Answers: Question 1: Being an accountant of Himalaya Ltd that has a cafe and gift shop at Mount Tamborine in the Gold Coast hinterland, let us discuss accounting treatment of certain items: (a) It has been observed that $20,000 cash was stolen from the safe at night. Such theft of cash is a company's loss and cannot be found back. It is therefore considered as an expense. SAC 4 'Statement of Accounting Concepts' defines expense as “con...Read More >>
Answers: Introduction: 1 a) AASB 107, Statement of Cash Flows, deals with the reporting of cash flow from different activities. These activities are operating, investing and financing. The operating activities are those activities, which are directly related to the business operation. The cash flow from operating activity is the result from the events and transactions that determines the profit or loss (Bizfluent, 2017). In the given ca...Read More >>
Answers: 1.The concept of fair value is described as the price that would be received by the person if he goes to the open market and sells his asset. Or the amount that he would have to pay in case, he transfers a liability on to another in an apt manner between the different market participants at any specified date. The following are the 4 key elements of the concept: The asset or liability:this point takes into account whether the thing...Read More >>
Answers: 1.As per the stated provisions of AASB 101The accounting treatment given to assets that are either lost or stolen vary depending upon the type or nature of the asset in question. Broadly there are three main categories for this Loss of Fixed Tangible Assets Loss of Inventory or stores and supplies Loss or stolen cash or other valuable assets Since the given the case falls under the third category we will follow the treatment menti...Read More >>
Answers: 1: This statement raises question regarding the utility of fair value information about assets, which are held for use, instead of exchange. With AASB 13 in place, concerns could be observed among the standard setters with the ways of measuring fair value, instead of when fair value measures are needed. As mentioned in the exposure draft, there are a number of respondents that have questioned IASB whether fair value measurement is re...Read More >>
Answer: 1.Manufacturing cost flows Cost of goods manufactured schedule Opening work in progress $ 6,20,000.00 Direct material Opening raw material inventory $ 4,86,000.00 Add: Raw material purchases $ 86,51,500.00 Add: Freight inward $ &...Read More >>
Answer: Question 1 Fair value accounting can be applied to those assets which have no market available by considering the values available for the similar assets in the market and these assets can also be measured using some other methods. As per AASB 13 Para 27 the assets which have no commercial use and which have no market available are exchanged between willing seller and willing buyers only (Barr and McClellan, 2018). They are to be called...Read More >>
Answer: Answer to question 1: Cost of Goods Sold Schedule for the period ended 31st December 2017 Particulars Amount Amount $ $ Cost of Goods Manufactured 1,71,32,500 Add: Opening Finished Stock Inventory 2,75,500 1,74,08,000 Less: Closing Finished Stock Inventory 7,52,000...Read More >>
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