601-610: Accounting and Audit - Accountancy Forum Topics
The following is a chronological list of all the topics discussed in the "Accounting and Audit" section of Accountancy Forum. Click on the link to read more and take part in this discussion.
Total topics in this section: 1083. Showing topics 601-610
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L/cs And L/gs Treatment For Receivables
Dear All, I am working in Cement industry in one of the Gulf countries and currently we are facing the following problems with respect to our receivables. From all of our credit customers we receive L/Cs and L/Gs. • What should be the treatment of L/Cs and L/Gs in the books of account? • In case we receive “Post dated check” from the customers, can we reduce our receivables at this point of time? If yes, how can it be executed? • In case of L/C, when the Bank issues “Acceptance Advice” (an irrevocable commitment) that this will be the maturity date of our L/C, but sometimes it takes one or two days for the money to be actually credited in the bank, can we reduce our receivables as at the maturity date of the L/C and not waiting for the money to be actually credited in bank (on the basis of bank acceptance advice). Kindly advise in light of “International Accounting standards” (with reference). Muhammad Ihsan
A pen is sold at Rs.48 at a profit of 20 percent. what is the amount of profit in it?
Does Islam Allow Trading Shares Of Banking Company
Friends i've just bought shares of bank alfalah. Does islam allow this investment?
If an airline buys a plane but before it uses the plane, it is deemed unfit by the FAA, when (if at all) does depreciation begin on that plane? Do you record it as a fixed asset with depreciation? Or is it a regular asset with no depreciation?
Plz tell me the name of any book according to pakistni law regarding issue of shares.
Purchasing In Pkr, Paying Through $ Account Ias 21
Hello everyone, My question is regarding IAS 21 treatment. Can best be understood by an example. Organization functional currency is USD (policy is to convert PKR to USD using last week avg. rates) If inventory is purchased for PKR 800 and paying through USD bank account -----------------PKR------Ex.rate used-------------USD Exchange loss--------------------------------------0.126 Purchases---------800-------80-(last week avg)-------10 ----Bank USD----------800---79*--------------------------10.126 *Exchange rate provided by the bank for the payment OR ------------------PKR------Ex.rate used------------USD---- Purchases---------800---------79*------------------10.126 -----Bank USD---------800-----79*----------------------10.126 Which one is the right treatment in that case ? Your response will be highly appreciated.
Accruals And Provisions In Foreign Currency
my question is: whether accruals, such as accrued bonus, accrued annual leaves etc or provisions, such as provision created in anticipation of penalty or lawsuit, if these amounts are calculated in foreign currency during the year, using transaction rate at the date of booking the said accrual/provision, should it be translated at the year end spot rate? are these monetary items liable to be translated at year end spot rate or not?? as i read in ias 21, provisions settled in cash are categorized as monetary items. please explain whether these two items should be translated or not 1- provision for penalty US$ 100(estimated amoount payable in 2009) booked in June 2008 @ Rs.60 = Rs. 6,000 if closing spot rate is 80.. then at year end will it be shown in books at 6000 or 8000?
AA all, Mark up paid to bank for late payment against lc (import at sight). Please tell me is it financial expenditure or import jo directly cost of sales ma jatee ha. and agar ye Mark up Dishonor Bills ( Acceptances) par ho to kea treatment ho ge. For a limited company paid up capital 100 Million Regards KANWAR
Dear All, What are the areas other than payment of liability where we need to calculate exchange gain or loss ? Regards !
Operating Lease Or Finance Lease? Need Your Help
Purple Ltd has entered into an agreement to lease a D9 bulldozer to Lemon Ltd. The lease agreement details are as follows: Length of lease 5 years Commencement date 1 July 2008 Annual lease payment, payable 30 June each year commencing 30 June 2009 $8,000 Fair value of the bulldozer at 1 July 2008 $34,797 Estimated economic life of the bulldozer 8 years Estimated residual value of the plant at the end of its economic life $2,000 Residual value at the end of the lease term, Of which 50% is guaranteed by Lemon Ltd $7,200 Interest rate implicit in the lease 9% The lease is cancellable, but a penalty equal to 50% of the total lease payment is payable on cancellation. Lemon Ltd does not intend to buy the bulldozer at the end of the lease term. Purple Ltd incurred $1,000 to negotiate and execute the lease agreement. Purple Ltd purchased the bulldozer for $34,797 just before the inception of the lease. Required: A. State how both companies should classify the lease. Give reasons for your answer. (1.5 Marks) Please help me :| I think it operating lease because of it's cancellable with limited cost. It means that there is a limited risks . Then it must be opearating !
