000 | | | 75,000 | | Accounts receivable & prepayment | 450,000 | | 330,000 | | | 5,000 + 15,000 | | Cash at bank | 500,000 | | 385,000 | | | | | Investment in Claire Ltd | 2,000,000 | | | | | 2,000,000 | | Property, Plant & Equipment | | | | | | | | - Cost | 3,535,000 | | 2,500,000 | | | | | - Accumulated Depreciation | | 340,000 | | 125,000 | 14,000 | | | Accounts payable & accruals | | 290,000 | | 95,000 | 5,000 + 15,000 | | | Share
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Project In July, 2006, the Board voted to add to its agenda a project on lease accounting. The project will be conducted jointly with the US Financial Accounting Standards Board (FASB) and is expected to result in the publication of a joint discussion paper in 2008. The project will reconsider all aspects of lease accounting and is expected to fundamentally revise the way lease contracts are recognized in the financial statements of lessees and lessors. The Board directed the staff to establish
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| | | Sale of land |$ 180,000 | | Purchase of equipment |(415,000) | | Purchase of available-for-sale securities |
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on a historical cost basis except for investments held by associates which is measured at face value, the net value of inventory is the estimated selling price, depreciation of plant and equipment is done on annually basis and is affected by determining the useful lives of property, plant and equipment, another policy is revenue recognition, revenue for sale of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer. It is also
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lessee and lessor. A lease is a contract in which the lessor gives the lessee the right to use an asset (property, plant and equipment) for a specified period of time in exchange for periodic rental payments. The lessor is the owner of the property and the lessee is a tenant or renter. Most frequent examples of assets acquired by lease include automobiles, building space, computers and equipment. NeedsSpace entered into a lease agreement with WeHaveIt to rent space for its corporate offices. The lease
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DIC Annual Report 2013 Year ended March 31, 2013 D IC Corporation, one of the world’s leading diversified chemicals companies, is also the core of the DIC Group, a multinational organization with a network comprising more than 180 companies in 62 countries and territories worldwide. Established in 1908 as a manufacturer of printing inks, DIC has capitalized on its extensive technologies, know-how and experience in the years since to transform itself into a global powerhouse in key fields of endeavor
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on the overall strength of the second way out, making particular mention of whether the first and second ways out are independent. Case (a) No further information required. Commercial building and land = $650 K Treated as commercial property and extended at 50% then SLM = $325 K Against a borrowing of $500K ie. undersecured First and 2nd ways out are NOT independent Case (b) No further information required. Mandurah House valued at $560 K Perth House valued at $550
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Answers Diploma in International Financial Reporting 1 (a) 1. Consolidated income statement for the year ended 30 September 2005 Revenue (W1) Cost of sales (balancing figure) Gross profit (W2) Distribution costs (7,000 + 6,000 + (6,000 x 35% x 4/12)) Administrative expenses (8,000 + 7,000 + (7,200 x 35% x 4/12)) Operating profit Investment income (W3) Finance cost (W4) Profit before tax Income tax expense (7,000 + 1,800 + (3,600 x 35% x 4/12)) Profit for the period Attributable to Minority interest
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SCANNING THE ANNUAL REPORT ACCOUNTING INFORMATION SYSTEMS Try and find answers to the following questions from the annual report of Hindustan Unilever Ltd. 1. What is HUL’s business? Who are its major suppliers and customers? How many employees does HUL have? Why is this information important? 2. Read the “Contents” page. Mark the items that relate to financial statements as “FS” and the rest as “NFS”. 3. Who is responsible for preparing and presenting the financial statements? Where
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Intangible assets: lack physical substance, are subject to a high degree of uncertainty concerning future benefits. Examples: patents, copyrights, franchises, goodwill, organization costs, trademarks. The same accounting issues relating to plant assets also apply to intangibles. However, by their nature intangibles are often more difficult to identify, value, and estimate a useful life. Intangibles can be categorized according to: - whether they are separately identifiable (examples
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