Forums
Partnership Accounts
Accountancy
answered on 09-Mar-20 21:18
In P/L Appropriation A/c, while giving interest, salary or commission to partner/s, is it necessary to show them in a particular order or they can be shown in any order? and transfer to reserves will be made only after appropriation of above entries?
latest answer
Actually this is my opinion, correct me if I am wrong As per partnership act there is no provision for int on cap,salaries,commission and provision is for int on partners loan @6% p.a Therefore, first deduct interest on partners loan After that Interest on capital is given for capital contribution and Salaries and commission will be given for hard labour these are only provided only if there is profit. Which should be deducted first should be made clause in agreement if not as per law no int and no salaries/commission and profit will be shared equally. After that if question mentions gen reserve should be provided after int on loan,salaries/commission ,int on cap it should be transferred to gen reserve after that profit will be shared b/w partners. Hope it helps!!!
Deepak Gupta
CA Inter
★ 1K+
1
701
About certified copies
Exams
answered on 19-Mar-20 08:47
When will be the certified copies sent by ICAI?
latest answer
In website, its hosted on 13.3.2020 for me ..But still i don't get any mail.. What i have to do?
Srini Sriram
CA Final
★ 4K+
6
854
Gratuity
Corporate & Other Laws
answered on 13-Mar-20 18:54
What was maximum amount received at retirement ?
latest answer
Max amount receivable is as per employment contract between employer and employee. income tax act has provisions to determine how much of that is exempt and how much is taxable. some one can theoretically receive 1 crore as gratuity but the exemption under IT act is limited by the concerned section - it is 20 lacs as of now
bellamkonda santhosh
CA Inter
★ 1K+
2
867
Bank audit
Auditing
answered on 12-Mar-20 23:40
What is basel 3 frame work..?
latest answer
Grt explanation bro Tq
Jagini Ashruth
CA Final
★ 585
2
798
REGARDING NOT SATISFIED WITH EVALUATION OF MY ITSM ANSWERS [ CERTIFIED COPY ]
Exams
answered on 17-Mar-20 07:42
When i got my CA IPCC ITSM Certified Copy Nov 2019, i am shocked to see that certain answers which were correct but not awarded reasonable step wise marks. Due to ITSM i lost Group 2 with aggregate 7 marks ( got 33 Marks )...my total 143 Marks. Suppose, Answer is almost correct... Expected Mark : 3 / 4 ( Unguided Media ) Evaluated Mark : 1 / 4 Expected Mark : 5 / 5 ( BCG Matrix ) Evaluated Mark : 2 / 5 Expected Mark : 5 / 5 ( Experience Curve ) Evaluated Mark : 3 / 5 .....likewise Step wise marks was not reasonably awarded for certain answers....( noticed that examiner is evaluating answer points based on practice manual answer points but not on concept ) Please suggest what to do ??? Can i send Discrepancy letter to Board ??? Will it be considered by Board ??? Please clarify me regarding this...
latest answer
Can you please share your evaluated answer so that we can get a better idea regarding evaluation
Hemanth Prasad Peta
CA Inter
★ 2K+
2
821
Exemptions
Indirect Taxation
answered on 13-Mar-20 18:57
Sir, there are many exemptions how can we by heart them
latest answer
You have to go through all the exemptions well ; you will remember them if you solve enough problems and go through the notes multiple times
Star Ca
CA Inter
★ 3K+
1
711
Updated
Information Systems
answered on 08-Mar-20 15:23
Eis chp.2 when u updated?fr may 20
latest answer
as of now chapter 1 and 5 are updated.....remaining chapters might be updated in coming week
Nivetharaman Raman
CA Foundation
★ 11K+
1
673
Articleship
Others
answered on 08-Mar-20 08:49
How many days it takes to respond for a resume in Chennai from any firm?
latest answer
it varies from firm to firm.....you cannot generalise
vanga trinadha reddy
CA Final
★ 0
1
870
Sec 115BBE
Direct Taxation
answered on 10-Mar-20 20:05
What is effective rate of tax unexplained income
latest answer
60
Dimple Keziya
CA Inter
★ 4K+
3
769
House property
Direct Taxation
answered on 08-Mar-20 14:59
Why there is a restriction on preconstruction period that is upto to the last 31 st march of construction completed period
latest answer
Say the house is completed in June 2020. So in P.Y 2020-21, the house is complete. We consider pre construction interest upto 31st march 2020. The current period interest is allowed as post construction interest.
Dimple Keziya
CA Inter
★ 4K+
1
773