Practical work on IFRS

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Uploaded: 25.07.2014
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Objective 1.
Make a balance sheet, using the following data:
1 Cash 5000
2 Payables 7000
3 Accounts receivable 14,000
4 Equipment 30,000
5 Products 2800
6 Retained earnings 14,800
7 Shareholders' equity 30,000
Objective 2.
Fill in the blanks in the following balance equations:
Task 3.
Total assets of the company «Z» at the beginning of the year amounted to 800 000 CU, and total liabilities 300 000 CU
Identify how the structure of the balance under the influence of the following operations:
Task 4.
December 31 20..g. the organization has made a profit and loss account and balance sheet, while it did three corrective entries. The incorrectly prepared profit and loss account was recorded net income of $ 40,000 monetary units In the balance sheet the entire amount of assets left 120 000 monetary units, liabilities 50 000 monetary units, the share capital of 70 000 monetary units
Objective 1.
Analyse the following transactions made by the joint stock company, and fill in the table using the "+" sign
to indicate the increase or "-" sign to indicate the reduction of the main components of the balance equation.
. Make a profit and loss statement, statement of retained earnings and the balance sheet of "Beach", based on the following data reported for September 2010
Objective 1.
Profit and loss of the company includes the following articles (CU):

Net sales 800 000
Gross profit on sales 280 000
Inventories at beginning of period 100 000
Discounts for purchase of 15 000
Return and devaluation of purchased goods 8000
Freight paid on the purchase of 10,000
Operating expenses 300 000
Purchases 530,000

Using figures provided, calculate:
-sebestoimost of goods sold;
-sebestoimost goods available for sale;
-sebestoimost balance at the end of the period.
Objective 2.
Specify which part of the cash flow, and how familiar are the following financial transactions:
1. Cash receipts from the sale of goods for cash
2. Payment of interest on short-term loans
3. Sale of treasury shares for cash
4. The payment of dividends on preferred shares
5. The receipt of dividends from a subsidiary
6. The sale of the building at a price above book
7. Acquisition of the equipment in exchange for the old surcharge
8. Preparation of the interest income on government bonds
9. Preparation of the final coupon payment and redemption of bonds of the company XXX, purchased 10 years ago
10. Conversion of preference shares into ordinary shares
11. Payment of the current rent
12. Payment of finance lease
Task 3.
Using the statements of the company BBB (Table 1 and Table 2), build a report of cash flows: 1 indirect
method, direct method 2
Company "A" for the year recorded a net profit of 300,000 CU Accumulated depreciation
buildings and equipment amounted to 80 000 CU Below are the balances of short-term assets and short-term
liabilities at the beginning and end of the year:
HHH1 HHH0
Cash 40,000 25,000
Accounts receivable 19,000 60,000

Additional information

The company has acquired a plot of land in the amount of 60,000 AE .. commission real estate agent made 5000 CU
7000 was spent on. Ie the demolition is on the site of the old building. In accordance with the method of accounting for the actual
acquisition cost in the financial statements will reflect the cost of the following land:
Hhh0 December 31, the company acquires land for 50,000 CU As of March 31, the value of hhh1
area increased to 51,000 CU As of December 31, hhh1 of cost of land has increased to 53 000 CU At what cost
necessary to increase the amounts recognized under the account "Land" on hhh1g.
Determine the outcome of a contract for each year of its implementation.
Contractor enters into a contract for the construction of a tunnel at a fixed price of $ 10,000. According to the initial estimate of the cost of the contract was $ 7,500. Term of construction of the tunnel under the agreement - 3 years. By the end of 1 year, the cost of the contract increased to $ 8,400.
Within 3 years the customer approves the amount of deviations, resulting in an increase in the amount of contract revenue of $ 500 and an increase in the amount of contract costs $ 250. By the end of 2 years of work costs incurred include the cost of materials to be used for 3 years, which is $ 300.
Determination of the degree of completion (progress) contract is made by calculating the proportion of costs on the balance sheet date in the estimated total contract costs: 30%, 60% and 100%, respectively.
Objective 2.
What amount should be capitalized and written off what?
The recoverable amount of the machine can be defined as the cost for the company in the further use or resale value.
The recoverable amount of the machine is $ 120,000. The machine is a qualifying asset. Its average carrying value for the period is $ 114,000. $ 20,000 of the amount of borrowing costs for the period are included in this machine.
Task 3.
The company acquired inventories (Table 1). Some of them are expected to be realized on the side (Table 2).
It is required to determine to what assessment they will be included in the financial statements.

Task 4.
The company "Stone" applies the perpetual inventory. In March, the company made the following purchases and sales:
Task On the basis of the information provided above, calculate the cost of goods sold in March, and the cost of inventories as of March 31, according to the FIFO method.
Task 5.
The initial value of fixed assets 400 000 cash. u The residual value of 52 000 den. u a service life of 10 years. To determine the amount of depreciation for the second year of operation of fixed assets:
-uniform amortization method;
-method declining balance depreciation at a rate of 25%.
Task 6.
How revenues will be reflected in the financial statements, if you have a contract for the development of the software for $ 50,000. $ 10,000 of this amount relates to the service support after the sale. Currently 20% of the development is completed. The client paid $ 18,000 and pay the balance upon completion.
Target 7.
After reporting in 2009. Organization Ltd. found that the products sold in 2008. wrongly included in the reserve at 31 December 2008 in the amount of 8000 monetary units, and not in cost of sales for 2008.
In 2009. revenues from sales amounted to 200 000 monetary units, cost of sales - 115 000 monetary units (Including 8000 incorrectly included in inventory at the beginning of the period), the income tax is set at 20%.
With the help of retrospective and prospective methods should reflect the correction of errors of previous years in the profit and loss account based on the following data.
Target 8.
MMM Corporation estimates inventories at the lower of cost and net realizable value.
Determine the value of inventories.

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