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SA-320
Auditing
answered on 11-Dec-24 19:47
In SA 320, while deciding materiality level we use % of benchmark, Like 1% of revenue or net profit like that, The result of that will give materiality level for transactions or class of transactions. How to decide materiality level for the financial statements as whole?
latest answer
benchmark will give materiality for the financial statements as a whole. Then for individual class of transaction, balances, a lower limit can be set considering the risk involved. that is called as performance materiality.
Varun Endukur
CA Final
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SA-328
Auditing
answered on 11-Dec-24 19:48
In SA 320, while deciding materiality level we use % of benchmark, Like 1% of revenue or net profit like that know, The result of that will give materiality level for transactions or class of transactions. How to decide materiality level for the financial statements as whole sir?
latest answer
there are two concepts- materiality for financial statements as a whole and performance materiality.
Varun Endukur
CA Final
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603
Deposit
Corporate & Other Laws
answered on 11-Dec-24 14:31
If company accepted deposit on 1/11/2020 Company didn’t accept any deposit after that Will company have to file return of deposit on 2021, 2022, 2023 every year ?
latest answer
Yes
Sushmita Chowdhury
CA Inter
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551
Sec 80C
Direct Taxation
answered on 19-Dec-24 18:31
Premium paid is exempted when it's within the prescribed limit. What about the maturity amount received treatment?
latest answer
Exempt under Section 10(10D) if the premium payable does not exceed % of sum assured.
Soon to be CA
CA Inter
★ 4K+
3
637
Illustration 16
Costing
answered on 11-Dec-24 10:35
The question says that there is an issue of 12 units for an amount of 5.75 rupees. So the rate per unit should be 0.115. Right? But while doing the solution, the rate is taken as 5.75 per unit. So there is a mismatch. Please do clarify this.
latest answer
The question says to use FIFO method , So the issue of 12 units will be done at Rs.6.5
SHAMIL SHAMSUDDHEEN
CA Inter
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174
Share price
AFM
answered on 11-Dec-24 10:32
Here the additional capital is raised by issuing shares of Rs.25 each and the face value is Rs.10. You have added it to ESC and not bifericated to ESc and Securities premium
latest answer
In AFM, unless you are asked to prepare balance sheet, you can add sec premium and FV of share capital to one item called equity. Focus is on substance & not form
MATURU HAMSA GAYATRI
CA Final
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168
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AFM
answered on 11-Dec-24 09:46
which shall we follow either ICAI original solution sir?
latest answer
Solution
MATURU HAMSA GAYATRI
CA Final
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161
Modified Duration
AFM
answered on 19-Aug-25 20:08
In earlier lectures, didn't we learnt that Modified duration= -Macaulay Duration/(1+y) then in this question why minus sign was not considered
latest answer
Modified duration
Hrishikesh Pradhan
CA Final
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507
Deferred Tax in while calculating net assets value
AFM
answered on 10-Dec-24 20:12
Generally we deduct Preliminary expenses while calculating Book value...Is it also required to deduct Deferred tax(as it is given in the question)
latest answer
They all are deducted only deferred taxes are not adjusted
MATURU HAMSA GAYATRI
CA Final
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231
(A) Question
AFM
answered on 10-Dec-24 19:06
Which method shall we take...Deducting Debt or without deducting debt while calculating EPS?
latest answer
You will not get such poorly framed questions in exam - they are provided in SM only for understanding If numerator is for all financiers ( D+E) denominator also has to be the same i.e WACC If things are unclear you make an assumption & state the same in your solution
MATURU HAMSA GAYATRI
CA Final
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200