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Accounting PoliciesThese financial statements have been prepared under the historical cost basis of accounting which is modified to accommodate the revaluation of certain property, plant and equipment.Property, plant and equipment are stated in the accounts of cost or revalued amount less accumulated depreciation. Depreciation is based on the estimated useful life of the asset and is provided at the following rates:Assets RateLand No depreciationBuildings 2 % on costPlant and machinery 20% on costFixtures, furniture and fittings 25% on costMotors vehicles 30% on reducing balanceInventory is stated at the lower of cost and net realizable value. Cost represents the purchase price or production cost and other expenses incurred to get the inventory ready for sale. Net realizable value is the selling price of the inventory less other expenses that will be incurred to get he inventory ready for sale.
Circumstances under which a subsidiary company can be excluded from consolidation Consolidated financial statements shall include all subsidiaries of the parent A parent need
Receiver necessary statement The receiver may, if necessary, require the statement to be submitted by: Past or present officers of the company Persons who have taken
Q. Dividends in arrears on cumulative preferred stock a. are shown in stockholders' equity of the balance sheet. b. must be paid before common stockholders can receive a dividend.
Pre-acquisition losses in subsidiary company on date of acquisition If the subsidiary company has a loss on the date of acquisition i.e. a debit balance in the retained profits
Part I: Wal-Mart Stores Inc.'s income statement and balance sheet are attached. Gather relevant information from the financial statements to calculate the financial ratios, and co
Moore Corportation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings (the corportation uses the nearest ful
You have previously been exposed to the 'Introduction and analysis' of financial statements in previous sections of this course. From now you might have acquired several familiarit
The following items are found in the trial balance of M/s Sharada Enterprise on 31st December, 2000. 10 marks Summer 2013 Sundry Debtors Rs.160000 Bad Debts written off Rs 9000 Dis
The dividend yield as well as capital growth for 2004 must be calculated with reference to the 2003 end-of-year share price. The dividend yield is 0·56% (100 × 2·8/500·8) as well a
Q. Explain Productivity linked bonus? The grant of productivity-linked bonus is intended to provide substantial motivation towards achieving higher productivity by way of incre
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