Analysis and answers of nov 2011 accounts ipcc

Originally posted by : mridulpinto
	hey can anybody tell .. the question that was asked in the question paper on sale or returnable basis was from which chapter ??

it was from "common sense" chapter.. or u can say it was a googly from cpt... ab ipcc mein hain to tna to aana hi chahiye !!! but that is different matter that i did it wrong

can anybody please tell me the answer to Q3, machine account?

actually !!! someone tell me how to find straight line depreciation when nothing is given..no original cost , no life nothing.. !!! how to solve that question...i took simply the depriciations of given amount...& whats the answer for partnership question??

hey guys pls yaar, can anyone help me for the answers of the compulsory questions part (b) sale or return basis and (c) depreciation accounting?? :-)

hey guys pls yaar, can anyone help me for the answers of the compulsory questions part (b) sale or return basis and (c) depreciation accounting?? :-)

Even I am in search of question 1 (b) and (c)

In question 1b according to as9 revenue recognition it should be treated as consignment sales
(if they are retail sales on sale or return basis)

but question provides that " the firm treats it as ordinary sales transactions.

so i passed these entries
1. Debtors dr
      to sales (on sale of goods)
2. sales return  DR
         to debtores
          (on return of goods
3. no entry on acceptance of goods
4. sales dr

      To debtors

(for closing stock)

Wat say ???
 

yes thats the answer i wrote for 2nd question.......sale or approval basis.....and for deprcn - is 160000 and the value for whch it is disposed of..then as per the months of usage .and so the loss of 12500!!!! is it right???

Originally posted by : Paigaam
	In question 1b according to as9 revenue recognition it should be treated as consignment sales (if they are retail sales on sale or return basis) but question provides that " the firm treats it as ordinary sales transactions. so i passed these entries 1. Debtors dr       to sales (on sale of goods) 2. sales return  DR          to debtores           (on return of goods 3. no entry on acceptance of goods 4. sales dr       To debtors (for closing stock) Wat say ???

Wrote a similar answr................... wow

@ rahul .. can you just elaborate on what basis did you calculate rent for pre & post incorp period ?? & how did you distributed that director fees ??

hey guys what about the stock reserve yaar? and can anyone please elaborate on the Qn 1(c) about depreciation?????

Originally posted by : mridulpinto
	@ rahul .. can you just elaborate on what basis did you calculate rent for pre & post incorp period ?? & how did you distributed that director fees ??

see rent for july to oct (1200(per annum)/12) x 4 =  400

                 nov to march (1200/12)x1 + !3000/12) x 3 = 950

The major mistake tat students may do is expenses are give per annum (p.a.)

director   6000/12x4                       and                                         12000/12x5

wOriginally posted by : Dinesh S Chawla
	hey guys what about the stock reserve yaar? and can anyone please elaborate on the Qn 1(c) about depreciation?????

which stock reserve are you talking about??????????????????

MUJHE TOH YEH SAMAJH NAHI AAATA KI YAHAN SAB PAPER DISCUSS KYU KARTE HAIN YAHAN DISCUSS KARNE SE HAMARE ANSWERS TOH CHANGE NHI HO JAAYENGE?
 

Originally posted by : Dinesh S Chawla
	hey guys what about the stock reserve yaar? and can anyone please elaborate on the Qn 1(c) about depreciation?????

THe question regarding deprication was a pretty tough on Question 1(c)

If you guys noticed THe value 560000 was CLOSING VALUE of machinery!!!!!

ANd the loss on exhachange turned out to be 17000.......

THe machine was also PART exchanged so the owner paid an extra rs 15000 by bank to buy the new machineas old machine is valued at 135000  where as new machine costs 150000.

This is what i did..........


 

SO by solving the equation
560000+7500+8000+17000-15000=x-0.1x

577500=0.9x

opening value is 641667
and derpi there on is 64167
m SOOOOOOOOOO confused about this question