Forums
Cost sheet
Costing
answered on 31-Aug-20 10:01
Difference between cost sheet and production statement
latest answer
Cost sheet is a statement in which the details of expenses incurred on a particular product or job, during a specific period are presented. It is not exactly same as production account, which is nothing but an extended version of the statement of cost. While cost sheet can be prepared, as many times as the management of the company desires, production account can only be prepared, after the completion of the manufacturing process. Key Differences Between Cost Sheet and Production Account Cost Sheet is a document in which all the cost incurred by a company in the production of a product, during a particular period is recorded. As opposed, an account, which combines the features of the cost sheet and the trading and profit and loss account, is known as Production account. Cost Sheet is prepared in the form of a statement, whereas Production Account is a T-shaped ledger account. Cost Sheet is used to show the details of the production of a particular period. Conversely, Production Account indicates the cost of any process, contract or services provided, in individual accounts. Cost Sheet is prepared before the beginning of the production process. Unlike Production account which is prepared after the completion of the production process. The cost sheet is helpful in making a comparison of two different periods, whereas one cannot make a comparison of two periods, with the help of production account. Cost sheet is prepared on the basis of actual or estimated figures. In contrast, the production account is based on actual figures only. As cost sheet is nothing but a memorandum statement, it is not prepared as per double entry system of bookkeeping. On the other hand, production account is prepared according to the rules of double entry system. In cost sheet, the expenses are classified under various heads, to calculate the prime cost, factory cost and total cost. As against this, there is no classification of expenses in production account. In the submission of tenders, cost sheet is helpful in the preparation of cost estimate. On the flip side, production account does not play any role in the submission of tenders and quotations.
subramanyam yendakuarthi
CMA Final
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1
1K+
One Person Company
Corporate & Other Laws
answered on 21-Aug-25 18:05
OPC Nominee should be reside in india atleast for 182 days of F.Y .....why 182 days criteria..? What exact reason behind this.?
latest answer
Legal Requirement: As per Rule 3(1) of the Companies (Incorporation) Rules, 2014 (as amended): The nominee of an OPC must be a natural person, an Indian citizen, and a resident in India (i.e., has stayed in India for at least 182 days during the immediately preceding financial year). Why the 182-Day Criteria? 1. Legal Standard of “Resident” in India: - The 182 days threshold is a standard benchmark used across Indian laws (e.g., Income Tax Act, Companies Act) to define residency. - It ensures that the person is genuinely based in India, not just occasionally present. 2. For Reliable Succession & Control: - The nominee automatically becomes the member/shareholder of the OPC in case the sole member dies or becomes incapacitated. - If the nominee were living abroad, it could create: Delays in compliance Jurisdictional issues Legal complications in handing over company control So, the 182-day rule ensures that the nominee is physically and legally available in India to take over operations without disruption. 3. Ease of Governance & Legal Recourse: - Indian authorities (like ROC or MCA) must be able to legally reach the nominee if needed. - A resident nominee can be held accountable under Indian law and made to comply with legal procedures smoothly. Summary: The 182 days residency requirement for an OPC nominee ensures: - Stability and continuity of company operations - Legal accountability under Indian jurisdiction - Quick and efficient transfer of ownership when needed It's a preventive safeguard built into the law for smoother corporate governance. To know about OPC in detail, feel free to consult specialists like Setindiabiz, or other players in the segment.
Ramya Devi
CA Inter
★ 580
5
691
Time value of money
Maths & Stats
answered on 31-Aug-20 12:58
Ex 4 b q 7 The equation p(1.06)³ - p Why is p subtracted in the equation
latest answer
Ok
Parikshit Rathod
CA Foundation
★ 710
3
769
Mcq
Auditing
answered on 31-Aug-20 09:55
What is the meaning of "objective analysis of the facts" in the #2 question?
latest answer
Objective means not being influenced by personal feelings or opinions in considering and representing facts and subjective means based on or influenced by personal feelings, interests, or opinions. So auditor should judge whether is a matter is significant being unbiased
Kumar Sarthak
CMA Final
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1
734
Declaration form
Others
answered on 31-Aug-20 12:39
Is it okay if its a personal seal of the gazetted officer or is it mandatory for it being office seal? Please reply soon
latest answer
Personal seal is fine.
Amal Antony
CA Inter
★ 3K+
1
637
Articleship termination
Others
answered on 31-Aug-20 12:39
Sir should i submit 109 form to SSP portal immediately after I quit the office OR we can submit when ever I want. Because I took (quit) transfer from my office on 17/8/20 but I have not got the 109 form signed from my principal yet and not yet submitted also, so is there any conditions to submit the 109 form.
latest answer
I think the limit is 30 days.
dayanand d
CA Inter
★ 2K+
1
698
As 3 cash flow statement
Accountancy
answered on 31-Aug-20 08:33
When accounting for an investment in an associate or a subsidiary or a joint venture an investor restricts it's reporting in the cash flow statement to cash flows between itself and the investee/jointventure for example cash flows relating to dividends and advance can you Please explain this
latest answer
Cash flow from investing activities is one of the sections on the cash flow statement that reports how much cash has been generated or spent from various investment-related activities in a specific period. Investing activities include purchases of physical assets, investments in securities, or the sale of securities or assets. Cash flows from interest and dividends received and paid should each be disclosed separately. Cash flows arising from interest paid and interest and dividends received in the case of a financial enterprise should be classified as cash flows arising from operating activities. In the case of other enterprises, cash flows arising from interest paid should be classified as cash flows from financing activities while interest and dividends received should be classified as cash flows from investing activities. Dividends paid should be classified as cash flows from financing activities. For example - Cash receipts from the repayment of advances and loans made to third parties (other than advances and loans of a financial enterprise).
Preetham Pai
CA Inter
★ 400
1
905
Bailment & pledge
Corporate & Other Laws
answered on 31-Aug-20 20:22
In video specific purpose for pledge u told is fr security for loan.. But in studymaterial its also mentioned for performance of promise... So which is crct?
latest answer
Thank you mam
Shruthi V
CA Inter
★ 0
4
908
Pgbp
Direct Taxation
answered on 31-Aug-20 11:33
In the below pic does the new air conditioner satisfies electrical fittings and shouldn't it be 10 % ?
latest answer
There is no specific rate given for this hence its considered as 15% residual category
Swathi Krishna
CA Final
★ 8K+
6
697
Amendment for Nov 2020
Information Systems
answered on 31-Aug-20 09:22
Is there any amendments or value additions for nov2020 in eis?
latest answer
No
Vishwanath Tadur
CA Inter
★ 2K+
1
651