XYZ is a new company incorporated in Cambodia in 2015. Under the tax regulations, XYZ is required to calculate and pay annual Tax on Profit. The following extracts of transactions for fixed assets in relation to the tax year ended 31 December 2016. On 20 January, company purchased a car of $20,000. On 29 April, company purchased five computers of
Continue reading Top Trading Group Co.,Ltd is merchandising company, and company has two major products. Under the tax regulations, Top Trading Group Co.,Ltd is required to calculate and pay annual Tax on Profit. The following extracts of transactions for financial statement in relation to the tax year ended 31 December 2016. The assumptions for company are as follows: Net profit/(Loss) after
Continue reading Top Trading Group Co.,Ltd is merchandising company, and company has two major products. Under the tax regulations, Top Trading Group Co.,Ltd is required to calculate and pay annual Tax on Profit. The following extracts of transactions for financial statement in relation to the tax year ended 31 December 2016. Top Trading Group Co.,Ltd Income Statement For 2016
Continue reading PEB IMPORT & EXPORT Co.,Ltd is local company that makes accounting transactions locally and overseas, and company buys and sells two major goods such as cars and computers , but cars are imported from overseas while computers are bought from local market. Under the tax regulations, PEB IMPORT & EXPORT Co.,Ltd is required to calculate and pay annual Tax
Continue reading XYZ is a company incorporated in Cambodia since 2012. XYZ purchases and sells goods to local customers and distributers. Under the tax regulations, XYZ is required to calculate and pay annual Tax on Profit. The following extracts for equity, liability, sales, profit and costs of goods sold have been provided by XYZ’s accountant in relation to the tax year ended
Continue reading ABC is a new company incorporated in Cambodia in 2016. ABC purchases and sells house appliances to local customers and distributers. Under the tax regulations, ABC is required to calculate and pay annual Tax on Profit. The following extracts for total costs and other information have been provided by ABC’s accountant in relation to the tax year ended 31
Continue reading IAS 1 : Current Liabilities Current liabilities An entity shall classify a liability as current when: (a) it expects to settle the liability in its normal operating cycle; (b) it holds the liability primarily for the purpose of trading; (c) the liability is due to be settled within twelve months after the reporting period; or (d) it does not have
Continue reading Current assets An entity shall classify an asset as current when: (a) it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle; (b) it holds the asset primarily for the purpose of trading; (c) it expects to realise the asset within twelve months after the reporting period; or (d) the asset is
Continue reading IAS 1 : Information to be presented in the statement of financial position The statement of financial position shall include line items that present the following amounts: (a) property, plant and equipment; (b) investment property; (c) intangible assets; (d) financial assets (excluding amounts shown under (e), (h) and (i)); (e) investments accounted for using the equity method; (f) biological assets
Continue reading IAS 1 : Identification of the financial statements An entity shall clearly identify each financial statement and the notes. In addition, an entity shall display the following information prominently, and repeat it when necessary for the information presented to be understandable: (a) the name of the reporting entity or other means of identification, and any change in that information from
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