ANS . OF QUS 1 (A)

1.STOCK OF EMPTY BOTTELS WOULD NOT BE ASSETS/INVENTORY OF CO.

HENCE IT SHOULD BE TREATED AS SCRAP AND SHOWN AT NRV WITH CORRESPONDING CREDIT TO "OTHER INCOME"

ANS . OF QUS 1 (B)

ACCORDING TO SEPRATE PARA OF AS-4 "DIVIDEND DECLARED AFTER BS DATE BUT ACCEPTED BY BOD ,SHOULD BE ADJUSTED WITH ACCOUNTS,HENCE IT IS NOT A VOILATION OF AS 4

agree with both of yr ans

ANS . OF QUS 1 (D)

what will be for 1 d ?? provisioning of Rs. 70000 and show asset at nil (held for disposal)

Originally posted by : Lokesh Pokharna...CA FINAL M11
	ANS . OF QUS 1 (D)   ASSETS DESTROYED A/C DR. 600000 ASSETS DESTROATION EXP DR 70000    TO CASH                                        70000    TO ASSETS A/C                             600000

Dont Agree.....

YA WE CAN MAKE PROVISION ALSO FOR 70000 BECAUSE QUS SAYS THT THESE R ESTIMATEDF NOT ACTUAL ,,THNX RAMKRISHAN

ANS OF QUS 4 HERE .DNLD 

Calculation of Purchase COnsideration was very smple

outside holding in y ltd= 30000-6000   = 24000

no . of shares required to issue by x ltd to outsiders  24000/6*8= 32000

less : shares held by y ltd already in x ltd                                            -5000

equals to                                                                                                    27000

equity consideration = 270000*10= 270000

pref . = 100000*90%                               90000

total P.C.                                        360000               

Originally posted by : Lokesh Pokharna...CA FINAL M11
	ANS . OF QUS 1 (A) 1.STOCK OF EMPTY BOTTELS WOULD NOT BE ASSETS/INVENTORY OF CO. HENCE IT SHOULD BE TREATED AS SCRAP AND SHOWN AT NRV WITH CORRESPONDING CREDIT TO "OTHER INCOME"

This answer  is wrong..

There is clear case in Rawats Book showing that bottles are to be considered inventory...

It is direct copy from there..........

avinash dont just follow what a book's author has to say..go by the logic ...n pls elaborate as to why it shall be considered as inventory??? go thru AS 2...

HI GUYS

ANS . OF QUS 2 HERE AT BELOW LINK.....

PLZ READ

TO BANK RS. 1230000 IN THE YEAR 2010-11 INSTEAD OF TO BALANCE C/D OF RS. 1230000

Dear Mr. Lokhesh

pl stop posting "correct answers" as per u.

U a re definitely not qualified to give 100 % assurance....

egs : ur answer on bottles as scrap income is completely wrong....check Audting RTP May 10 ....same prob is given and bootles IS INVENTORY

ur wrong ansewrs are misleading, demoralising students.....if at all ur harming their future prospects although ur intentions might be otherwise......

Pl dont take personally....it is for the greater good of all students.....