standard codification that represents asset retirement and environmental obligations. Under ASC 410‚ there are two main subtopics which are asset retirement obligations and environmental obligations. Asset retirement obligations are legal obligations that may exist in connection with an entity’s retirement of a tangible long-lived asset. These legal obligations may arise when the entity acquires‚ constructs‚ or develops a long-lived asset‚ or operates a long-lived asset under normal conditions. However
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------------------------------------------------- Dec. 31‚ 2012 | ------------------------------------------------- Dec. 31‚ 2011 | ------------------------------------------------- Jan. 1‚ 2011 | 1 | Previous year’s figures have been adjusted‚ see Note [5] | | Current assets | ------------------------------------------------- | ------------------------------------------------- | ------------------------------------------------- | ------------------------------------------------- | Cash and cash equivalents
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There are six major topics that are used in the ASC. The first one is The General Principles Area which includes broad conceptual matters. The next one is The Presentation Area which shows information is presented in the financial statements. The Assets‚ Liabilities‚ and Equity Areas have guidance on all of the balance sheet accounts while the Revenue and Expense Areas have guidance on all of the income statement accounts. The next topic that is used in the ASC is The Broad Transactions Area which
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new company which is formed to takeover all the liquidated companies or the company with which the transferor company is merged is called transferee or vendee. In case of amalgamation the assets and liabilities of transferor company are amalgamated and the transferee company becomes vested with all such assets and liabilities. DEFINITIONS: The following terms are used in this standard with the meanings specified. (a) Amalgamation means an amalgamation pursuant to the provisions of the Companies
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Cost of Sales InventoryDeferred Tax Asset Income Tax Expense | 108‚0004‚800 | 92‚00016‚0004‚800 | 30 June 200930 June 2012 | Transfer of non-current asset at 30/06/2009Gain on sale EquipmentDeferred Tax Asset Income Tax ExpenseDepreciation of computer three years after transferRetained EarningsDeferred Tax Asset ComputerAccumulated Depreciation Depreciation Retained EarningsIncome Tax ExpenseRetained Earnings Deferred Tax Asset | 6‚0001‚8004‚2001‚8003‚600360720 | 6
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identify the qualifying plant expenditure for plant and machinery. ii. Compute initial allowance‚ annual allowance‚ notional allowance and accelerated capital allowance. iii. Determine the balancing charge or balancing allowance on disposal of assets. 1.0 Introduction * Capital expenditure is not tax deductible. So‚ depreciation or amortization is also not deductible as there is no outgoing. * However‚ a person can claim tax relief on capital expenditure in the form of capital allowance
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on Assets a. Net income ÷ Total assets 193‚200 ÷ 3‚170‚200 = 6.1% b. (Net income ÷ Sales) x (Sales ÷ Total Assets) (193‚200 ÷ 4‚269‚871) x (4‚269‚871 ÷ 3‚170‚200) = 6.1% Return on Equity a. Net income ÷ Stockholders Equity 193‚200 ÷ 1‚204‚600 = 16% b. Return on Assets (investment) ÷ (1 – Debt/Assets) .061 ÷ (1 – 1‚965‚600/3‚170‚200) = .061 ÷ .38 = 16% Profit Ratios for 2005: Profit Margin= Net income ÷ Sales 243‚100 ÷ 4‚483‚360 = 5.4% Return on Assets
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Finance can be through of as the study of the following 3 questions: 1. In what long-term assets should the firm invest? (Capital budgeting) 2. How can the firm raise cash for required capital expenditures? (Capital structure) 3. How should short-term operation cash flows be managed? (Working capital management) Forms of business organization: Proprietorship- single owner Partnership- more than one owner Corporation- legal entity separate and distinct form its owners and managers. Corporations
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* Salaries to partners and interest on partners’ capital balances method * Changes of Ownership * Admission of a Partner-Through Purchase Among Partners * Admission of a Partner- Through Investment of Additional Assets * Admission of a Partner-Through Bonus to the Old Partners * Admission of a Partner-Through Bonus to the New Partners * Withdrawal of a Partner * 2 ways a partner can withdraw from a partnership *
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198 Accounting Standard (AS) 14 (issued 1994) Accounting for Amalgamations Contents INTRODUCTION Definitions EXPLANATION Types of Amalgamations Methods of Accounting for Amalgamations The Pooling of Interests Method The Purchase Method Consideration Treatment of Reserves on Amalgamation Treatment of Goodwill Arising on Amalgamation Balance of Profit and Loss Account Treatment of Reserves Specified in A Scheme of Amalgamation Disclosure Amalgamation after the Balance Sheet Date ACCOUNTING
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