Question
During the audit of ABC Ltd., the auditor identifies
that a major debtor who owed ₹2 crore has declared bankruptcy post year-end but before signing of the audit report. What should the auditor do?Solution
This is an “adjusting event” under AS-4 (or Ind AS 10), as the condition existed at the balance sheet date and needs to be reflected in the financials.
‘J’, ‘K’ and ‘L’, each of them invested Rs. 5000 at the rate of 18% p.a., 22% p.a. and 40% p.a., respectively for 6 years, 5 years and 3 yea...
What sum of money must be given at simple interest for 8 months at 4% per annum in order to earn Rs. 320 interest?
- Rohit invests Rs. 7,500 on compound interest at 10% p.a. (compounded annually) for 2 years and Rs. 6,400 on simple interest at 12% p.a. for 4 years. Find t...
A sum of money is invested at a rate of 5% per annum simple interest. If the interest earned in 3 years is ₹900, what is the sum of money invested?
A sum of Rs. 3200 is invested at simple interest for 2 years. If the rate interest for first year is 12% p.a. while 20% p.a. for second year, then find ...
Ajay invested a sum of money, represented as Rs. 'x', in a financial plan that yields a 10% annual compound interest. After three years, the total inter...
A sum is lent on compound interest for 2 years at 14% p.a. If the compound interest on the sum is Rs.4194.4, find the sum.
Compound interest on a certain sum of money for 2 years is Rs.6800 while the simple interest on the same sum for the same time period is Rs.6400. Find t...
Mark invested Rs 15,000 in a scheme at simple interest 20% per annum. After three years he withdrew the principal amount plus invested the entire amount...
The simple interest accrued in five years on a principal of Rs. 50,000 is one – tenth of the principal. What is the rate of simple interest pa?
