Carsten Berkau: Bilanzen Aufgaben zu Kapitel 7
|
|
|
- Sylvia Richard
- 6 years ago
- Views:
Transcription
1 Aufgabe QR-7.19: Wertaufholung und Realization Account (Reversal Impairment Loss and Realization Account) SUNNINGDALE Ltd. is in the food retail business. For the delivery of the goods SUNNINGDALE uses a delivery van. They bought recently a new one ( X3) for 24, EUR net of VAT (Consider the gross price to be paid). SUNNINGDALE intents to use the van for 5 years and agreed in a finance leasing contract. The annual lease rate is 5, EUR and rate of interest is 7.6%. At X4 SUNNINGDALE s van gets involved in a car crash and the bookkeeper makes a bookkeeping entry for an impairment loss 12, EUR. On X4 the car is repaired for 6, EUR (net amount) and a qualified value estimates the value of the car after repair ( X4) to be 10, EUR. SUNNINGDALE sells the car on X4 for 10, EUR (net amount). Use straight line method for depreciation and consider the residual value to be 3, EUR. Required: Make all bookkeeping entries for the van in 20X3 and 20X4. Use the realization account for the sale of the car and for the calculation of the gain/loss on disposal. Lösung: (Solution) (1) Acquisition of the car: DR P,P,E... 24, EUR DR VAT... 4, EUR CR Lease Obligations... 24, EUR CR Bank... 4, EUR (2) Depreciation for 20X3: 8 (24,000 3,900)/12 5) = 2, EUR. DR Depr.... 2, EUR CR Acc. Depr.... 2, EUR (3) Lease payment in 20X3. Interest is 8/12 24, % = 1, EUR; pay-off is 2/3 5,600 1,216 = 2, EUR. DR Interest... 1, EUR DR Lease Obligations... 2, EUR CR Bank... 3, EUR (4) Transfer next years pay-off payment to short term liabilities. 5,600 - (24,000 2,517.33) 7.6% = 3, EUR. DR Lease Obligations... 3, EUR CR Short-term Liabilities... 3, EUR 1
2 (5) Lease rate for 20X4, interest to be (24,000 2,517.33) 7.6% = 1, EUR: DR Short-term Liabilities... 3, EUR DR Interest-20X4... 1, EUR CR Bank... 5, EUR (6) Refund from taxing authorities: DR Bank... 4, EUR CR VAT... 4, EUR (7) Impairment loss DR IL... 12, EUR CR Acc. IL... 12, EUR (8) Adjusted monthly depreciation is: (24,000 3,900 2,680 12,000)/(60 8) = EUR. DR Depr.... CR Acc. Depr.... (9) Repair of the van is to be expensed: EUR EUR DR Repair... 6, EUR DR VAT... 1, EUR CR Bank... 7, EUR (10) Subsequent valuation. The assets amount without impairment loss would have been 51 (24,000 3,900)/60 = 17, EUR. This is the upper bound for a reversal of an impairment loss. The valuer estimates the car to be worth 10, EUR. The reversal impairment loss amounts to: 10,000 (24,000 2,680 12, ) = 784,23 EUR. DR Acc. IL... CR Reversal IL ,23 EUR 784,23 EUR (11) Depreciation of the van for 3 month: 3 (10,000 3,900)/(60 8 1) =. DR Depr.... CR Acc. Depr.... 2
3 (12) Sale of the van via Realization Account: DR Bank... 12, EUR CR VAT... 2, EUR CR Realization... 10, EUR DR Acc. Depr.... 3, EUR CR Realization... 3, EUR DR Acc. IL... 11, EUR CR Realization... 11, EUR DR Realization EUR CR P,P,E EUR DR Realization... CR Gain on Disposal EUR EUR See exhibit 1 for the accounts. 3
4 D PPE C D VAT C D Depr-20X3 C (1) ,00 c/d ,00 (1) 4.800,00 c/d 4.800,00 (2) 2.680,00 P&L 2.680,00 b/d ,00 (12d) ,00 b/d 4.800,00 (6) 5.600,00 (9) 1.300,00 (12a) 2.100,00 c/d 1.600, , ,00 b/d 1.600,00 D Short-term Liab C D Lease Obl C D Bank C c/d 3.967,31 (4) 3.967,31 (3) 2.517,33 (1) ,00 (1) 4.800,00 (5) 3.967,32 b/d 3.967,31 (4) 3.967,31 c/d 8.533,33 (3) 3.733,33 c/d , , , , ,00 (6) 5.600,00 b/d ,00 b/d ,36 (12a) ,00 (5) 5.600,00 c/d 3.733,33 (9) 7.800, , ,00 b/d 3.733,33 D Acc. Depr. C D Interest-20X3 C D Interest-20X4 C c/d 2.680,00 (2) 2.680,00 (3) 1.216,00 P&L 1.216,00 (5) 1.632,68 P&L 1.632,68 (12b) 3.143,83 b/d 2.680,00 (8) 104,23 (11) 358, , ,06 D IL C D Acc. IL C D Depr.-20X4 C (7) ,00 P&L ,00 (10) 784,23 (7) ,00 (8) 104,23 P&L 463,30 (12c) ,77 (11) 358, , ,00 463,05 463,30 D Repair-20X4 C D Reversal IL C D Realization C (9) 6.500,00 P&L 6.500,00 P&L 784,23 (10) 784,23 (12d) ,00 (12a) ,00 (12b) 3.143,83 (12e) 859,60 (12c) , , ,60 D Gain on Disp. C P&L 859,60 (12e) 859,60 Exhibit 1: Accounts Before posting the car the business should have checked the application of IAS Here, the present value of the lease payments amounts to 5,600 ( )/( ,076 5 ) = 22, EUR. For that reason the bookkeeping entries are: (1) Acquisition of the car: DR P,P,E... 22, EUR DR R/E... 1, EUR DR VAT... 4, EUR CR Lease Obligations... 24, EUR CR Bank... 4, EUR 4
5 (2) Depreciation for 20X3: 8 (22, ,900)/12 5) = 2, EUR. DR Depr.... 2, EUR CR Acc. Depr.... 2, EUR (3) Lease payment in 20X3. Interest is 8/12 24, % = 1, EUR; pay-off is 2/3 5,600 1,216 = 2, EUR. DR Interest... 1, EUR DR Lease Obligations... 2, EUR CR Bank... 3, EUR (4) Transfer next years pay-off payment to short term liabilities. 5,600 - (24,000 2,517.33) 7.6% = 3, EUR. DR Lease Obligations... 3, EUR CR Short-term Liabilities... 3, EUR (5) Lease rate for 20X4, interest to be (24,000 2,517.33) 7.6% = 1, EUR: DR Short-term Liabilities... 3, EUR DR Interest-20X4... 1, EUR CR Bank... 5, EUR (6) Refund from taxing authorities: DR Bank... 4, EUR CR VAT... 4, EUR (7) Impairment loss DR IL... 12, EUR CR Acc. IL... 12, EUR (8) Adjusted monthly depreciation is: (22, ,900 2, ,000)/(60 8) = EUR. DR Depr EUR CR Acc. Depr EUR 5
6 (9) Repair of the van is to be expensed: DR Repair... 6, EUR DR VAT... 1, EUR CR Bank... 7, EUR (10) Subsequent valuation. The assets amount without impairment loss would have been 51 (22, ,900)/60 = 15, EUR. This is the upper bound for a reversal of an impairment loss. The valuer estimates the car to be worth 10, EUR. The reversal impairment loss amounts to: 10,000 (22, , , ) = 1, EUR. DR Acc. IL... 1, EUR CR Reversal IL... 1, EUR (11) Depreciation of the van for 3 month: 3 (10,000 3,900)/(60 8 1) =. DR Depr.... CR Acc. Depr.... (12) Sale of the van via Realization Account: DR Bank... 12, EUR CR VAT... 2, EUR CR Realization... 10, EUR DR Acc. Depr.... 2, EUR CR Realization... 2, EUR DR Acc. IL... 10, EUR CR Realization... 10, EUR DR Realization EUR CR P,P,E... 22, EUR DR Realization... 1, EUR CR Gain on Disposal... 1, EUR See exhibit 2 for the accounts. 6
7 D PPE C D VAT C D Depr-20X3 C (1) ,90 c/d ,90 (1) 4.800,00 c/d 4.800,00 (2) 2.492,92 P&L 2.492,92 b/d ,90 (12d) ,90 b/d 4.800,00 (6) 5.600,00 (9) 1.300,00 (12a) 2.100,00 c/d 1.600, , ,00 b/d 1.600,00 D Short-term Liab C D Lease Obl C D Bank C c/d 3.967,31 (4) 3.967,31 (3) 2.517,33 (1) ,00 (1) 4.800,00 (5) 3.967,31 b/d 3.967,31 (4) 3.967,31 c/d 8.533,33 (3) 3.733,33 c/d , , , , ,00 (6) 5.600,00 b/d 8.533,33 b/d ,36 (12a) ,00 (5) 5.600,00 c/d 3.733,33 (9) 7.800, , ,33 b/d 3.733,33 D Acc. Depr. C D Interest-20X3 C D Interest-20X4 C c/d 2.492,92 (2) 2.492,92 (3) 1.216,00 P&L 1.216,00 (5) 1.632,68 P&L 1.632,68 (12b) 2.932,59 b/d 2.492,92 (8) 80,85 (11) 358, , ,59 D IL C D Acc. IL C D Depr.-20X4 C (7) ,00 P&L ,00 (10) 1.076,87 (7) ,00 (8) 80,85 P&L 439,67 (12c) ,13 (11) 358, , ,00 439,67 439,67 D Repair-20X4 C D Reversal IL C D Realization C (9) 6.500,00 P&L 6.500,00 P&L 1.076,87 (10) 1.076,87 (12d) ,90 (12a) ,00 (12b) 2.932,59 (12e) 1.758,82 (12c) , , ,72 D Gain on Disp. C D R/E C P&L 1.758,82 (12e) 1.758,82 (1) 1.403,10 c/d 1.403,10 b/d 1.403,10 Exhibit 2: Accounts 7
Carsten Berkau: Bilanzen Aufgaben zu Kapitel 4
Aufgabe QR-4.8: Trial Balance (Trial Balance): WYNBERG Ltd. renders office services and was established on 1.01.20X8. The company is based on shares. On the first day it issued 50,000 shares 1.00 EUR each.
Carsten Berkau: Bilanzen Aufgaben zu Kapitel 4
Aufgabe QR-4.14: Jahresabschlussarbeiten (Adjustments) WERSEN (Pty) Ltd is a car rental service company. The proprietors put in 50,000.00 EUR into the bank account. For financing the business WERSEN took
BODORP (Pty) Ltd's STATEMENT of FINANCIAL POSITION as at eoy 20X5
Aufgabe QR-10.10: Direkte Methode mit Vergleich von Ein- und Auszahlungen (Direct Method with Comparison of Cash Inflow and Cash Outflow) BODORP (Pty) Ltd is a marketing consultancy. The company has 10
Carsten Berkau: Bilanzen Aufgaben zu Kapitel 4
Aufgabe QR-4.5: Jahresabschlusserstellung (Financial Statement Preparation) (This task refers to chapter 4.3 and is similar to task 9.6 (internet task). In comparison to the task in chapter 9 this task
Carsten Berkau: Bilanzen Aufgaben zu Kapitel 10
Aufgabe QR-10.2: Direkte Methode mit Überleitungsrechnung (Direct Method via Reconciliation of Cash Flows) (To do this task you should read pages 254ff.) HEYWHA TAILOR Ltd. produces high priced T-shirts
Exhibit 1: Trial balance. You are the accountant of GUGULETO Ltd. and have to make bookkeeping entries for the adjustments.
Aufgabe 0.13: Trial Balance The pizza restaurant GUGULETO Ltd. was formed on 1.01.20X3 and records during the accounting period of 20X3 all bookkeeping entries. The business is a limited company and comes
Carsten Berkau: Bilanzen Aufgaben zu Kapitel 6
Aufgabe QR-6.4: Set up Financial Statements along IAS 1 (Erstellen eines Jahresabschlusses gemäß IAS 1) You got hold of BELLVILLE Ltd s trial balance. BELLVILLE is a DVD rental shop and buys DVDs from
Solution: (1) Establishment of the business on X5 DR Cash/Bank... 20, EUR CR Owner s Equity... 20, EUR
Aufgabe 0.2: Exercise on Subsidiary Ledgers SITTEN (Pty) Ltd. is a production firm and service provider. The company is birthday cake-on-demand bakery. The company is established as sole trader. The owner
KUHLHOF Ltd. is a service provider. The company offers accounting service to companies.
Aufgabe 0.1: Exercise on Preparing Financial Statements KUHLHOF Ltd. is a service provider. The company offers accounting service to companies. Activity 1: KUHLHOF Ltd. is established on 1.01.20X5 by a
INVENTORY MOVEMENTS FOR KHAYELITSHA RETAIL Ltd. for 2/20X9
Aufgabe 9.4: Perpetual System und FIFO-Methode (Perpetual System and FIFO Method for Inventory Valuation) (For this task you should be familiar with perpetual system covered on page 220 and cost formulas
QUESTION 2 IAS 1 (CAF5 A15) Following is the summarised trial balance of Eagles Limited (EL) as at 30 June 2015: Debit Rs. in 000
QUESTION 2 IAS 1 (CAF5 A15) Following is the summarised trial balance of Eagles Limited (EL) as at 30 June 2015: Debit Credit Plant 2,500 Acc. depreciation at 1 July 2014 Equipment 700 Plant 1,000 Stock
Carsten Berkau: Bilanzen Solution to Chapter 9
Aufgabe 9.23: Inventory valuation and cost rates KRONSBERG Ltd. is a production firm. The company produces paper cups for cafeterias. The cups consist of paper and glue. On top there is a plastic lid.
(1) Issue of 120,000 ordinary shares DR Cash/Bank , EUR CR Issued Capital , EUR
Bookkeeping Entries for SUNNY AG in 20X1 (1) Issue of 120,000 ordinary shares R ash/bank... 600,000.00 EUR R Issued apital... 600,000.00 EUR (2) Taking a bank loan R ash/bank... 300,000.00 EUR R Interest
TOPIC 11 - IAS 16 PROPERTY, PLANT & EQUIPMENT
TOPIC 11 - IAS 16 PROPERTY, PLANT & EQUIPMENT Objective of IAS 16 to prescribe the accounting treatment for property, plant and equipment in the financial statements Recognition Property, plant & equipment
Osborne Books Tutor Zone. Advanced Bookkeeping. Practice assessment 1
Osborne Books Tutor Zone Advanced Bookkeeping Practice assessment 1 Osborne Books Limited, 2016 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e Task 1 This task is about non-current assets. You
FEEDBACK TUTORIAL LETTER 1ST SEMESTER 2017 ASSIGNMENT 1 FINANCIAL ACCOUNTING 201 FAC611S
FEEDBACK TUTORIAL LETTER 1ST SEMESTER 2017 ASSIGNMENT 1 FINANCIAL ACCOUNTING 201 FAC611S 1 Assignment 1- Memorandum Question 1 Part A a) Disclosure CAPTAIN PLANET LIMITED EXRACT FROM STATEMENT OF COMPREHENSIVE
B Swift Dr Trading and Profit and Loss Account for the year ended the X6 Cr Opening Stock 300 Sales 6,700 4,260 Closing Stock 550 4,560 Gross Pr
Recording depreciation Depreciation within the double-entry system Fixed assets accounts are always kept for showing assets at cost price. This adheres to the Historic Cost accounting concept. As a result,
S 17- PROPERTY PLANT AND EQUIPMENT P R E S E N T E D B Y F AT I M A O M AR J E E C A ( S A )
S 17- PROPERTY PLANT AND EQUIPMENT P R E S E N T E D B Y F AT I M A O M AR J E E C A ( S A ) LEARNING OBJECTIVES Distinguish items of PPE from other assets of an entity Identify when items of PPE qualify
ACCA F3. Provided by Academy of Professional Accounting (APA) Financial Accounting (FA) 财务会计第十二讲. ACCA Lecturer: Carrie NI
Professional Accounting Education Provided by Academy of Professional Accounting (APA) ACCA F3 Financial Accounting (FA) 财务会计第十二讲 ACCA Lecturer: Carrie NI ACCAspace 中国 ACCA 特许公认会计师教育平台 Copyright ACCAspace.com
Osborne Books Update. Final Accounts Preparation Tutorial. Amended pages 67 to 71 Case Study: ELECTROPARTS
Osborne Books Update Final Accounts Preparation Tutorial Amended pages 67 to 71 Case Study: ELECTROPARTS October 2018 a m e n d e d pa g e s 6 7 t o 7 1 C a s e s t u d y: e l e C t r o pa r t s The following
IAS 16 Property, Plant and Equipment
IAS 16 Property, Plant and Equipment How do we recognise them on initial recognition? At cost! So, what is cost? Cost includes: purchase price import duties and non-refundable purchase taxes LESS: trade
15/10/2015. The nature of PP&E. Initial recognition of PP&E. Chapter 7. Property, Plant & Equipment
Chapter 7 Property, Plant & Equipment Prepared by Emma Holmes The nature of PP&E AASB 116 defines property, plant & equipment (PP&E) as: tangible items Tangible vs. intangible distinction discussed in
FEEDBACK TUTORIAL LETTER
FEEDBACK TUTORIAL LETTER 1 ST SEMESTER 2017 ASSIGNMENT 2 Financial Accounting 201 [FAC611S] May 2017 1 Memorandum- Assignment 2 Question 1 1 January 20X5 Debit Factory Building 2 000 000 Bank/ liability
FAC1502 Revision material
FAC1502 Revision material PROGRAM Examination issues General problem areas Q & A IMPORTANCE of module This module - foundation of all your studies in accounting Ensure that you understand and know everything
LCCI International Qualifications. Accounting (IAS) Level 3. Model Answers Series (3902)
LCCI International Qualifications Accounting (IAS) Level 3 Model Answers Series 4 2012 (3902) For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.uk Accounting
FFQA 1. Complied by: Mohammad Faizan Farooq Qadri Attari ACCA (Finalist) Contact:
IAS 16 Objective of IAS 16 The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. The principal issues are the recognition of assets, the determination of
QUESTIONS NUMBER ONE. Sh. Million. Sh. Million 99
NUMBER ONE QUESTIONS Centum Ltd(CL). is a company quoted on the Nairobi Stock Exchange. It makes up its accounts to 31 March each year. The balance of the company as at 31 March 2003 is as follows: Administrative
Task IM-8.10: Consolidated Financial Statements (based on CPUT materials, W. Lotter)
Task IM-8.10: Consolidated Financial Statements (based on CPUT materials, W. Lotter) DEVON Ltd. holds 150 shares of ELISBURG Ltd. and 330 shares of FRANSHOOK Ltd. See the case as depicted in below. The
Property, Plant and Equipment DEFINITION AND RECOGNITION
IAS 16 Property, Plant and Equipment DEFINITION AND RECOGNITION Property, plant and equipment (PPE) are tangible items that: (a) are held for use in the production or supply of goods or services, for Definition
FINANCIAL STATEMENTS OF TRADING COMPANIES
FINANCIAL STATEMENTS OF TRADING COMPANIES QUESTION ONE The trial balance of Beta Limited as at 31 st December, 2016 is as follows: Dr Cr GH GH Sales and Purchases 20,000 50,000 Inventory 8,000 Distribution
Income Revenue: Total Sales ( x 30% x 60%) x 100/ Subscription Fees ( x 12/15 x 100/114)
FAC2601 May/June 2013 Solution QUESTION 1 FIND ME LTD STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2013 R Revenue 5 210 000 Cost Of Sales (55%) (2 865 000)
MARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING
Distinctive Financial Reporting FAC3702
Distinctive Financial Reporting FAC3702 Important information Assignments Assignment 1: 7 August 2013 Assignment 2: 4 September 2013 Assignment 3: 18 September 2013 Next class: 17 August 2013 Tutor Engela
Fixed Assets and Borrowing Costs under Ind-As
Fixed Assets and Borrowing Costs under Ind-As 1 Applicable Pronouncements Ind-AS 16 : Property Plant & Equipment Appendix A (IFRIC 1) : Changes in Existing Decommissioning, Restoration and Similar Liabilities
Intermediate Financial Accounting
Intermediate Financial Accounting CA 2001 The principal legislation regulating companies in Australia. It contains information about: - Formation and operation of companies - Duties of officers - Reporting
Required: Calculate the current tax payable (for SFP) and relevant current tax expense (for SPL) for the year 2011.
IAS 12 Income Taxes CURRENT TAX DEFINITIONS Accounting profit Taxable profit (tax loss) Tax expense (tax income) Current tax is profit or loss for a period before deducting tax expense. is the profit (loss)
Net Profit Add: interest on drawings: Jane x Allen x 5
ACCOUNTING ORDINARY LEVEL GRADE 12 1 1. Jane and Allen are in partnership. Their partnership agreement provides that 1. Interest on capital is allowed at 10% per annum. 2. Interest on drawings is charged
HIRE PURCHASE ACCOUNTS
1 NHYIRA PREMIUM 0548769918 Website: www.premiumonlinehub.com HIRE PURCHASE ACCOUNTS The agreement which includes hiring of goods and at the same time giving an option to buy. It is a business transaction
THE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions
THE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions Task 1: Non-Current Assets Register The following is a purchase invoice received by NFS Ltd: Invoice 60754 To: NFS Ltd
FAC Non-Current Assets Held for Sale IFRS 5
FAC 3702 2012 Non-Current Assets Held for Sale IFRS 5 - Introduction - Criteria to class NCAHfS - Extension Period - Criteria Met after reporting period - Measurement - Impairment Losses + Reversals -
PROPERTY, PLANT AND EQUIPMENT (IAS 16)
PROPERTY, PLANT AND EQUIPMENT (IAS 16) Objective Prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity
Workshop on IND AS Property, plant & equipment WIRC of the ICAI April 23, 2016
Workshop on IND AS Property, plant & equipment WIRC of the ICAI April 23, 2016 Contents Background and Scope Definition Recognition & Measurement On initial recognition Accounting policy for subsequent
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - APRIL 2013 NOTES: You are required to answer Question 1. You are also required to answer any three out of Questions 2 to 5. (If you provide answers to all
THE PUBLIC ACCOUNTANTS EXAMINATION COUNCIL OF MALAWI 2011 EXAMINATIONS CERTIFICATE IN FINANCIAL ACCOUNTING PROGRAMME PAPER FA 4 : BUSINESS ACCOUNTING
EXAMINATION No. THE PUBLIC ACCOUNTANTS EXAMINATION COUNCIL OF MALAWI 2011 EXAMINATIONS CERTIFICATE IN FINANCIAL ACCOUNTING PROGRAMME PAPER FA 4 : BUSINESS ACCOUNTING WEDNESDAY 1 JUNE 2011 TIME ALLOWED:
Depreciation. Editorial
Depreciation Editorial This months students' newsletter focuses on the concept of Depreciation a knowledge of which is essential to those studying Manual Book-Keeping Level 3 and the Level 3 Computerised
Accounting 284 April 9th, 2017
Accounting 284 Exam 3 Review Bad Debt Accounting (3) ADA (1) 1. Company F has sales of $600,000 and net income of $55,000 for 2008. Based on prior experience, the company estimates 2% to be bad debt. Using
MODEL ANSWERS PAPER 1
Exam ID 321 Qualifications: Level 3 Certificate in Bookkeeping (QCF) Accreditation number 500/8479/3 Level 3 Certificate in Manual Bookkeeping (QCF) Accreditation number 500/9260/1 Level 3 Certificate
ACCN3 Additional Specimen Questions
TEACHER RESOURCE BANK GCE Accounting Additional Sample Questions and Mark Schemes New/Modified Topics: ACCN3 First issue 2010 The Assessment and Qualifications Alliance (AQA) is a company limited by guarantee
The Examiner's Answers F1 - Financial Operations March 2013
The Examiner's Answers F1 - Financial Operations March 2013 Some of the answers that follow are fuller and more comprehensive than would be expected from a wellprepared candidate. They have been written
Accounting Technicians Ireland First Year Examination: May 2017 Paper: FINANCIAL ACCOUNTING Tuesday 9 May a.m. to p.m.
Accounting Technicians Ireland First Year Examination: May 2017 Paper: FINANCIAL ACCOUNTING Tuesday 9 May 2017 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must indicate
Financial Accounting and Reporting-I Suggested Answers Certificate in Accounting and Finance Autumn 2014
Ans.1 (a) ABC Limited Statement of comprehensive income for the year ended 30 June 2014 Rs. in million Sales (737-12) 725 Cost of sales (W-1) (563) Gross profit 162 Selling and marketing expense (28) Administrative
Financial Accounting. Sample Paper 3 Questions & Suggested Solutions. Page 1 of 31
Financial Accounting Sample Paper 3 Questions & Suggested Solutions Page 1 of 31 NOTES TO USERS ABOUT SAMPLE PAPERS Sample papers are published by Accounting Technicians Ireland. They are intended to provide
Property, Plant and Equipment (IAS 16) March Nelson Lam 林智遠 MBA MSc BBA ACA CFA CPA(Aust) CPA(US) FCCA FCPA(Practising) Nelson 1
Property, Plant and Equipment (IAS 16) March 2007 Nelson Lam 林智遠 MBA MSc BBA ACA CFA CPA(Aust) CPA(US) FCCA FCPA(Practising) 2005-07 Nelson 1 Today s Agenda Definition 1. Objective and Scope 2. Definitions
Michael Farrell Online
HEDGE ACCOUNTING ILLUSTRATION Hedge Accounting is used to combat two types of accounting mismatches: 1) Timing mismatches; and 2) Measurement mismatches Timing mismatches example: Ryanair enters a forward
Final accounts for sole traders and partnerships
Osborne Books Tutor Zone Final accounts for sole traders and partnerships Practice assessment 2 Osborne Books Limited, 2013 2 f i n a l a c c o u n t s f o r s o l e t r a d e r s a n d p a r t n e r s
Property, Plant and Equipment (IAS 16) 29 May MBA MSc BBA ACA CFA CPA(Aust) CPA(US) FCCA FCPA(Practising) MSCA Nelson 1. 2.
Property, Plant and Equipment (IAS 16) 29 May 2007 Nelson Lam 林智遠 MBA MSc BBA ACA CFA CPA(Aust) CPA(US) FCCA FCPA(Practising) MSCA 2005-07 Nelson 1 Today s Agenda Definition 1. Objective e and Scope 2.
NOVEMBER 2016 PROFESSIONAL EXAMINATION FINANCIAL ACCOUNTING (PAPER 1.1) CHIEF EXAMINER S REPORT, QUESTIONS AND MARKING SCHEME
NOVEMBER 2016 PROFESSIONAL EXAMINATION FINANCIAL ACCOUNTING (PAPER 1.1) CHIEF EXAMINER S REPORT, QUESTIONS AND MARKING SCHEME GENERAL COMMENTS The standard of the question paper was good and candidates
Exam ID 322. Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3)
Exam ID 322 Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3) Level 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1) Level 3 Certificate
CORPORATE REPORTING PROFESSIONAL 1 EXAMINATION - AUGUST 2014
CORPORATE REPORTING PROFESSIONAL 1 EXAMINATION - AUGUST 2014 NOTES: You are required to answer Questions 1, 2 and 3. You are also required to answer either Question 4 or 5. (If you provide answers to both
Profit (P) = Increase or Decrease in Net Assets (I) + Drawings (D) Capital (C) Income Expense = Profit / (Loss) Asset = Liability Capital
Rule of Double Entry Assets Liability Capital Expense Income DEBIT CREDIT Increase Decrease Accounting Equation Asset = Capital + Liability Capital = Asset Liability = NET ASSETS Business Equation Profit
SIR MICHELANGELO REFALO
SIR MICHELANGELO REFALO SIXTH FORM Half-Yearly Exam 2015 Subject: ACCOUNTING ADV 1 st Time: 3 hrs Section A Answer all the questions in this section 1. Some clubs operate life membership schemes. (a) How
Osborne Books Tutor Zone. Advanced Bookkeeping. Answers to chapter activities
Osborne Books Tutor Zone Advanced Bookkeeping Answers to chapter activities Osborne Books Limited, 2016 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 1 The accounting system 1.1 FINANCIAL DOCUMENTS
Teacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1
Name: Class: Option: 1 Teacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1 INSTRUCTIONS TO CANDIDATES REVIEW NOTES AND ANSWER QUESTIONS PROVIDED ALL YOUR ANSWERS MUST BE WRITTEN
Level 3 Certificate in Manual Bookkeeping QCF. Level 3 Certificate in Applied Bookkeeping QCF
Exam ID 322 Qualifications: Level 3 Certificate in Book-keeping QCF Accreditation number: 500/8479/3 Level 3 Certificate in Manual Bookkeeping QCF Accreditation number 500/9260/1 Level 3 Certificate in
GRADE 10 CLASS TEST POSTING TO THE LEDGER 50 minutes; 70 marks
GRADE 10 CLASS TEST POSTING TO THE LEDGER 50 minutes; 70 marks INSTRUCTIONS: 1. You are provided with complete cash journals of Mars & Sons who are a stationery shop that sell to the public at a mark-up
QUESTION 75: BASIC CONSOLIDATION
QUETION 75: BAIC CONOLIDATION On 1 April 2008, Pedantic acquired 60% of the equity share capital of ophistic in a share exchange of two shares in Pedantic for three shares in ophistic. The issue of shares
A-level ACCOUNTING. Paper 1 Financial Accounting. Time allowed: 3 hours SPECIMEN MATERIAL. Materials For this paper you must have: a calculator.
SPECIMEN MATERIAL Please write clearly, in block capitals. Centre number Candidate number Surname Forename(s) Candidate signature A-level ACCOUNTING Paper 1 Financial Accounting Specimen Time allowed:
MAY 2018 PROFESSIONAL EXAMINATIONS FINANCIAL REPORTING (PAPER 2.1) CHIEF EXAMINER S REPORT, QUESTIONS AND MARKING SCHEME EXAMINER S GENERAL COMMENTS
MAY 2018 PROFESSIONAL EXAMINATIONS FINANCIAL REPORTING (PAPER 2.1) CHIEF EXAMINER S REPORT, QUESTIONS AND MARKING SCHEME EXAMINER S GENERAL COMMENTS The general performance of most of the candidates was
(a) 2015 Depreciation expenses = $432,000 x 2,400/8,000 = $129, Depreciation expenses = $432,000 x (8,000 1,800 2,300 2,400)/8,000 = $81,000
Depreciation HKDSE (2017, 3) (Depreciation and Cost Classification) Star Manufacturing Company acquired a production machine for $432,000 on 1 January 2013. The expected total production hours of the machine
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - APRIL 2017 NOTES: You are required to answer Question 1. You are also required to answer any three out of Questions 2 to 5. Should you provide answers to
Manufacturing Account (With answers)
Manufacturing Account (With answers) A) Modified Trading and Profit and Loss Account A company imported transistor radios from Britain, however, the radios must be modified to meet Hong Kong specifications
1 st Year Examination : Summer FINANCIAL ACCOUNTING l NEW SYLLABUS. PAPER, SOLUTIONS and EXAMINERS REPORT
1 st Year Examination : Summer 2009 FINANCIAL ACCOUNTING l NEW SYLLABUS PAPER, SOLUTIONS and EXAMINERS REPORT NOTES TO USERS ABOUT THESE SOLUTIONS The solutions in this document are published by Accounting
Chapter 5. Solution 5.1. Donncha O Donoghue 1
Chapter 5 Solution 5.1 Distinguish between books of original entry and ledger accounts The books of original entry ( day books or journals ) are the books in which transactions are first recorded and are
Today s Agenda. HKAS 2, 16, 36 and July Nelson Lam CFA FCCA FCPA(Practising) MBA MSc BBA CPA(US) ACA. Inventories (HKAS 2) 2)
HKAS 2, 16, 36 and 37 29 July 2006 Nelson Lam CFA FCCA FCPA(Practising) MBA MSc BBA CPA(US) ACA 2005-06 Nelson 1 Today s Agenda Inventories (HKAS 2) 2) Property, Plant and Equipment (HKAS 16) Impairment
ACC100 Introduction to Accounting
ACC100 Introduction to Accounting Week 8 Accounting for Non-Current Assets Chapter 15 Non-Current Assets: Revaluation, Disposal and Other Aspects Study Group Australia Pty Limited, SGA1286-F2/10/12 2 Learning
FINANCIAL REPORTING WORKSHOP IAS 16- Property, Plant and equipment Presentation by: CPA Stephen Obock November Uphold public interest
FINANCIAL REPORTING WORKSHOP IAS 16- Property, Plant and equipment Presentation by: CPA Stephen Obock November 2017 Uphold public interest Learning objectives Upon completion you will Be able to define
Financial Accounting 1 st Year Examination
Financial Accounting 1 st Year Examination August 2012 Paper, Solutions & Examiner s Report NOTES TO USERS ABOUT THESE SOLUTIONS The solutions in this document are published by Accounting Technicians Ireland.
MOJAKOE UAS - AKUNTANSI KEUANGAN 1
MOJAKOE UAS - AKUNTANSI KEUANGAN 1 Dilarang memperbanyak MOJAKOE ini tanpa seijin SPA FEUI. Download MOJAKOE dan SPA Mentoring di : http:// AK1 UNIVERSITAS UAS 2014 INDONESIA FACULTY OF ECONOMICS & BUSINESS
B.COM I ACCOUNTING REGULAR. S.Hussain
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
Level 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1)
Exam ID 322 Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3) Level 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1) Level 3 Certificate
Student Learning Outcomes
Chapter 2 Topic 1 Consolidated Statements: Date of Acquisition Dr. Chula King Advanced Accounting The University of West Florida 1 Student Learning Outcomes Net asset acquisition versus stock acquisition
Answers to activities, practice exercises and exam practice questions
Answers to activities, practice exercises and exam practice questions This text has not been through the Cambridge endorsement process. 2 [1] The cheque which Noel cashed was for his personal expenses.
ConsolidationAfterTwoYears.xls-Part 1 (c) John Bildersee 2002
ConsolidationAfterTwoYears.xls-Part 1 (c) John Bildersee 2002 Cost of acquisition 1,200,000 Life Proportionate Discount Annual Book value of Subsidiary 1,000,000 Purchase premium 300,000 Revaluation Adjustmnt
CHAPTER - II. Accounting for partnership firms - Fundamentals
CHAPTER - II Accounting for partnership firms - Fundamentals Q.1 What is the status of partnership from an accounting view point? Q.2 List the items that may appear on the debit side and credit side of
FEEDBACK TUTORIAL LETTER ASSIGNMENT 2 FIRST SEMESTER 2017 FINANCIAL ACCOUNTING 3A [FAC311S]
![FEEDBACK TUTORIAL LETTER ASSIGNMENT 2 FIRST SEMESTER 2017 FINANCIAL ACCOUNTING 3A [FAC311S]](/thumbs/78/76941594.jpg "FEEDBACK TUTORIAL LETTER ASSIGNMENT 2 FIRST SEMESTER 2017 FINANCIAL ACCOUNTING 3A [FAC311S]")
FEEDBACK TUTORIAL LETTER ASSIGNMENT 2 FIRST SEMESTER 2017 FINANCIAL ACCOUNTING 3A [FAC311S] 1 Question 1 28 marks Most students found some difficulties in determining the payment of the lease. They just
Rent was paid quarterly in advance on 1 January, April, July, and October each year.
WEEK 2 QUESTIONS 1. A company has sublet part of its offices and in the year ended 30 November 2014 the rent receivable was: Until 30 June 2014 A From 1 July 2014 $8,400 per year $12,000 per year Rent
Paper F3 (INT) Financial Accounting. June 2010 ACCA FINAL ASSESSMENT. Kaplan Publishing/Kaplan Financial
ACCA FINAL ASSESSMENT Financial Accounting June 2010 Time allowed: 2 hours All FIFTY questions are compulsory and MUST be attempted. Do NOT open this paper until instructed by the supervisor. This question
Examination for the Bachelor s Degree
Examination for the Bachelor s Degree name: exam in module: Accounting I nationality: 1st examiner: grade: 1st examiner: Berkau / Rosenberg sign.: matriculation number: 2nd examiner: grade: date: January
Property Plant and Equipment (PPE) AS 10
Property Plant and Equipment (PPE) AS 10 Agenda Objective Scope Definition Recognition and Measurement Subsequent Cost and Subsequent Measurement Depreciation Component Accounting Disclosure Requirements
(50) BASIC ACCOUNTING
All Rights Reserved Time: 03 hours THE ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA Instructions to candidates FOUNDATION EXAMINATION - JANUARY 2015 (50) BASIC ACCOUNTING (1) This paper consists
SUGGESTED SOLUTIONS. KE1 Financial Accounting & Reporting Fundamentals. September All Rights Reserved
SUGGESTED SOLUTIONS KE1 Financial Accounting & Reporting Fundamentals September 2015 All Rights Reserved SECTION 1 Answer 01 1.1. Learning Outcome: 1.1.5 State the differences between financial accounting
UNIVERSITY OF BOLTON INSTITUTE OF MANAGEMENT ACCOUNTANCY SEMESTER ONE EXAMINATIONS 2017/2018 FINANCIAL ACCOUNTING FUNDAMENTALS MODULE NO: ACC4013
[IOM10] UNIVERSITY OF BOLTON INSTITUTE OF MANAGEMENT ACCOUNTANCY SEMESTER ONE EXAMINATIONS 2017/2018 FINANCIAL ACCOUNTING FUNDAMENTALS MODULE NO: ACC4013 Date: Wednesday 17 th January 2018 Time: 10:00
Accounting for Business Combinations (ABC)
Accounting for Business Combinations (ABC) Lecture 1;; Corporate Financial Reporting & Revision Nature of companies A company is a type of organisation established under the Corporations Act 2001. Companies
Question 1 SUGGESTED ANSWERS AND EXAMINER S COMMENTARY. Final exam Diploma in IFRSs 15 July 2013
SUGGESTED ANSWERS AND EXAMINER S COMMENTARY Final exam Diploma in IFRSs 15 July 2013 The suggested answers set out below were used to mark this question. Markers were encouraged to use discretion and to
SOLUTION FINANCIAL REPORTING MAY 2013
SOLUTION 1 (A) (i) The purpose of this framework is to Assist the IASB in the development of future accounting standards and in its review of existing accounting standards Assist the IASB by providing
Chattel Mortgage. There are other differences with how GST and repayments are treated see ICB Hire Purchase document for more detail.
Chattel Mortgage What is a Chattel Mortgage? Chattel Mortgage is essentially a finance loan. A payment schedule is established over a number of periods depending on what you can afford per month. The instalment
Osborne Books Tutor Zone. Bookkeeping Controls. Practice assessment 2
Osborne Books Tutor Zone Bookkeeping Controls Practice assessment 2 Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Complete all 10 tasks. Each task is independent.
Osborne Books Tutor Zone. Bookkeeping Controls. Answers to practice assessment 2
Osborne Books Tutor Zone Bookkeeping Controls Answers to practice assessment 2 Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Task 1 Variable monthly bill for broadband
Date of Homework assigned: 7 Apr 2014 Due date: 16 Apr 2014 Exercise book: Book 1
2013-2014 / F.4 BAFS / HA11 / P.1 TWGHs Wong Fut Nam College Form 4 Business, Accounting and Financial Studies Homework Assignment 11 FA Ch1-3 Preparation of Financial Statements for Sole Proprietorships
Hire Purchase and Instalment Sale Transactions Part 2
Recording Date: September 16, 2015 CA Intermediate (IPC) Course Paper 1 Accounting Chapter 11 Hire Purchase and Instalment Sale Transactions Part 2 CA. Mayur Toshniwal The Institute of Chartered Accountants