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Accounting standards


MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

MPR sanjay Kumar
CA student 
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What is mean by securities give some examples ,what actually it includes

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     14 January 2021

yasaswi gomes
My grammar is 💯 good I 
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Securities are financial instruments. They are measured at fair value. They can be both financial assets and financial liabilities. Bonds, mbs, mutual funds, reits 

MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

MPR sanjay Kumar
CA student 
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What is mean by company limited by guarantee and limited by shares.

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     14 January 2021

yasaswi gomes
My grammar is 💯 good I 
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Limitited liability company- public company limited by guaranteed

MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

MPR sanjay Kumar
CA student 
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Sundry creditor ,if I paid to my sundry creditor which side it will show debit side or credit side in ledger.

Sundry debtor,if I received my goods or cash from my debtor means which side it will show debit or credit .....

If I yet to receive means which side it will show

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     14 January 2021

yasaswi gomes
My grammar is 💯 good I 
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SUndry Redditor and debtors  is a real account, debit what comes in and credit what goes out. 

Sundry creditor ledger - debit side ‘to bank’

Sundry debtors ledger- credit side ‘by bank’

sundry Debtors ledger- debit side ‘to sales’

MPR sanjay Kumar

MPR sanjay Kumar (CA student)     14 January 2021

MPR sanjay Kumar
CA student 
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For eg: Mr Lal is my sundry creditor ,IAM obligated by him for RS 5000. If I paid this amount means which side it will show debit side or credit side in books of accounts tally

Then,if I have to pay means the amount which side it will show....plse clarify me I need clear explanation

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     14 January 2021

yasaswi gomes
My grammar is 💯 good I 
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tally right, ok I forgot the route, let me guess, 

when you purchased something

Purchases a/c

To Lal a/c

when you paid back

creditor Lal a/c dr.

To Bank a/c

 

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yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     14 January 2021

yasaswi gomes
My grammar is 💯 good I 
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Ty, it’s actually Purchases a/c debit and not goods. 

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     14 January 2021

yasaswi gomes
My grammar is 💯 good I 
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Forgot to mention, substance over form according to me is the right to exercise right decision. Eg., is New Provision required or should we add it to the old provision making it big bath? The judgement is yours.


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