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Answered on 16 Mar Tuition/BCom Tuition/Commerce

Akash Saini

500 per hour and 3 classes in a week(alternate days)
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Lesson Posted on 30/12/2018 Tuition/BCom Tuition/Financial Markets and Institutions

Journal entries

Santhosh

Basically all the students are facing some problems with regard to pass journal entries Here am giving some tips to follow so u can easily pass entries without rules 1.purchase goods for cash Here when u are purchasing what is coming in goods is comes and out goes out cash Purchase ac To cash... read more

Basically all the students are facing some problems with regard to pass journal entries 

Here am giving some tips to follow so u can easily pass entries without rules 

1.purchase goods for cash 

Here when u are purchasing what is coming in goods is comes and out goes out cash 

Purchase ac 

To cash alc 

2 sale goods for cash 

Same what is coming in cash and what goes out cash 

Cash a/c 

To sales account 

3.paid rent 

Cash is going out and reason is expenses 

Rent 

To cash 

 

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Answered on 03 Feb Tuition/BCom Tuition/Commerce

What is the difference between Bad debts and bad & doubtful debts. What are the legal compliances... read more

 What is the difference between Bad debts and bad & doubtful debts. What are the legal compliances for the provisions for doubtful debts and bad debts recovered after being written off. 

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Mohit Bansal

Accout guru

Bad debts refers to that amount which is not collected from debtors. Whereas bad debts and doubtful debts belongs to that ESTIMATED amount which is not recovered from debtors in FUTURE. ON THE BASIS OF THAT WHICH IS MENTIONED ABOVE,DIFFERENCE WILL BE.. 1) BAD DEBTS occurs in the PAST but DOUBTFUL DEBTS... read more

Bad debts refers to that amount which is not collected from debtors. Whereas bad debts and doubtful debts belongs to that ESTIMATED amount which is not recovered from debtors in FUTURE. 

ON THE BASIS OF THAT WHICH IS MENTIONED ABOVE,DIFFERENCE WILL BE..

1) BAD DEBTS occurs in the PAST but DOUBTFUL DEBTS it is not so. 

2) BAD DEBTS is reduced from debtors ALWAYS, but provision for doubtful debts may be shown in the LIABILITIES side of BALANCESHEET. 

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Answered on 01/10/2018 Tuition/BCom Tuition/Micro & Macro Economics

how can a large population can be turned into an asset for a country

Vamshi Sai Priya A.

B.com tutor

Individual need 5 areas of development to be successful. They are physical, mental, career, social and spiritual developments. If we the children & youth of India develop us no force above on and under the earth can stop us from making India a super power.
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Answered on 02/10/2018 Tuition/BCom Tuition/E-Commerce

Shivam Basson

Tutor

No you have to complete your b.ed then you can do another course
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Answered on 21/09/2018 Tuition/BCom Tuition/Commerce

Shiva

RP Trivedi books are very good for first year accounts... B. Com
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Answered on 01/08/2018 Tuition/BCom Tuition

Jyoti Panda

Tutor

It depends on subject but I charge almost 200-300 per hour. Please call me if u required.
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Answered on 19/10/2018 IT Courses IT Courses/IT Automation IT Courses/IT Certifications +2 IT Courses/IT Certifications/ITIL Certification Tuition/BCom Tuition less

Saurabh

I Perfer to go for Cloud Automation Tools. i.e Ansible, Terrafrom and etc. This is best booming technologies in IT market for next 5 years.
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Lesson Posted on 16/12/2016 Tuition/BCom Tuition

ACCOUNTING STANDARDS BASED QUESTIONS

Sumant

ACCOUNTING STANDARDS BASED QUESTIONS:-AS-1QUESTION:Explain the areas in which different accounting policies may be followed?ANSWER:The following are examples of the areas in which different accounting policies may beadopted by different enterprises.Methods of depreciation, depletion and amortisationTreatment... read more

ACCOUNTING STANDARDS BASED QUESTIONS:-

AS-1

QUESTION:
Explain the areas in which different accounting policies may be followed?

ANSWER:
The following are examples of the areas in which different accounting policies may be
adopted by different enterprises.

Methods of depreciation, depletion and amortisation
Treatment of expenditure during construction
Conversion or translation of foreign currency items
Valuation of inventories
Treatment of goodwill
Valuation of investments
Treatment of retirement benefits
Recognition of profit on long-term contracts
Valuation of fixed assets
Treatment of contingent liabilities

QUESTION;
Explain the disclosure requirements of AS-1?

ANSWER:
All significant accounting policies adopted in the preparation and presentation of financial statements should be disclosed.
The disclosure of the significant accounting policies as such should form part of the financial statements and the significant accounting policies should normally be disclosed in one place.
Any change in the accounting policies which has a material effect in the current period or which is reasonably expected to have a material effect in later periods should be disclosed.
In the case of a change in accounting policies which has a material effect in the current period, the amount by which any item in the financial statements is affected by such change should also be disclosed to the extent ascertainable. Where such amount is not ascertainable, wholly or in part, the fact should be indicated.
If the fundamental accounting assumptions, viz. Going concern, Consistency and Accrual are followed in financial statements, specific disclosure is not required. If a fundamental accounting assumption is not followed, the fact should be disclosed.

AS-2

QUESTION:
The company deals in three products, A, B and C, which are neither similar nor interchangeable. At the time of closing of its account for the year 2002-03. The Historical Cost and Net Realizable Value of the items of closing stock are determined as follows:
Items Historical Cost Net Realisable
(Rs. in lakhs) Value (Rs. in lakhs)
A 40 28
B 32 32
C 16 24
What will be the value of Closing Stock?

ANSWER:
Items Historical Cost Net Realisable Value Valuation of closing
(Rs. in lakhs) (Rs. in lakhs) stock (Rs. in lakhs)
A 40 28 28
B 32 32 32
C 16 24 16
88 84 76
Hence, closing stock will be valued at Rs. 76 lakhs.

QUESTION:
The Company X Ltd., has to pay for delay in cotton clearing charges. The company up to 31.3.2006 has included such charges in the valuation of closing stock. This being in the nature of interest, X Ltd. decided to exclude such charges from closing stock for the year 2006-07. This would result in decrease in profit by Rs.5 lakhs. Comment.

ANSWER:
As per para 12 of AS 2 (revised), interest and other borrowing costs are usually considered as not relating to bringing the inventories to their present location and condition and are therefore, usually not included in the cost of inventories. However, X Ltd. was in practice to charge the cost for delay in cotton clearing in the closing stock. As X Ltd. decided to change this valuation procedure of closing stock, this treatment will be considered as a change in accounting policy and such fact to be disclosed as per AS 1. Therefore, any change in amount mentioned in financial statement, which will affect the financial position of the company should be disclosed properly as per AS 1, AS 2 and AS 5.
Also a note should be given in the annual accounts that, had the company followed earlier system of valuation of closing stock, the profit before tax would have been higher by Rs. 5 lakhs
QUESTION:
In a production process, normal waste is 5% of input. 5,000 MT of input were put in process resulting in wastage of 300 MT. Cost per MT of input is Rs.1,000. The entire quantity of waste is on stock at the year end. State with reference to Accounting Standard, how will you value the inventories in this case?

ANSWER:
As per para 13 of AS 2 (Revised), abnormal amounts of wasted materials, labour and
other production costs are excluded from cost of inventories and such costs are recognized as expenses in the period in which they are incurred.
In this case, normal waste is 250 MT and abnormal waste is 50 MT.
The cost of 250 MT will be included in determining the cost of inventories (finished goods) at the year end. The cost of abnormal waste amounting to Rs.50,000
(50 MT × Rs.1,000) will be charged to the profit and loss statement.

AS-3

QUESTION:
What are the main features of the Cash Flow Statement? Explain with special reference to AS 3?

ANSWER:
According to AS 3 (Revised) on “Cash Flow Statements”, cash flow statement deals with the provision of information about the historical changes in cash and cash equivalents of an enterprise during the given period from operating, investing and financing activities. Cash flows from operating activities can be reported using either :
(a) the direct method, whereby major classes of gross cash receipts and gross cash payments are disclosed; or
(b) the indirect method, whereby net profit or loss is adjusted for the effects of transactions of non–cash nature, any deferrals or accruals of past or future operating cash receipts or payments, and items of income or expense associated with investing or financing cash flows. As per para 42 of AS 3 (Revised), an enterprise should disclose the components of cash and cash equivalents and should present a reconciliation of the amounts in its cash flow statement with the equivalent items reported in the balance sheet.
A cash flow statement when used in combination with the other financial statements, provides information that enables users to evaluate the changes in net assets of an enterprise, its financial structure (including its liquidity and solvency), and its ability to affect the amount and timing of cash flows in order to adapt to changing circumstances and opportunities. AS 3 (revised) is recommendatory at present but for companies listed on stock exchanges, its compliance is mandatory due to the listing agreement which provides for the listed companies to furnish cash flow statement in their Annual Reports.

QUESTION:
Explain the treatment of foreign exchange losses while preparing the Cash Flow Statement?

ANSWER:
Unrealised gains and losses arising from changes in foreign exchange rates are not cash flows. However, the effect of exchange rate changes on cash and cash equivalents held or due in foreign currency is reported in the cash flow statement in order to reconcile cash and cash equivalents at the beginning and the end of the period. This amount is presented separately from cash flows from operating, investing and financing activities and includes the differences, if any, had those cash flows been reported at the end-of period exchange rates.

AS-4:-

QUESTION:
Events Occurring after the Balance Sheet Date and their disclosure requirements?

ANSWER:
Events occurring after the balance sheet date are those significant events, both favourable and unfavourable, that occur between the balance sheet date and the date on which the financial statements are approved by the Board of Directors in the case of a company and in the case of any other entity by the corresponding approving authority.
Assets and liabilities should be adjusted for events occurring after the balance sheet date that provide additional evidence to assist the estimation of amounts relating to conditions existing at the balance sheet date or that indicate that the fundamental accounting assumption of going concern (i.e., the continuance of existence or substratum of the enterprise) is not appropriate. However, assets and liabilities should not be adjusted for but disclosure should be made in the report of the approving authority of events occurring after the balance sheet date that represent material changes and commitments affecting the financial position of the enterprise.
(ii) Disclosure regarding events occurring after the balance sheet date :
(a) The nature of the event;
(b) An estimate of the financial effect, or a statement that such an estimate cannot be made.

QUESTION:
You are an accountant preparing accounts of A Ltd. as on 31.3.2003. After year end the following
events have taken place in April, 2003:
(i) A fire broke out in the premises damaging, uninsured stock worth Rs. 10 lakhs (Salvage value Rs. 2 lakhs).
(ii) A suit against the company’s advertisement was filed by a party claiming damage of Rs. 20 lakhs.
(iii) Dividend proposed @ 20% on share capital of Rs. 100 lakhs.
Describe, how above will be dealt with in the account of the company for the year ended on 31.3.2003?

ANSWER:
Events occurring after the Balance Sheet date that represent material changes and commitments affecting the financial position of the enterprise must be disclosed according to para 15 of AS 4 on Contingencies and Events occurring after the Balance Sheet date. Hence, fire accident and loss thereof must be disclosed.
Suit filed against the company being a contingent liability must be disclosed with the nature of contingency, an estimate of the financial effect and uncertainties which may affect the future outcome must be disclosed as per para 16 of AS 4.
There are events which, although take place after the balance sheet date, are sometimes reflected in the financial statements because of statutory requirements or because of their special nature. Such items include the amount of dividend proposed or declared by the enterprise after the balance sheet date in respect of the period covered by the financial statements. Thus, dividends which are proposed or declared by the enterprise after the balance sheet date but before approval of the financial statements, should be adjusted as per para 14 of AS 4.

QUESTION:
A major fire has damaged the assets in a factory of a limited company on 2nd April-two days after the year end closure of account. The loss is estimated at Rs. 20 crores out of which Rs. 12 crores will be recoverable from the insurers. Explain briefly how the loss should be treated in the final accounts for the previous year?

ANSWER:
The loss due to break out of fire is an example of event occurring after the balance sheet date that does not relate to conditions existing at the balance sheet date. It has not affected the financial position as on the date of the balance sheet and therefore requires no specific adjustments in the financial statements. However, paragraph 8.6 of AS-4
states that disclosure is generally made of events in subsequent periods that represent unusual changes affecting the existence or substratum of the enterprise at the balance sheet date. In the given case, the loss of assets in a factory is considered to be an event affecting the substratum of the enterprise after the balance sheet date.
Hence, as recommended in paragraph 15 of AS-4, disclosure of the event should be made in the report of the approving authority that represent material changes and commitments affecting the financial position of the enterprise.

QUESTION:
A major fire has damaged assets in a factory of X Co. Ltd. on 8.4.2004, 8 days after the year end closing of accounts. The loss is estimated to be Rs. 16 crores (after estimating the recoverable amount of Rs. 24 crores from the Insurance Company). If the company had no insurance cover, the loss due to fire would be Rs. 40 crores.
Explain, how the loss should be treated in the Final accounts of the year ended 31.3.2004.?

ANSWER:
The present event does not relate to conditions existing at the balance sheet date. Hence, no specific adjustment is required in the financial statements for the year ending on 31.3.2004. But if the event occurring after balance sheet date gives an indication that the enterprise may cease to be a going concern, then the assets and liabilities are required to be adjusted for the financial year ended 31st March, 2004. AS 4 (Revised) requires disclosure in respect of events occurring after the balance sheet date representing unusual changes affecting the existence or substratum of the enterprise after the date of the Balance Sheet.
In the present event, the loss of assets in a factory can be considered to be an event affecting the substratum of the enterprise. Hence, an appropriate disclosure should be made in the report of the approving authority
QUESTION:
ABC Ltd. could not recover Rs. 10 lakhs from a debtor. The company is aware that the debtor is in great financial difficulty. The accounts of the company were finalized for the year ended 31.3.2005 by making a provision @ 20% of the amount due from the said debtor. The debtor became bankrupt in April, 2005 and nothing is recoverable from him. Do you advise the company to provide for the entire loss of Rs. 10 lakhs in the books of account for the year ended 31st March, 2005?

ANSWER:
As per AS 4 „Contingencies and Events occurring after the Balance Sheet Date?, adjustments to assets and liabilities are required for events occurring after the balance sheet date that provide additional information materially affecting the determination of the amounts relating to conditions existing at the Balance Sheet date.
In the given case, bankruptcy of the debtor in April, 2005 and consequent non-recovery of debt is an event occurring after the balance sheet date which materially affects the determination of profits for the year ended 31.3.2005. Therefore, the company should be advised to provide for the entire amount of Rs. 10 lakhs according to para 8 of AS 4.

QUESTION:
A Limited Company closed its accounting year on 30.6.10 and the accounts for that
period were considered and approved by the board of directors on 20th August, 2010. The company was engaged in laying pipe line for an oil company deep beneath the earth. While doing the boring work on 1.9.2010 it had met a rocky surface for which it
was estimated that there would be an extra cost to the tune of ` 80 lakhs. You are required to state with reasons, how the event would be dealt with in the financial statements for the year ended 30.6.10?

ANSWER:
Para 3.2 of AS 4 (Revised) on Contingencies and Events Occurring after the Balance Sheet Date defines 'events occurring after the balance sheet date' as 'significant events, both favourable and unfavourable, that occur between the balance sheet date and the date on which financial statements are approved by the Board of Directors in the case of a company'. The given case is discussed in the light of the above mentioned definition and requirements given in paras 13-15 of the said AS 4 (Revised).
In this case the incidence, which was expected to push up cost by ` 80 lakhs became evident after the date of approval of the accounts. So that was not an 'event occurring after the balance sheet date'. However, this may be mentioned in the Directors? Report.
AS-5:-

QUESTION:
Prior-Period items?

ANSWER:
When income or expenses arise in the current period as a result of errors or omissions in the preparation of the financial statements of one or more prior periods, the said incomes or expenses have to be classified as prior period items. The errors may occur as a result of mathematical mistakes, mistakes in applying accounting policies, misinterpretation of facts or oversight.

QUESTION:
The difference between actual expense or income and the estimated expense or income as accounted for in earlier years’ accounts, does not necessarily constitue the item to be a prior read less

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Answered on 27/08/2016 CBSE/Class 11/Commerce/Accountancy Tuition/BCom Tuition Tuition/BCom Tuition/Corporate Accounting +1 Tuition/Class XI-XII Tuition (PUC) less

Yashigoyalclases

Cash is cash in hand and cash at bank where as cash equivalent includes short term highly liquid investment or assets that can be easliy converted into cash
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