All topics related to Financial Accounting.
As the financial year closed on 30 June, Income Tax Return Filling 2023 in Pakistan has started. Any taxable person whether individual, association of persons (AOP) or company are required to file return of total income with Federal Board of…
IAS 7 statement of cash flows question answers position 2013 2012 Retained earnings Rs. Rs. General reserve 1,050 300 525 420 1,575 720 Rs. Rs. Dividend paid 225 Balance b 300 Transfer to reserves 105 Net profit for year after…
IAS 2 Inventories Question Answers IAS 2 is the International Accounting Standard 2.It is a standard issued by the International Accounting Standards Board (IASB). This standard deals with the accounting treatment of inventories with disclosure requirements. This standard guide us…
IAS 24 Related Party Disclosure Questions and Answers help companies to properly show RPT transaction that are materials specifically. If one party has direct or indirect control over other entity or if entities are under common control or if one…
In this article, we will understand Inventory valuation using Weighted Average Problems and Solutions. If you want to understand LIFO and FIFO, you can read our previous articles using these links: FIFO LIFO Weighted Average Problem Mr. Kevin started its…
There is a complete guide on Property, Plant and Equipment in IAS 16. The treatment is same both under IASB and US GAAP. Following example will help you understand the practical approach on how to record the tangible fixed assets…
As the name suggests, Sale and Leaseback transactions involve both sale and lease transactions at the same time. But as they relate to the same asset, this is the reason of calling this as Sale and Leaseback transaction collectively. In…
Under this method, we estimate the ending figure of the closing inventory based on the gross profit percentage. In this approach, we assume that the gross profit % remains constant during the reporting period. This method is also known as…
The balance as per bank statement and the bank balance in the ledger accounts differ in most cases. That is why; there is a need to reconcile the difference between two sets of balances. There are plenty of reasons for…
Held to Maturity Investment is debt securities which is kept under control till the time of its maturity date. Please keep in mind that equity securities have no maturity date, so they may not be treated as Held to Maturity Investment.…
