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right issue calculation
Financial Reporting
answered on 15-Apr-24 19:33
1200000*9/12 ? why 9 months whether 9 means 01.04 to 31.03? issue on 01.01.20x1?
latest answer
Year end is assumed to be 31st December 20X1
Hariharan S
CA Final
★ 5K+
1
155
Amount Due To/From Contract Customer
Accountancy
answered on 02-Apr-26 09:28
Hi sir, hope you're well For calculating amount due to/from the customer, why do we take contract costs rather than contract revenue? Since it is the revenue only that is falling due from customer Thanks
latest answer
In simple terms, revenue equals cost plus profit. So when we take the cost incurred and add the profit recognised, we are indirectly capturing the revenue figure itself.
Devaprasad Jothimani
CA Inter
★ 0
3
313
Recognition of Estimated Construction Contract Losses Immediately
Accountancy
answered on 12-Apr-24 17:01
Hi sir, hope you're well Since we recognize estimated losses immediately, and we recognize the costs and revenues of subsequent periods also, won't we be doing double-counting? Since the loss is being recognized effectively in two periods. Thanks
latest answer
Expenses are recognised on a cumulative basis. Cumulative expenses incurred - Cumulative expenses recognised
Devaprasad Jothimani
CA Inter
★ 0
1
321
Deemed ownership
Direct Taxation
answered on 13-Apr-24 03:27
What is the difference between deemed ownership and clubbing of income
latest answer
Both are similar concepts but clubbing is only in some specific cases and deemed owner is also in specific cases covered under Section 27. Deemed owner concept is only in House property but clubbing concept is for all types of income
N.Gokulnath
CA Inter
★ 850
1
339
Conditions for Contract's Outcome being Reliably Estimatable
Accountancy
answered on 15-Apr-24 18:58
Hi sir, hope you're well Why are the conditions for a contract's outcome being reliably estimatable, different for fixed price and cost plus contracts?
latest answer
Revenue would vary for cost plus contract.
Devaprasad Jothimani
CA Inter
★ 0
1
375
Audit and auditors
Corporate & Other Laws
answered on 12-Apr-24 09:33
Which one is the correct answer??
latest answer
Every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every sixth meeting. so the ans is 2nd
Aswin Mohan
CA Inter
★ 710
1
300
Missing question
Financial Management
answered on 12-Apr-24 02:07
37th question missing in Investment decisions chapter
latest answer
Thank you for the information. We shall check and take the necessary step to add if required
leela sowjanya
CA Final
★ 10
1
267
Income from house property
Direct Taxation
answered on 13-Apr-24 03:27
Mr X has two house property,both are self occupied property.For claiming deduction under Section 24(b) he didn't satisfy the conditions for both the property.So the amount to be claimed under Section 24 (b) is 30000 put together OR 60000 ?
latest answer
Both together it is 30K
Lavi Lavanya
CA Inter
★ 6K+
2
352
Diversion & Application of income
Direct Taxation
answered on 15-Apr-24 14:47
How is this taxable in hands of both parties?
latest answer
First it is income for Hari and then it is income for the institution.
Sruthi Bellamkonda
CA Final
★ 70
3
358
Forex
AFM
answered on 11-Apr-24 22:05
Hello sir, In questions like this (Arbitrage Opportunities) There will be only one way to get profit right? Is it enough if we calculate arbitrage profit only or should we also show we will make a loss if steps are followed in reverse manner?
latest answer
Okay sir, thank you so much.
Susee Arunachalam
Qualified CA
★ 26K+
2
304