Mgt401 Current Spring 2011 Final Term VU Paper [July 2011] Virtual University of Pakistan
Thursday, July 21, 2011 Posted In .Final Term Exam Spring 2011 (July) Edit This
Mgt401 Current Spring 2011 Final Term VU Paper [July 2011] Virtual University of Pakistan
what do you know about accruals with respect to IAS 37?
numerical question about lease.
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accounts payable at the begning Rs 250000
accounts payable at the end Rs. 190000
Credit purchases Rs. 200000
calculate cash payment in the form of accounts payable ledger.
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T Co. deals in sports goods. it exchanges some of its plant with R Co.
Assets of T Co. are:
cost 25000
accumulated depreciation 15000
fair value of asset 12000
Assets of R Co. are:
cost 000 i forgot :(
accumulated depreciation 000 i forgot :(
fair value of asset 18000
note :
T co. also pays Rs. 6000 for settlement of transaction.
Required:
pass journal entry in the books of T Co.
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Historical cost: Consideration paid (payable) or received (receivable) at the time of recording of transaction
(no relation to current costs).
.. Current cost: The consideration that would have to be paid if a same or an equivalent asset is acquired.
The undisclosed amount of cash or cash equivalents, that would be required to settle an obligation currently.
.. Realisable value: The consideration that would be realised by selling an asset in an orderly disposal.
Administrative Costs
Selection and Application of Accounting Policies – IAS 8
Sale of Goods - IAS 18
