New User? Start here.
Error goes here
IAS 10 “Events after the reporting period” means the events that has occurred after the end of reporting period but the adjustments or note to accounts, to be given in the financial statements. There are two types of events i.e. Adjusting events and non-adjusting events. Adjusting events are those events which are to be adjusted, if some events occurred after the date of financial statements which give proof of the conditions which preexisted at the time of finalization of accounts. This concept would be explained with the following examples:
The night cub was destroyed by fire on 25thAugust whose conditions were not existed at the time of finalization of accounts. So, this is non-adjusting event but the note to financial statements can be given if going concern concept is at danger.
Journal entry: Accounts payable A/c $15000
To Purchase A/c $15000
The reduction of fine to $ 5000 from $ 55000 has given indication that the fine which was levied in June i.e. before the end of reporting period. So, any incident which gives indication of the event occurred before reporting period should be adjusted in the accounts.
Journal entry: ATO A/c_____Dr 50000
To fine & penalties A/c 50000
To Share Application
( Being share application money received)
Share Application A/c
To share capital A/c
( Being shares allotted)
To bank A/c
(Being underwritten commission)
Share allotment A/c
( Being share allotment money received)
To share allotment A/c
( Being allotment money received)
Share Call A/c
( being share call made)
To share call A/c
( Being money received on call )
Share capital A/c
To share Call A/c
To forfeited shares A/c
( being share forfeited)
Forfeited shares A/c
To share capital A/c
( Being shares reissued)
To capital ReserveA/c
( Being Bal. TF to capital reserve)
Capital reserve A/c
To cost on reissue A/c
( Being cost on re-issue A/c
Calculation of taxable Income
Annual leave expense
Current tax liability
To Income tax payable A/c
( Being current tax liability )
Income exempt for tax purpose
Dep on Motor Vehicle
Dep on plant
To P&L A/c
( Being DTA created)
To DTL A/c
( Being DTL created)
Calculation of Closing DTA
Op bal of DTA
Add: Created dutring the period
Calculation of Closing DTL
Op bal of DTL
Allowed in tax
Account of prepaid insurance
Insurance debited to P&L
Insurance amount paid
Account of warranties
Warranties debited to P&L
Warranties amount paid
Account of Anuual Leave
Leave debited to P&L
leave amount paid
Motor vehicle 1
Calculation of carrying value
value as on 1-7-15
Dep for 15-16
Carrying Value as on 30-6-16
Motor Cycle A/c _________Dr
To revaluation gain A/c
( Being revaluation made)
To Acc. Dep.
( Being depreciation recorded)
Depreciation for 16-17
Revaluation loss A/c
To Motor cycle A/c
To Acc dep
MOTOR CYCLE 2
Dep. for 15-16
Depreciation upto 31st dec 2016
Sale of motor vehicle
Profit on sale
To motor Cycle A/c
To gain on sale A/c
( Being motor vehicle sold)
Tax expense A/c
To cash A/c
( Being tax on gain of MV paid)
Calculation of recoverable Amount
Fair value less cost to sell
Value in use
Higher of above is recoverable amount
Calculation of impairment loss
Impairment loss A/c
To acc. Impairment loss
( Being impairment entry passed)
To View this & another 50000+ free samples. Please put
your valid email id.
Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.
Get Moneyinto Your Wallet
Total 7 pages, 1 USD Per Page
*The content must not be available online or in our existing Database to qualify as
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2021). ACCTING 2501 Financial Accounting. Retrieved from https://myassignmenthelp.com/free-samples/accting2501-financial-accounting/reporting-period.html.
"ACCTING 2501 Financial Accounting." My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/accting2501-financial-accounting/reporting-period.html.
My Assignment Help (2021) ACCTING 2501 Financial Accounting [Online]. Available from: https://myassignmenthelp.com/free-samples/accting2501-financial-accounting/reporting-period.html[Accessed 25 September 2021].
My Assignment Help. 'ACCTING 2501 Financial Accounting' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/accting2501-financial-accounting/reporting-period.html> accessed 25 September 2021.
My Assignment Help. ACCTING 2501 Financial Accounting [Internet]. My Assignment Help. 2021 [cited 25 September 2021]. Available from: https://myassignmenthelp.com/free-samples/accting2501-financial-accounting/reporting-period.html.
The respective sample has been mail to your register email id
* $5 to be used on order value more than $50. Valid for
We have sent login details on your registered email.
Supported by a team of scholarly experts and ample resources, MyAssignmenthelp.com provides prompt law assignment help to students all over Aus at the best possible rates. Our professionals' team assists in all law areas, including criminal law, business law, civil law, and taxation law. They have a comprehensive understanding of the lawful resolutions and guarantees 100% perfect solutions.
The article on NAFTA negotiations by Robyn Urbac, dated July 28, 2017, was published by the CBC News. The North American Free Trade Agreement, often abbreviated as NAFTA, is being constructed carefully for over twenty three years, in order to create a satisfactory balance of protectionism and liberalization. In such trade negotiations, sum of the opposite views, not necessarily yield a satisfactory medium. This occurs espe...
1a. Identify the areas where the parties’ objectives are aligned
Obstinate Misconduct of the Investor, Duty holder, and Equipment Vendor or they disappointment to maintain or obtain any insurance that it is needed to maintain or obtain. Apart from where they used reasonable activities to maintain or obtain some such insurance which is not done notified promptly to the participating of the participant proposing that’s w...
Answer to Question 1
Part 1: ratio analysis
The ratio measures whether the investors or the shareholders money is utilized in an efficient manner or not. The efficient manner here relates to the generation of the revenues for the overall development of the company along with its shareholders. The ratio must be high to show that the company has been maintaining its efficiency as per the requirement. As per the table below, the compan...
1. Part 1: Measurable Organizational Value (MOV)
The Globex established a prior project on Rivarina Agriculture and Lifetime Show (RALS, a 3 days event) from 2000. This show demonstrates the local business, agricultural equipments suppliers and the lifestyle products as well. For proper management of the RALS projects the components those must be followed by the program developers include show stand co ordination, live display of the...
The purpose of this essay is to analyze the issues of obesity in America. The essay deals the various factors that contribute to obesity in humans. The essay further deals with risks associated with a person affected with obesity and overweight. It also talks about the preventive measures for reducing the chances of being obese.
Obesity, in simple terms, means to have fats in the body in an excess amount. Obesity and being overweight ...
Are you confident that you will achieve the grade? Our best Expert will help you improve your grade
MGMT2801 International Business
BSM2519 Oil And Gas Management
ACCT20075 Auditing And Ethics
ITC505 ICT Project Management
SOCI 100 Sociology
BUSN3001 Competitive Strategy
ECON802 The Economics Of Global Business Challenges
GEOU5022 Global Energy Outlook Autumn 2018
POLI120 American State And Local Government
MANAGEMT 7104 Marketing Management
ENTREP 5016 Entrepreneurship And Innovation
STATS 1000 Statistical Practice I
EDUC 6201 Education, Culture And Diversity
COMMGMT 2500 Organisational Behaviour
COMMGMT 3502 Human Resource Management
COMMERCE 7039 Business Research Methods
LAW 2599 Criminal Law
ECON1012 Principles Of Economics
Just refer 5 friends to earn more than $2000.
After the successfull payment you will be redirected to the detail page where you can see download full answer button over blur text.You can also download from there.
Or you can also download from My Library section once you login.Click on the My Library icon
My Library page open there you can see all your purchased sample and you can download from there.
That's our welcome gift for first time visitors
It is too easy to create or access your own library, just enter your email and make your search
MyAssignmenthelp.com stores a huge
COLLECTION OF QUESTIONS AND SAMPLES, which you can refer to any time you want.
Every time you find something useful, you can save that using the bookmark tool. From the next time,
can access that from your personalized library.
With this feature, you get to create your own collection of documents. You get free
choose and bookmark any document you wish.
Accessing the collection of documents is absolutely easy. Once you bookmark a sample,
access its content with a few clicks on your mouse.
This personalized library allows you to get faster access to the necessary documents.
longer need to spend hours to locate the sample you need.
Finding a sample from a list of thousands is nothing less than spotting a needle in a
Personalizing your own library relieves you from that stress.
On APP - grab it while it lasts!
*Offer eligible for first 3 orders ordered through app!
ONLINE TO HELP YOU 24X7
OR GET MONEY BACK!
OUT OF 33845 REVIEWS
Received my assignment before my deadline request, paper was well written. Highly