Question
A company receives advance from customer for contract
work. On balance sheet, this advance is:Solution
Advances for unperformed obligations are contract liabilities (current or non-current depending on timing).
Shortage in material can be due to normal reasons or due to abnormal reasons.
Which of the following will be regarded as shortage due to abnormal reason?
State which statement is correct:
Identify correct full forms of ESOP and ESPP.
X Ltd. and Y Ltd. amalgamate to form a new company Z Ltd. X Ltd.’s assets are ₹50 lakh, liabilities ₹20 lakh. Y Ltd.’s assets are ₹30 lakh, li...
In amalgamation in the nature of merger, which method is used?
A company issued ₹10 lakh equity, redeemed ₹5 lakh debentures, paid dividend ₹2 lakh. Received interest ₹1 lakh. What is net cash from financing?
Investment in debt instrument for which the company has intention to receive contractual cash flows and for which, the debt gives contractual cash flows...
If interest is capitalized during a period where construction was intentionally suspended due to a labor strike, that interest should be:
Auditor notes that the company has accumulated losses exceeding net worth, but management claims recovery. What should auditor consider?
A company purchased machinery for ₹20,00,000 on 1st April 2022. Freight ₹1,00,000, Installation ₹50,000, Trial run expenses ₹30,000, and Loss du...
