General Accounting
IAS 10 Events after the Reporting Period: ABC’s statement of profit or loss showed a profit before tax of $2 million. After the end of the reporting period and before the financial statements were authorized for issue, the following events took place. A customer who owed $100,000 at the year end went bankrupt owing a total of $150,000. Inventory valued
Continue reading IAS 20 ACCOUNTING FOR GOVERNMENT GRANTS AND DISCLOSURE OF GOVERNMENT ASSISTANCE : Question: A company receives a 20% grant towards the cost of a new item of machinery, which cost $100,000. The machinery has an expected life of four years and a nil residual value. The expected profits of the company before accounting for depreciation on the new machine or
Continue reading IAS 11 Construction Construct Question: Answer : Note: – Gross amount due from customers is asset. – work certified given of $230,000 or 290,000 x 79.31%=$230,000 Source: BPP
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