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Accountancy
answered on 16-Feb-21 11:30
Can we draw a timeline for date of events on the exam paper?
latest answer
Yes
Kishore Anil
CFA L1
★ 2K+
1
637
Ratio analysis 6th illustration
Financial Management
answered on 16-Feb-21 14:04
Hello sir , in illustration 6 of ratio analysis, in the accounting information they mentioned about the stock of finished goods but while calculating the works cost in cost sheet in module sir considered closing stock of finished goods as zero and in the p/L account also sir didn't mention about the closing cost of finished goods . My question is why we didn't consider the stock of finished goods while computing workscost and why we didn't mention about stock of finished goods in trading and p/L account??
latest answer
In works costs and Trading & P&L account we are directly taking gross profit & net profit respectively. The GP & NP numbers are arrived at after adjusting for closing stock. hence you are not required to use them in these statements. however the closing stick of RM & FG are required in BS where they are shown as part of current assets and also to compute cash balance
Rushitha Puvvada
CA Final
★ 5K+
1
692
Redemption of preference shares and buyback of equity shares
Accountancy
answered on 16-Feb-21 11:31
Instead of the redemption and buyback of preference and equity shares,like in the case of redemption of debentures,can the company buy those shares in the market ?
latest answer
Even if they buy from market, it would be treated as buyback.
Paidala Harish
CA Final
★ 2K+
1
591
How are the operating and non oprating expenses are decided
Accountancy
answered on 17-Feb-21 10:59
How are the operating and non oprating expenses are decided for preparation of profit and loss account What is the of segregatting
latest answer
No
nisam M
CA Final
★ 23K+
3
700
Differemce between direct and indirect expenses
Accountancy
answered on 17-Feb-21 08:31
For the prepration of trading and profit loss account how we decide an expense is direct or indirect expenses , like transporation expenses
latest answer
Profit and loss account are indirect expenses
nisam M
CA Final
★ 23K+
4
1K+
Notes update
Indirect Taxation
answered on 16-Feb-21 10:41
When will be the updated notes of GST for may21 will be available on free notes section
latest answer
Working on it Will be updated in next 2-3 days
UTKARSH RAI
CA Inter
★ 730
1
806
On Page 10.33, Insurance Claim for Loss of Profit
Accountancy
answered on 18-Feb-21 10:42
Illustration 8, why is gross profit divided by adjusted annual turnover and not previous financial year's turnover like we do in most cases?
latest answer
The total of adjusted standard turnover (given in the question)
Kishore Anil
CFA L1
★ 2K+
3
620
Bank balnce
Accountancy
answered on 15-Feb-21 21:25
What does this mean ,bank balance ( cr) ?? Is it overdraft or balance?? State with reason
latest answer
No mention.
Reetikaa R
CA Final
★ 7K+
11
842
Single entry system
Accountancy
answered on 17-Feb-21 12:44
While preparing statement of affairs ,y opening capital is deducted from adjusted closing capital ?? Y not opening capital minus adj closing capital ??
latest answer
Then how will you account for drawings and profit?
Reetikaa R
CA Final
★ 7K+
5
648
In Loss of Profit Insurance Claim
Accountancy
answered on 16-Feb-21 10:29
Why do we take adjusted annual turnover when calculating Gross Profit under Allowable Increased Cost and not regular turnover? Also, while calculating Insurable Sum, why do we calculate it as GP% x Adj Annual T/O?
latest answer
Adj Annual turnover basically indicates - what would have been the annual turnover after adjusting for trends. Insurance for profits is for future profits and not past profits.
Kishore Anil
CFA L1
★ 2K+
1
695