Archive about 'Stock Write Off and Provision'

Consolidation according to International Accounting Standards

Consolidated Financials are prepared in accordance with the following IFRS and IAS:

IAS 27 “Consolidated Financial Statements”

IAS 28 “Accounting for Investments in Associates”

IAS 31 “Financial Reporting of Interest in Joint-Ventures”

IAS 39 “Financial Instruments: Recognition and Measurement”

IFRS 3 “Business Combinations”

IAS 31 Financial Reporting [...]

Consolidation according to International Accounting Standards

Consolidated Financials are prepared in accordance with the following IFRS and IAS:
 

IAS 27 “Consolidated Financial Statements”

 

IAS 28 “Accounting for Investments in Associates”

 

IAS 31 “Financial Reporting of Interest in Joint-Ventures”

 

IAS 39 “Financial Instruments: Recognition and Measurement”

 

IFRS 3 “Business Combinations”

 
 

IAS 28 :Accounting for Investments in Associates

 
 

An associate is an enterprise, [...]

Consolidation according to International Accounting Standards

Consolidated Financials are prepared in accordance with the following IFRS and IAS:

 IAS 27 “Consolidated Financial Statements”

IAS 28 “Accounting for Investments in Associates”

IAS 31 “Financial Reporting of Interest in Joint-Ventures”

IAS 39 “Financial Instruments: Recognition and Measurement”

IFRS 3 “Business Combinations

Consolidation According to IAS 27: Consolidated Financial Statements

 

A subsidiary is defined [...]

Accounting For Bills Of Exchange – Part 3: Bills Payable

Bills Payable

As explained in Part 1,
1. The bill of exchange after it is accepted is known as bill receivable to the drawer and payable to the acceptor [ When a drawee accepts the bill and signs he/she is known as the [...]

Accounting For Bills Of Exchange – Part 2: Bills Receivable

Bills Receivable

As explained in Part 1,  
1.     The bill of exchange after it is accepted is known as bill receivable to the drawer and bill payable to the acceptor           [ When a drawee accepts the bill and signs he/she  is known as the acceptor. The acceptor is primarily liable on a bill to the drawer so [...]

Accounting For Bill Of Exchange: Part 1

Basics:

 1.   Definition of a Bill of exchange: 

“is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future date, a sum certain in money to or to the order [...]

Types Of Subsidiary Book-The Sales Journal

The Sales Journal

This Journal records all sales on CREDIT. The book is written up from the duplicate of sales invoices. It contains only credit sales related to the goods originally bought for resale.
Sales Journal as follows:

Date
Invoice No
Particulars
Folio No
Details($)
Monthly Total($)

2007

Jan 1
 4230
Mr ABC
 SL 8
 190.00

    20
 4231
Mr BCD
 SL 11
 150.00

    31
 4232
Mr BDE
 SL 15
 450.00

 $790.00
======

When the Sales Journal is written [...]

Purchases Of Businesses By Limited Companies ( Part 1)

(A) Basic Principles when a limited company takes over another business

 
(1) It can satisfies the purchase consideration by giving

cash,
shares or debentures
assuming the trade liabilities
any combination of cash, shares/debentures/assuming trade liabilities

 
(2)  the assets acquired are often different from the values shown in the vendor business’s book ( example : ten years ago, the vendor company [...]

Standard Costing-Labor Variance

TOTAL LABOR VARIANCE.
·    It is the difference between the standard labor cost for the actual production and the actual costs.
 
·    This variance consists of two part namely:

 ( Wage RATE Variance )

 And

( Labor EFFICIENCY Variance)

Wage RATE Variance
The result of paying an actual rate of labor at an ACTUAL price that is different from the STANDARD price.

Probable [...]

Answer To Accounting Test Question SWO No. 1 On Stock Loss

Answer to Accounting Test Question SWO No.1:

Answer to Question A:
(A ii) Computation of Adjusted Value of Wintner’s stock at 31 March 2006

$

$

Balance of stock

64,670

Add: goods purchased

2,830

Goods returns (100/125 x $180)

144

2,974

67,644

Less: Credit sales (100/125 x $2,120)

1,696

Cash sales (100/125 x$1,320)

1,056

Goods returned to [...]