Forums
Doubt
Costing
answered on 06-Apr-21 10:17
Why does discount not affect the ordering cost.
latest answer
Trade discount affects the ordering cost whereas cash discount will not be considered because it is treated as interest and financial charges. Cash discount is an incentive that a seller offers to a buyer for paying a bill before the scheduled due date.
Tanmay Gupta
CA Inter
★ 8K+
3
704
ITC on capital goods
Indirect Taxation
answered on 05-Apr-21 15:28
Is ITC not available on capital goods where exempt supplies becoming taxable? As per book it is available but a question form test your knowledge,where the above scenario exists doesn't give ITC on capital goods. Please refer to the attached photos for reference and clarify.
latest answer
Section 18(1)(d) applies only if exempt supply by a registered person becomes taxable supply In this question the person is unregistered person so section 18(1)d will not apply but Section 18(1)(a) will apply As per section 18(1)(a), credit cannot be claimed on capital goods We covered this point in our classes
lithish kumar
CA Final
★ 3K+
2
657
Financial statement
Accountancy
answered on 05-Apr-21 10:46
Generally asset value is reduced by current year depreciation in this why closing balance of the accumulated depreciation is reduced to asset value. Why? Explain the concept of basis
latest answer
If we reduce just the current year depreciation. Then depreciation on the disposed asset will not be accounted for. Also, alternatively you can show clsoing balance of accumulated depreciation separately in the balance sheet
Kanaga Mani
CA Inter
★ 3K+
1
652
Redemption of preference shares
Accountancy
answered on 03-Apr-21 19:14
How they are calculated the amount to be transferred to CRR A/C?
latest answer
Thank you sir!
Kumar G
CA Final
★ 12K+
3
762
BRS
Accountancy
answered on 03-Apr-21 18:39
Illustration 5 ,in the video ,sir says the closing bal.is debit but in book it s credit .which is correct ?? Plss state with reason
latest answer
Credit Balance in pass book is a favourable balance. What is your query please elaborate
Reetikaa R
CA Final
★ 7K+
5
834
how to do this question , sir can u please explain the logic and i have seen the solution but not abled to understand it .
Accountancy
answered on 09-Apr-21 11:01
(a) Physical verification of stock in a business was done on 14th June, 2020. The value of the stock was `96,00,000. The following transactions took place between 14th June to 30th June, 2020: (i) Out of the goods sent on consignment, goods at cost worth ` 4,80,000 were unsold. (ii) Purchases of ` 8,00,000 were made out of which goods worth ` 3,20,000 were delivered on 5 th July, 2020. (iii) Sales were `27,20,000, which include goods worth ` 6,40,000 sent on approval. Half of these goods were returned before 30th June, 2020, but no information is available regarding the remaining goods. (iv) Goods are sold at cost plus 25%. However goods costing ` 4,80,000 had been sold for ` 2,40,000. You are required to determine the value of stock on 30th June, 2020.
latest answer
Please share you working in order to help
nisam M
CA Final
★ 23K+
3
1K+
Bonus shares
Accountancy
answered on 03-Apr-21 18:52
Sir exactly what should be used first, CRR or SP in case of issue of bonus shares?
latest answer
Practically, will depend on management's choice. In questions, you may use CRR first as SPR has got some other uses too.
Hrishikesh Ransing
CA Final
★ 4K+
1
780
Gratitude
Others
answered on 03-Apr-21 13:27
Hello sir/ma'am, All your notes are best notes ever. Thank you for providing such a good notes and free resources of all the subjects.
latest answer
Welcome! We are glad that the notes helped you!
Neha Gupta
CA Final
★ 4K+
1
727
Doubt
Accountancy
answered on 03-Apr-21 18:41
Can u pls explain the meaning of the para I marked below
latest answer
The parah simply gives us a hint that in Nov-Dec 20x1, there was some uptrend in business, and it was expected that it would help in 20X2, but the fire occurred. So, for calculating adjusted turnover, it gave us some hint, without giving any percentage. The table given below parah does work easy for us and gave us the adjusted turnover which we can directly pick for our purpose.
Sri kanaga Varshini
CA Final
★ 3K+
3
713
Direction test
Maths & Stats
answered on 20-Jan-24 17:48
A person facing north 7'0 clock wise direction moving in clockwise direction and 300° clock wise direction.Now,in which direction he presently facing a) N-E b)S-W c)N-W d)S-E 15 th sum
latest answer
N-W
Sindhuja shivani M
CA Foundation
★ 0
17
4K+