank you sir.
Mahi Yadav
CA Inter
★ 0
6
1K+
Doubt
Accountancy
answered on 26-Apr-21 13:05
For example, a question has depreciation â?¹40000 and provision for depreciation asâ?¹110000 in trial balance. And asset value is â?¹5800000. How should we post it in P/L and B/S.
latest answer
Fixed assets are companyâ??s tangible assets that are relatively durable and used to run operations and generate income. They are not used to be consumed or sold, but to produce goods or services. Due to the long-term use, the value of fixed assets decreases as they age. Depreciation is the allocation (over the useful life) of the acquisition cost of a fixed asset caused by a decrease in its value. At the end of each financial year, we debit the depreciation expense account and credit the provision for depreciation (on relevant fixed asset account) with the amount of depreciation calculated for the year. For income statements, depreciation is listed as an expense. It accounts for depreciation charged to expense for the income reporting period. On the other hand, when itâ??s listed on the balance sheet, it accounts for total depreciation instead of simply what happened during the expense period. Your balance sheet will record depreciation for all of your fixed assets. This means youâ??ll see more overall depreciation on your balance sheet than you will on an income statement. Equipment is listed on the balance sheet at its historical cost amount, which is reduced by accumulated depreciation to arrive at a net carrying value or net book value.
Susai Yappan
CA Inter
★ 12K+
8
842
Income From House Property
Direct Taxation
answered on 26-Apr-21 00:13
Sir, in Problem 8 why should we multiply 12500*12 for expected rent? - Cant we just mention it as No info in the Solution? and for calculating actual rent in the first 6 months 60% is self occupied(deemed let out) nd 40% is let out u have calculated 5000*6 nd for the next 3 months 100% is fully Self occupied(deemed let out) nd yet u have calculated 5000*3. Instead shouldn't it be (5000/40%)*6 and (5000/40%)*3 respectively or just 5000*6 nd 0 respectively Didn't get the logic for these calculations
latest answer
Actual rent received. First 6 months - 5000 per month. Means 30000 Next 3 months - no rent was received Last 3 months - 12500 per month. Means 37500 It must be noted that 5000 per month rent is only for let out portion.
Nishanth Krishna
CA Inter
★ 0
1
695
Meaning
Corporate & Other Laws
answered on 26-Apr-21 12:45
What is the meaning of line and para underlined in red
latest answer
*trustees - yes.
Gauri Shete
CA Final
★ 5K+
3
750
Introduction to Tax
Direct Taxation
answered on 25-Apr-21 13:55
"The tax liability of Mr. Murthy considering the marginal relief is higher than tax liability under normal route" What does it mean?
latest answer
Thank you so much sirð???
Mahi Yadav
CA Inter
★ 0
4
631
Point b
Corporate & Other Laws
answered on 25-Apr-21 21:43
Here it is given that the option granted to employees cannot be pledge 1)can it be pledge after vesting in the option and 2)can it be pledge during the locking period
latest answer
After an option has been exercised, they can be pledged. But shares pledged can 't be invoked, untill that lock-in period by entity to whom they are pledged
Gauri Shete
CA Final
★ 5K+
1
595
Banking companies
Accountancy
answered on 26-Apr-21 10:08
Can someone give me a detailed answer for this qn
latest answer
Can help you with any specific doubt you have. Please share your working if any in order to help
sabarish s
CA Final
★ 2K+
1
598
Public offer section 40 of companies act 2013.
Corporate & Other Laws
answered on 25-Apr-21 21:00
Company applied for listing its shares in two recognised stock exchange (BSE&NSE) but it get permission from only one stock exchange. Can the company proceed with the public offer??
latest answer
Yes. Permission is required from one or more
Naveen Kumar S
CA Inter
★ 1K+
1
723
Statutory updates
Indirect Taxation
answered on 26-Apr-21 14:12
Whether statutory update of GST for May-21 has been released by ICAI?
latest answer
Notifications applicable for May 21 exams have also been highlighted in the stat update. We have made a video and posted on Yt also. click the link below to view the same https://youtu.be/jVwBxZ9pQH0
Nivedha Balaji
CA Final
★ 9K+
4
781
IL mock test
Others
answered on 26-Apr-21 13:43
Where can I find the new IL mock test papers?and by when can we submit the answers?
latest answer
Yes sir got them thank you!
Priyanka Udeshi
CFA L1
★ 14K+
3
611