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MPT 219279
  • Male, 21 Years
  • Activity Score422

Amal P

  • I go to Student's Home
  • Experience:
    I am a CA final student. Doing my articleship. I would be available in evenings and weekends...
  • Teaches:
    Costing, Commerce Subjects, Business Studies, Accountancy, Financial Management, Auditing, Direct Tax Laws, CS - Foundation, CA - IPCC, CA - CPT
  • Board:
    All Boards
  • Areas:
  • Pincode:
    682025
Profile Details
Profile Details

Qualification :

0

Total Experience :

1Year

I am a CA final student. Doing my articleship. I would be available in evenings and weekends...

Tutoring Option:

I Can Manage Both

Tutoring Approach:

I would like to cover the topics in a comprehensive approach and rather than by-hearting, I am suggesting a logical approach

Hourly Fees [INR]:

500.00

Class 11 - 12 Accountancy, Costing, Business Studies, Commerce Subjects, All Boards INR 250.00 /hour
College Level Accountancy, Costing, Financial Management, Auditing INR 500.00 /hour
CA CPT CA - CPT, Direct Tax Laws, CA - IPCC, CS - Foundation INR 500.00 /hour
Educational Resources
Educational Resources

Notes written by me [3]

What Is GST
  • File(s) contain : 1
1 time downloaded

Short introduction of CGST,SGST and IGST.

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Accounting Standard And General Notes For Com...
  • File(s) contain : 6
3 times downloaded

Ind AS Vs AS: Relevance, Applicability and Critical Issues Maintenance of Registers and Returns Members' Meeting AS 10 (Revised) - Property, Plant and Equipment Companies (Accounting Standards) Amendment Rules, 2016 Managem...

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Amalgamation
  • File(s) contain : 1
9 times downloaded

Amalgamation is an important topic as far as B.Com, CS- Exceutive, CMA- Inter, CA-IPCC and CA Final. Lets have quick look on basic accounting treatment of the same.

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Presentations prepared by me [6]

Prevention Of Oppression And Mismanagement Un...
27 times downloaded

Topic relevant for CS- Eecutive level and CA- Final level

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Income From Salaries
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First head of income as per IT Act.

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Residential Status As Per Income Tax
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The first step in computation of Income Tax is identification of Residential Status. We will have a brief look on it.

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Basic Concepts Of Income Tax
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Just have a look on the very basic concepts and terms of Income Tax Act, 1961

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AS 10 (Revised)- Property, Plant And Equipmen...
183 times downloaded

The Companies (Accounting Standards) Amendment Rules, 2016 has withdrawn the existing AS 6 and replaced the AS 10 with a new AS which is purely based on IAS 16. Lets have a brief look on it

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IFRS Converged Ind AS
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Since India is adopting IFRS un the form of Ind AS, Indian Accounting professions come across a great change. Thus, this PPT aims at an overview to the IFRS converged Ind AS.

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Answer
Answer
  • Answer:

    The depreciation entry is only an adjusting/closing entry. Depreciation is the measure of deterioration in the value of tangible fixed assets due to it's continuous usage in business to derive economic benefits. Thus, the depreciation can be regarded as a decrease in asset. The golden rule for real(asset) account is 'debit what comes in and credit what goes out' thus, the decrease in value of asset is credited and the depreciation expenditure is debited using nominal account rule.

  • Question: What is a Comparative Balance Sheet?

    Posted in: Accountancy | Date: 05/07/2016

    Answer:

    Whenever we see a real balance sheet it would have two different columns, one for the current year figures and another one is for previous year figures. These previous year figures are are called corresponding figures in financial statements. As per Schedule III of Companies Act, 2013 corresponding figures are compulsory. Like wise if we present, comparative financial statements are previous years' figures presented for comparison or analysis purposes.

  • Answer:

    The consideration for shares can be in two ways: a) cash and b) consideration other than cash Examples for shares issued for cash are public issue, right issue etc. Examples of issue of shares other than cash are: i) Issue of Sweat equity shares ii) Shares issued in consideration for purchase of asset iii) Shares issued as a consideration for a scheme of amalgamation. iv) Shares issued to satisfy any liability etc.

  • Answer:

    Tangible fixed assets has it's own physical existence whereas Intangible fixed assets does not have a physical existence. Tangible fixed assets are depreciated over it's useful life whereas the intangible assets are amortised over it's useful life. AS10 'Accounting for fixed assets'/ AS10 (Revised) 'Property, plant and equipment' is used for accounting for tangible fixed asset whereas AS26 'Intangible assets' are used for accounting for intangible assets.

  • Question: Why is it necessary to have a partnership deed?

    Posted in: Accountancy | Date: 05/07/2016

    Answer:

    As per Partnership Act, 1932 there is no compulsion that the partnership should be registered or a written deed should be there. Few of the advantages of having a partnership deed are: 1. It established rights and duties of each partners and there by avoids future disputes. 2. Deemed provisions of partnership will not be applicable if there is a clause regarding the same on the deed. 3. Since the deed is a written agreement duly signed and drafted, it has a legal enforceability 4. It would be helpful if at the firm is willing to register the partnership under the act.

  • Question: Discuss some errors not disclosed by a Trial Balance.

    Posted in: Accounts | Date: 05/07/2016

    Answer:

    Even though the trial balance tests the arithmetical accuracy of the books of accounts, it does not always reveals entire errors in the books of accounts. Some of them are: a) Errors of principle This type of errors happens when a specific accounting principle in violated. Eg. Wage for installation machinery charged to wages a/c. b) Errors of Omission In case of complete omission of a transaction,he trial balance would become tallied even though the entry is not passed. c) Errors of Commission If any error of commission is happened it may not be revealed by trial balance always. d) Compensating errors If an error compensated the effect of another error in the books of accounts.

  • Answer:

    When realization expenses are met by the partner, the partners get the right get the amount from the firm(business entity concept) and expenditure is incurring. Thus the journal entry would be Realisation a/c Dr. To Partner's capital a/c

  • Question: What are the different types of Assets ?

    Posted in: Accountancy | Date: 12/12/2016

    Answer:

    Basically assets are being classified on the basis of their existence or permanence in business. By nature, it can be classified as;

    1. Current Assets and

    2. Non-current Assets.

    Current Assets are those assets which are being in the business for a shorter period. Normally asset which are having life less than 1 year /realizable within 1 year classified as current assets. Eg. Inventory, Sundry Debtors etc.

    Non-current Assets are assets held for more than 1 year. It can be Fixed Assets used in business, Investments made etc. Fixed Assets are again classified into Tangible Assets and Intangible Assets.

  • Answer:

    You can study courses like courses in Tally, Diploma courses in accounting etc.

  • Answer:

    It is a method used for computation of goodwill. In this method we compute the average profits and multiply it with the reciprocal of normal rate of return. By this we will get the capital required for getting the profits currently being earned by the firm. When we deduct our existing capital from this, we will arrive at the Goodwill.

    In short, capitalized value of average profits refers to the amount of capital required for earning the entity's profit with respect to the market conditions and industry rate of return.

  • Question: Define the term Accounting.

    Posted in: Accounts | Date: 12/12/2016

    Answer:

    Various definitions are being given for Accounting by various Accounting bodies. One of the signiicant definition was given by American Institute of Certified Public Accountants (AICPA), " Accounting is an art of recording, classifying, summarizing in a significant manner and in terms of money, transactions and events, which are in part, atleast of financial charaters, and interpreting their results thereof."

  • Question: What are Assets and Liabilities?

    Posted in: Accountancy | Date: 12/12/2016

    Answer:

    Asset means anything which will result in an economic benefit to the enterprise and such benefit is certain. Liabilities are those obligations of the entity which results in outflow of economic benefits from the enterprise.

  • Answer:

    Inflows are Sale consideration of investments, receipt of income from investments.

    Outflows are Purchase of investments, Amount incurrent in connection with investments.

  • Question: Differentiate between provision and reserve?

    Posted in: Accounts | Date: 15/12/2016

    Answer:

    Provision means an amount kept aside for anticipated expenses. Where ever a liability become certain we have to recognize the same in the books of accounts as a conservative accountant. Provisions are created out of such profits to meet such liabilities. Reserves are the appropriations out of profits either for a specific purpose or general purpose. However, reserve is not an expected liability. It is a part of owners' equity itself.

  • Question: Define Marginal Cost?

    Posted in: Accounts | Date: 15/12/2016

    Answer:

    Marginal cost is the cost to produce an another unit of product.

  • Question: Define Scrap value in accounting?

    Posted in: Accounts | Date: 15/12/2016

    Answer:

    Residual value or scrap value means the amount realisable after the expected useful life of the asset.

  • Question: Define balancing in accounting?

    Posted in: Accounts | Date: 15/12/2016

    Answer:

    Balancing means summing the debit and credit sides of an account and make the same equal by carry forwarding the balance in other side.

  • Question: Define bills receivable?

    Posted in: Accounts | Date: 15/12/2016

    Answer:

    Bills receivable stands for total amount of receivable which are being received from the bills of exchange in possession of the company.

  • Question: Have you ever prepared MIS reports and what are these?

    Posted in: Accounts | Date: 15/12/2016

    Answer:

    MIS stands for Management Information System and any data which are useful for decision making will be included in the MiS of the enterprise. Different enterprises need different types of data which are relevant for their decision making. So, the MIS system may also differ from entity to entity and industry to industry.

  • Question: What do we mean by purchase return in accounting?

    Posted in: Accounts | Date: 15/12/2016

    Answer:

    Purchase returns are nothing but returning the purchased good to the seller itself due to any defects, poor quality etc.

  • Question: Differentiate Accounting and Auditing?

    Posted in: Accounts | Date: 15/12/2016

    Answer:

    Accounting means systematic recording of business transactions and summarizing the same into a common framework which are understandable by the stakeholders and users. This common framework is known as financial statements. Auditing is independent examination of examination of financial statements to form an opinion stating whether these financials gives a true and fair view of affairs of the particular enterprise.

  • Question: Differentiate between consignor and consignee?

    Posted in: Accounts | Date: 19/12/2016

    Answer:

    Consignment is a contract between two parties to sell the goods of a person by another for a consideration. The parties to the consignment contract are the consignor and the consignee. consignor is the person who appoints the other person to sell the good. Otherwise, he is the owner of the goods and the principal. Consignee is the person who agrees to sell goods for a consideration for example, for a commission. otherwise, he is the agent of the consignor.

  • Answer:

    You have to know the simple arithmetics. Basic operations like addition, substraction, multiplication, division, percentage etc. Another requirement is logical thinking.

  • Question: Define dual aspect term in accounting?

    Posted in: Accounts | Date: 19/12/2016

    Answer:

    The accounting we follow today is invented by Mr. Luca Pacioly. This method is known as the double entry system of book keeping. In this, every transactions are recorded with having two aspects. The common logic behind this is every receipt is having a giving aspect. In this base, accounting uses the principal of dual aspect. That is every debit has equal and corresponding credit. For example, if capital is introduced by the proprietor, cash is the receiving aspect and the liability to repay the amount also arises. That is the giving aspect. Likewise every transactions are having two aspects.

  • Question: Do you think Accounting Standards are mandatory and why?

    Posted in: Accounts | Date: 19/12/2016

    Answer:

    Accounting standards are the specific set of principles to be applied in the accounting process. In India AS being issued by ASB of ICAI. Accounting standards normally gives a guideline for proper accounting of different types of transactions. Besides that, it helps in transparency, understandability, reliability and comparability of financial statements. Thus, these standards are relevant and needs to be followed.

  • Question: What do you think is bank reconciliation statement?

    Posted in: Accounts | Date: 19/12/2016

    Answer:

    Bank reconciliation statement is nothing but a statement which reconcile the bank balance as per the books of accounts of the enterprise and the actual bank balance as on the said date as reflected in bank statement/passbook.

  • Question: What is a CPA?

    Posted in: Accounts | Date: 19/12/2016

    Answer:

    CPA stands for Certified Public Accountant. In India, the apex accounting body is the Institute of Chartered Accountants of India constituted under the Act of parliament by the Act Chartered Accountants Act, 1949. They are the regulator of accounting and auditing profession in India. The members of the ICAI is known as Chartered Accountants and they are entrusted with the power to do Audit of financial statements. Likewise, America is having a body named as American Institute of Certified Public Accountants. They are apex controlling body of accounting profession in USA. A member of AICPA is known as Certified Public Accountant who is having certification powers with respect to financial statements in US.

  • Question: What is ICAI?

    Posted in: Accounts | Date: 19/12/2016

    Answer:

    ICAI is the apex body which controls the accounting and auditing profession in India. It is constituted by an Act of parliament which is known as Chartered Accountants Act, 1949.

  • Question: In accounting, VAT abbreviates what?

    Posted in: Accounts | Date: 19/12/2016

    Answer:

    VAT is nothing but Value Added Tax which is state levy on the intra-state sale of goods. The previous Sales tax was replaced with Value added Tax in India. Value added tax is a tax mechanism in which the tax is levied only on the value added at each level of sale.

  • Answer:

    Statutory is an independent examination of the financial statements of an entity to form an opinion on whether the financial statements are prepared in accordance with the applicable financial reporting framework and gives a true and fair view of financial postion and operating results of the entity. This known as statutory audit as this is conducted as per the sepcific requirements of certain statutes/ laws such as Companies Act, 2013, Income Tax Act, 1961 etc. One of the distinguishing feature of statutory auditor is his independence, i.e., he will be a person external to the organization​. The management will not have power to limit the scope audit as the same is being provided by the statute itself and as prescribed as per the Standards on Auditing applicable.

    On the other hand, internal audits are conducted to ensure proper internal control mechanism within the organization. The internal audits can be carried out by any person including an employee within the organization. The scope of internal audit can be limited/ controlled/ specified by the management. There is no specific requirement regarding conduct of internal audit in an organization except for certain large entities. However, most of the organizations are carrying out internal audits to improve their operations and ensure the proper and adequate internal control mechanism in the organization.

  • Question: I need to know more about acca

    Posted in: ACCA | Date: 03/09/2017

    Answer:

    ​ACCA stands for Association of Chartered Certified Accountants which is an international accounting professional body based on United Kindom. The course of offered by the institute is globally recongized and equivalent to the Chartered Accountancy courses/ Certified Public Accountancy courses offered in different countries. Basically it has 14 papers which is divided as fundamental and professional modules which comprises of 9 and 5 papers respectively.

     

  • Question: What is Separate Entity Concept?

    Posted in: Accountancy | Date: 03/09/2017

    Answer:

    Sepeate entity concept, sometimes referred to as Business entity concept, is a fundamental accounting concept which treats the business and its owners as two different entities and the financial statements are being prepared based on this concept. This concept segregates the expenses incurred in the nature of business or personal. It is based on this concept that capital is shown under the liabilities side of the Balancesheet also.

  • Answer:

    Shares means a share in the share capital of the Company. Basically based on the nature and risk attached, the shares are classified into two;

    • ​Equity shares and
    • Preference shares

    ​Equity shareholders are the real owners of the Company. They are having voting rights in the general meeting of the Company. In the event of winding up of the Company, they are having the least preference, i.e., they will get the amount eligible to them after paying off all the liabilities including the amount payable to preference shareholders. The return on equity share capital is not fixed and it will vary according to the performance of the Company.

    With repect to preference shares, it enjoys two main preferencial rights over the equity shareholders.

    1. They are entitled to a fixed income on the investment made by them.

    2. At the time of winding up, they will be settled up before making payments to equity shareholders, but after payment of all other liabilities.

    However, they are not entitled to vote at the general meetings/ other meeting except in case of any matter on which their interest is being affected. In short, it can be treated as a quasi-equity instrument and due to its fixed rate of income it can be treated as less riskier than the equity shares.

  • Question: What is Profit and Loss Appropriation Account?

    Posted in: Accountancy | Date: 03/09/2017

    Answer:

    Profit and loss appropriation account is an account which is prepared to show how the net profit of the entity is being appropriated among its owners. Usually the same is being prepared in case of partnership firms so as to arrive at the share eligible to each partners in the net profits of the firm.

  • Question: Outstanding salary is under which account?

    Posted in: Accountancy | Date: 04/09/2017

    Answer:

    ​Outstanding salary account represents the salary due but not paid to its employees. Thus, outstanding salary is a liability to the entity. Further, to be very specific, the Oustanding salary account is having the nature of a representative personal account as it represents a person/ group of person to whom the entity is liable to pay salary.

  • Question: Is Depreciation an expense?

    Posted in: Accountancy | Date: 04/09/2017

    Answer:

    From the accounting point of view, depreciation is a non-cash expenditure which represents the wear and tear and loss in the value of fixed asset due to its continuous use in the business. Thus, it can be treated as an expense.

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