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Brs
Accountancy
answered on 09-Sep-20 23:58
Illustration 1. 7 th point
latest answer
Discount allowed is a loss to the business so it has debit balance as it is not posted in discount allowed column of cash book it will reduce the discount allowed total column by Rs 25. Which creates a difference(deficit of debit total) of Rs 25 in the total of debit balance and credit balance in trial balance and it will be transferred to suspense a/c. Once the reason for such difference is known suspense account balance is reversed and rectified with respective account as shown below entry. Currently suspense a/c will balance trial balance by appearing on debit side of trial balance which indicates suspense a/c has debit balance of Rs 25. Such (suspense a/c) debit will be credited as the reason known now and respective account (Discount allowed) will be debited which exactly should be debited. These nullifies the effect of suspense a/c. Hence, purpose of suspense account is served. Discount allowed a/c.....Dr. 25 To Suspense a/c. 25 (Being rectification entry passed in journal proper).
Prasanth Kumar
CA Inter
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Basic terminology of accounting
Accountancy
answered on 11-Sep-20 20:36
A machinery is purchased on 31rst march(end of accounting year.Whether is it considered as a transaction or an event? Many does answer it as an event.!
latest answer
The machinery which is purchased is a transaction as well as an event.
krithika balu
CA Foundation
★ 0
4
804
Teachers Day Wishes
Others
answered on 05-Sep-20 11:39
Being one is the highest privilege Having One is the best blessings ! Happy Teacher's Day to my all Faculties !ð??? All are the gems.
latest answer
Thanks a lot for your wishes. All the best for your upcoming exams
Madhaan S
CA Final
★ 14K+
1
751
Articleship
Others
answered on 05-Sep-20 09:47
Will a ca inter student completed only 2nd group and not the 1st group will face difficulties in article ship??? Will he be admitted as articled assistant
latest answer
Articleship can be started. Challenge would be to learn and understand income tax, gst and accounting.
anamika vardhan
CA Inter
★ 1K+
1
655
Study plan
Auditing
answered on 06-Sep-20 09:26
Group 1 study plan for 20 days
latest answer
Allocate 5 days for each subject. Do two subjects a day.
Triveni Patil
CA Inter
★ 290
3
776
Audit bucket chart in which as?
Auditing
answered on 04-Sep-20 10:37
Audit bucket chart in which as?
latest answer
Not in AS. It has been taught as a part of AUdit of Financial Statements Item.
Kanaga Mani
CA Inter
★ 3K+
1
613
Modified cash basis of accounting
Accountancy
answered on 05-Sep-20 12:14
Do debtors and creditors accounts appear in modified cash basis of accounting as fixed assets accounts appear in it. To what extent accrual system is used in modified cash basis?? Please clarify this for me.....
latest answer
Cash. But most governments are gradually moving to accrual
VIJAYA SARADHI MAGANTI
CA Inter
★ 850
7
788
Query
Others
answered on 04-Sep-20 08:58
Is there any offer coming up ??
latest answer
We have credited Rs.600 iCash to your account. Use that to buy courses. The offer is valid till EOD tomorrow. If you have any further queries, you can reach us at 9640 11111 0 during business hours on business days
Reetikaa R
CA Final
★ 7K+
1
855
Doubt
Maths & Stats
answered on 09-Oct-20 15:32
The regression equation of y on x is 3x-5y=-12 and regression equation of x on y is 2x-y=7.The value of y when x=10
latest answer
Thq
Anirudh gupta
CA Inter
★ 27K+
4
902
RTP Nov 2019 MCQ
Auditing
answered on 04-Sep-20 11:19
Herein attaching a screenshot of the Nov 2019 RTP. I'm finding MCQ No 5 to be difficult. The right answer as per the answer key is D where they increase reliance on controls and increase extent of testing. But I feel that would be counter effective since they are testing how good controls are and chose option A- increase testing and decrease reliance on controls. Could you please help me understand how it is D?
latest answer
Alright sir. Thank you
Suraj Narayanan
Qualified CA
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