Test Paper – Chapter VII–Bills of exchange 1. In case of discount of bill with Bank, debit goes to?A. Cash a/cB. Bills receivable a/c C. Discount a/cD. A and C 2. A bill of exchange is prepared by?A. DraweeB. Payee C. BankerD. Drawer 3. A bill of exchange is accepted by?A. DraweeB. Payee C. BankerD.… Read More »
Test Paper – Chapter IV –Inventories1. Inventories include?A. Raw materialB. WIP C. Finished goods and spare partsD. All of the above 2. If the profit is 20% on sales then it is?A. 25% of the cost priceB. 33% of the cost priceC. 15% of the cost priceD. 20% of the cost price 3. Cost of… Read More »
S.No Case Explanation 1 ITO vs. Ch. Atchaiah (Supreme Court) Income of AOP has to be taxed in the hands of AOP only and the members of AOP cannot be taxed individually. 2 Dr. T.A. Qureshi vs. CIT [2006] 157 Taxman 514 SC Illegal income Ex:- Selling drugs etc. 3 Kesoram Industries & Cotton Mills… Read More »
PART – II ISSUES Q.1 Revised AS 15, Employee Benefits is applicable from when and applicable to which entities? ☞ Revised AS 15, Employee Benefits was originally to be made applicable in respect of accounting periods commencing on or after April 1, 2006. However, the council of Institute of Chartered Accountants of India, decided to… Read More »
ALL ACCOUNTING STANDARDSAccounting Standards are the defined accounting policies issued by Government or expert institute. These standards are issued to bring harmonization in follow up of accounting policies.Presently, Institute of Chartered Accountants of India has issued 29 Accounting Standards as listed below. AS 01. Disclosure of Accounting PoliciesAS 02. Valuation of InventoriesAS 03. Cash Flow… Read More »
CA IPCC Advanced ITT Project Free Download AcknowledgmentAt the outset, I would like to thank the INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA for organizing this course which served as a vibrant platform for learning the dynamic areas of computers relevant to us as future chartered accountants.I would record my gratitude and respect to the chairman… Read More »
CA IPCC for May 2015 Pass Percentage Analysis CA IPCC May 2015 Pass Percentage 8.47% CA IPCC Pass Percentage May 2015 @ 8.47%. After Providing Expected Result Date of CA IPCC May 2015, Here we are providing CA IPCC Pass Percentage for May 15. Check passing percentage of ipcc may 2015. IPCC Pass Percentage by ICAI,… Read More »
Free Download ICAI CA Student Journal August 2015Free Download ICAI CA Student Journal July 2015Free Download ICAI CA Student Journal June 2015Free Download ICAI CA Student Journal May 2015Free Download ICAI CA Student Journal April 2015 Content / Index of Journal August 2015:President’s CommunicationVice President’s CommunicationChairman’s CommunicationArticle: Loan and Investment under the Companies Act, 2013Article:… Read More »
A Formula is a simple way of expressing information. These are usually usedin Science and Mathematics apart from commerce areas.In Commerce, formulae are used in several areas like Interest and Annuitycalculations, Capital Budgeting, Portfolio Management, Standard Costing,Marginal Costing, PERT Analysis, Learning Curve effects etc. In commerceareas, unlike Science and Mathematics, the derivations and proving offormulae… Read More »
The Central Government acquires a house property owned by Mr. Manish on October 17, 2005 fixingcompensation at Rs. 32,00,000. The indexed cost of acquisition of this house property is Rs. 28,00,000. The Government paid Rs. 20,00,000 partly on May 13, 2010 and balance on March 11, 2012. Being aggrieved against the award, Mr. Manish filed… Read More »