... ACCOUNTS CASE STUDIES Q1) Advice to BPLT Ltd about the treatment of the following in the final statement of accounts for the year ended on 31st March 2002. A claim lodged with the railways in March 1999 for loss of goods of Rs 2,00,000 had been passed for payment in March 2002 for Rs 1,50,000. No entry was passed in the books of company, when the claim was lodged. Q2) Y. Co Ltd used certain resources of X Co Ltd. In return X Co. Ltd receives Rs 10 lakhs and Rs 15 lakhs as interest and royalties, respectively from Y Co Ltd during the year 2001-2002 you are required to state whether and on what basis their revenue can be recognized by X Co Ltd? Q3) On December 1, 2001 Royal Co. purchased Rs 4,00,000 worth of land for a factory site. Royal razed an old building on the property and sold the material its salvaged from the demolition. Royal incurred additional costs and realised salvage proceeds during December 2001 as follows : |Demolition of old building |Rs. 50,000 | |Legal fees for purchase contract and |Rs. 10,000 | |recording ownership | | |Title guarantee insurance |Rs. 12,000 | |Proceeds from Sale of Salvaged Materials |Rs. 8,000 | In its December 31, 2001 Balance Sheet Royal Co. should report a balance in the land account. Q4)...
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...partnership agreement provided as follows: (a) Interest at the rate of 10% per annum is to be allowed on the partners’ Capital Account balances. (b) Interest on drawings was to be calculated at 4% per annum. (c) Top was allowed a salary of RM400 per month. (d) Interest on partner loan was 6% per annum. Trial Balance As At 31 December 2009 RM Capital : Top : Middle Current Account : Top : Middle Drawings – Middle (1 October 2009) Loan from Top Furniture and Fittings (cost RM50,000) Premises Debtor and creditors Cash and bank Gross profit Employees Salary Insurance Rent Interest on Loan - Top Partner's Salary - Top Provision for bad debts Discount Stock 31 December 2009 RM 20,000 10,000 400 980 3,200 15,000 28,750 28,000 15,200 490 4,640 1,300 2,040 580 3,000 9,120 5,980 27,210 1,000 420 360 1,310 89,490 89,490 Additional information: (i) Loan interest still outstanding for the year; (ii) Part of premises was sub-let to a tenant with annual rent RM900; (iii) Insurance premium RM1,300 included RM300 is for the period January 2010; (iv) Bad debts written off RM200 and provision of doubtful debts is adjusted to RM750; (v) Provided depreciation of furniture and fittings at 10% p.a using straight line method; You are require to prepare: (in vertical form) (a) Profit and Loss Account for the year ended 31 December 2009 (b) Profit and Loss Appropriation Account for the year ended 31 December 2009 (c) Balance Sheet As At 31 December 2009 2...
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...A COMPARATIVE STUDY OF STANDARD COSTING SYSTEMS OF TWO COMPANIES CERTIFICATE FROM THE ORGANISATION TABLE OF CONTENTS Sr. No. | Chapter Name | Page No. | 1. | Acknowledgement | 5 | 2. | Preface | 6 | 3. | Objective and Introduction | 7 | 4. | A Brief about the two Companies | 8 | 5. | Standard Costing System | 12 | 6. | Findings | 15 | 7. | Conclusion | 17 | ACKNOWLEDGEMENT We owe much gratitude to all the people who have helped and supported us during the conduct of this project. Our sincere thanks to our Professor Prof. L.N. CHOPDE for giving us the opportunity of practically studying standard costing systems of organizations with the help of this project. He has been a perfect guide through all the lectures and has helped a lot throughout the preparation of the project. Our deep sense of gratefulness to Mr. Anil Rasal for his support and guidance. Thank and appreciation to the staff of both the banks for their support too. We would also like to thank the institution – M.E.T. College and the faculty members without whom this project would have been a distant reality. PREFACE Comparative Study of Accounting System of Gunnebo India Pvt. Ltd and Ashok Leyland Ltd.: As part of the project we have studied the standard costing systems and the general accounting related to it followed by Gunnebo India Pvt. Ltd and Ashok Leyland Ltd. As per the guidelines given for the project we have taken the two companies. Both are manufacturing...
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...FINAL ACCOUNTS FOR COMPANIES 4.1 IAS 1 Presentation of financial statements IAS 1 identifies three fundamental assumptions that must be taken into account when preparing accounts: Going concern Accruals Consistency 'IAS 1 Presentation of financial statements was published in 1997 and revised in 2004. IAS 1 gives details about the general requirements and what it says about accounting policies and fundamental assumptions and on the format and content of financial statements 4.1.1 Objectives and scope The main objective of IAS 1 is: to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities.' IAS 1 applies to all general purpose financial statements prepared and presented in accordance with International Financial Reporting Standards (IFRSs). 4.1.2 Purpose of Financial Statements The objective of financial statements is to provide information about the financial position, performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. They also show the result of management's stewardship of the resources entrusted to it. In order to fulfill this objective, financial statements must provide information about the following aspects an entity's results. • Assets • Liabilities ...
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...1. Guidance on How to Submit Assignments via Moodle All coursework and questions must be uploaded to your tutor via the upload facilities provided by Moodle. Assignments How to Submit to your Tutor via Moodle Moodle Guide for Students Moodle Guide to Submitting: Draft Assignments Final Assignments Submitting Your Draft Assignment 1. You will find your assignment submission link for each unit in your study materials – usually at the top of the study materials or at the bottom. The submission link is called “Assignment Instructions” – please see an example of the assignment link below: 2. Clicking on the “Assignment Instructions” link will take you to this page – see below – if you cannot see this section below – you need to scroll down the page. 3. To upload your draft assignment, you need to click on the “Add submission” button – see below 4. Clicking on the “Add submission” button, you will be taken to the ”File submission” page – where you can upload your draft assignment. To add your assignment (file) you need to click on the page icon in the left hand corner of the file submission box. See below: 5. Clicking on the “page icon” will take you to the “file picker” page – see below: If you do not see this view – then you need to click on the “Upload a file” option on the left – see above. To upload your file (draft assignment) you need to click on the “Choose file” button. This will allow you to find your file on your computer. Once found...
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...of the paper in greater detail. The purpose of this writing assignment is to help you express your thoughts/findings on a subject related to Money and Banking, as well as to gain some greater confidence in the process of scholarly writing. That said, I am NOT looking for original research, although in some cases (but not all cases), basic data analysis may be required for you to demonstrate certain points you wish to make. This project is about writing and expressing your ideas in a clear and careful way. A first draft of this term paper is due next Monday (November 11th). Please post the papers on Blackboard. If you must, you can forward to my email account. The paper must be typed, double spaced, and roughly 12 pages in length, exclusive of tables and references. The first draft will account for 1/3 of your final grade on the paper. I am looking to see that you have developed the idea in a reasonably thorough way. By that I mean the following: 1) You have made explicit in your introduction what it is you are writing about and why you think this is a topic worthy of development. 2) You have considered the topic within the bounds of our subject—money and banking—and have made repeated connections to the material touched on in class. You need NOT follow my lectures, or the book, but you MUST connect clearly to the content. 3) Your sources...
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...Common objectives: Our team would like to achieve an overall score of 85%. We would like to communicate on a more frequent basis and find a suitable time that we each one could log into the system to read and respond to questions that the group might have in order to meet assignment deadlines. We would assign specific roles to each team member depending on each person’s strengths and share new ideas for team development. Work organization: Our team has decided to distribute the assignment work on a rotational basis. We would take into account the personal commitments of each team member and come up with suitable timelines as to when each one can take the responsibility of submitting the assignments. Mutual respect: As mentioned in the common objectives and work organization sections, we would identify the strengths of the team members and also availability and time commitments of each individual and come to a decision as to who takes responsibility for what task and assignment. If one team member is not able to do a particular task in a specific week, the team members would help out. Feedback will be provided with mutual respect to the team members. Functional relations: Teams are more effective when their members share common mental models of the work. We would like to share a common mental model of our work throughout this course to maintain a high level of performance within the group. We respect each member’s feedback and encourage and motivate each other so that...
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...will be given opportunity to run stall/stalls at the given space .One stall is compulsory and another is optional. 2. Stalls will be activity based and the theme will be related to the working of the department as far as possible. For example, the school of education, fashion technology, Pharmacy, Arts and Languages etc. can run the stalls according to the creative display/sale. 3. A group of 4 students will be given DL on account of bringing idea, planning and execution at the stall on 17 &18th Oct.14.Their entries will be punched by 14th Oct on interface by the school cultural coordinators. 4. University will NOT bear any expenses on account of stalls as the same will be met by the respective school /group of school out of the income they gain at the stall/stalls. 5. The rent for one stall will be Rs. 1100/= per day which will include 15*15 tent with three side curtains, two tables with plastic table top and frill, and two chairs which will be deposited in the accounts office by the student representative after the final approval of the stall. 6. Food stalls and recreational; and fun game stalls will not be repeated. First come, first serve will be followed. It will not be like this that 3-4 schools are having Gol Gappa and Chat stalls. First come ,first serve will be followed. So get your stalls approved at the earliest. 7. The stalls will be adjudged by a panel and the best three stall names will be announced at the time of declaration of...
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...age,because my friends are always my classmates ,we have a lot of common topics to talk about with each others.for example ,we always go shopping rand study together.so my friends mostly at my age. do you usually see your friends during the week or at weekends? Well.i always see my friends during the week,because i am living in the University dormitory whit my friends,we always go to study and go to library together.so i usually see my friends during the week. The last time you saw your friends, what did you do together? Well,i remember the last time i saw my friends last month,at that time, we ended the final exam,we should go to our home for our summer holiday.we were have a dinner together,be fore i left school, she gave me a hug . Now i missing her very much. in what ways are your friends important to you? Well ,in my opinion, friends are account for an important part in my life.they always gives me some good ideas when i am in trouble. When i feel upside they often accompany me on my side.at that time i feel moving. Part 2. Describe an interesting historic place You should say : What it is Where it is located What you can see there now And explain why this place is interesting Let's me tell you something about BeiJin ,which place is the capital of...
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...I used to play soccer for a club,just for recreational purposes,in fact i was one of the cofounders of the team. The team we assembled was a mixture of young and old, and for this reason we were the laughing stock of the league, because all other teams were made up solely of young players, who were exceptionally talented. The team ended up on the wrong side of the score for the first few games we played, and got nicknamed the “whopping boys”. Eventually we grew tired of the nickname and of our performances on the field, and we decided to try and improve things, first thing we did was to elect a leader for the club. Even though i didnʼt want the job, i was voted into the position, and as the president it was my duty to represent my team when the league called for club meetings. At the time we were all students, so it was decided that we would all contribute towards any and all expenses,but unfortunately when you dealing with a blend of young and old, things donʼt always go according to plan, people constantly made up excuses for not showing up for practice, or for not contributing towards our equipment. Even though it wasnʼt my duty, i took it upon myself to ensure that every single player showed up for practice, i used to drive up to the houses of all those who didnʼt have any transportation. It was a tiring job, but i realized that if i wanted the team to be successful, i had to make certain sacrifices, some of which included taking money out of my own pocket...
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...Axia College Material Appendix A Final Project Overview and Timeline Final Project Overview The final project consists of a checkout application. This application—similar to practical programs at many supermarkets—includes the following elements: • Complete requirements analysis • Design • Verification • Validation and test documentation The checkout application is a program that allows users to enter items and totals will be added up and results presented to the user. Requirements The requirements will change for each assignment section. This is because as we go along you will be able to add to the previous assignment using what you have learned during the course. Each assignment will require you to perform analysis and design and testing. We will learn more formal testing in week 6. Final Project Timeline You should budget your time wisely and work on your project throughout the course. As outlined below, some CheckPoints and assignments in the course are designed to assist you in creating your final project. If you complete your course activities and use the feedback provided by the instructor, you will be on the right track to complete your project successfully. □ Suggested in Week One: Read Appendix A regarding the final project overview and timeline. □ Due in Week Two: Initial Application Development □ Due in Week Four: Additional Application Development □ Due in Week Six: Final Application Development and Test Cases ...
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...patient for hearing aid suitability. It was agreed that these three sessions encompassed all aspects in Audiology she may come across in her future career. For example, she can fit a hearing aid, she can assess a patient and she has learnt that not all fittings are straight forward, for those presenting with a unique problem(s). The end product is patient satisfaction, provide a solution for the patient and to support that in practise. Leanne has come on in leaps and bounds since her early days in the department. She is confident, but finds it difficult to ask questions. However, she does manage talk about things in the appointment through her reflective reporting. This is something I may need to talk with her about when I have the final meeting with her. But I am not overly concerned at this moment in time. The 3 reflective reports that Leanne produces is of good quality, informative and reasonably accurate. It also highlights aspects of training she mentions that we both have undertaken together in the appointment, so I suppose she is reporting her own training and that of mine in her words, that I can use as evidence that can be signed off. Each three reflective reports enclosed have been signed by myself and my mentor-supervisor, including this document. Trainee mentor…………………….print name………………….date:……………… Mentor-supervisor…………………print...
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...the students are Bill and John. Bill believes that the completed -contract method is most like recognizing revenue at point of delivery because in the end the final product is delivered and has fulfilled any requirements to recognize revenue. John believes that percentage-of-completion is most like point of delivery and this allows a company to recognize revenue over time. I support Bill’s opinion that the completed-contract method is closest to recognizing revenue at point of delivery. The reason I support this is because while there is still construction taking place, as in the percentage-of-completion method, there still is no actual product being delivered. Along with no product being delivered, it is possible that the final product may never actually be made. If there’s a chance the end product not being made then there is no way to recognize revenue for that product. Using the completed contract method we hold off on recognizing any revenue until the final product is finished and delivered to the client. In my opinion completed contract fulfills the requirements of revenue recognition which are (1) the amount has to be realized / realizable and (2) the revenue must be earned. In completed contract at point of delivery the item can be considered earned now that it is completed and ownership has passed to the final customer. Percentage-of-completion does help serve large contracts that take years to complete so that a company can recognize some revenue every year. The problem...
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...A statement presented in justification or explanation of a belief or action. Sentence- The student gave the principal a reason why he talked back to his teacher. Record- (v) Set down in writing or some other permanent form for later reference, esp. officially Sentence- We recorded the notes so that I could use them on my test later in the year. Relationship - (n) a connection, association, or involvement Sentence- The relationship between those two people is brother and sister Research – (v) to search or investigate exhaustively Sentence- I researched the problem in the investigation to find out what happened. Resolution – (n) The act of resolving or determining upon an action or course of action, method, procedure, etc. Sentence- The final resolution on the argument between the two students was that they both got suspended. Respond- (v) To reply or answer in words Sentence- The student responded to the teacher because he was called on to answer the...
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...presentation of your findings, and manage the time and skills of your group members. The objective of this assignment is to persuade your audience/potential investors that you have identified an opportunity that fills an important gap in the market. You are asked to identify an idea for a new venture and conduct an environmental analysis (PEST, Five Forces, size of market) to prove that your idea is worth funding. Essentially, you are answering two questions: What is your idea and why does it represent a worthwhile opportunity in the business environment? This project is worth 20 marks of your BU111 final grade and consists of three components: • 4 marks for the New Venture Preliminary Report (hard copy due BEFORE Friday, October 12th at 12 noon; turnitin and peer evaluations due BEFORE Friday, October 12th at 12 midnight • 10 marks for the Final Report (hard copy due BEFORE Friday, November 16th at 12 noon and turnitin and peer evaluations BEFORE Friday, November 16th at 12 midnight) • 6 marks for the New Venture Presentations (done in Labs #10 or #11 as assigned by TA – peer evaluations due BEFORE Wednesday, December 5th at 12 midnight) Details on what is required and how to complete and submit each of the above components are provided below. New Venture Idea Qualification In order for your new venture idea to qualify as a legitimate opportunity, it should possess the following three essential characteristics: 1) creates value...
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