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Important announcement

Graded Discussion Board

Financial Accounting II (MGT401)

 

Dear Students!

This is to inform that Graded Discussion Board (GDB) No. 02 will be opened on February 13, 2015 for discussion and last date for posting your discussion will be February 17, 2015.

Topic/Area for Discussion

 “IAS-18”

This Graded Discussion Board will cover first 35 lessons.

 

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Topic: IAS-18 (Revenues)

IAS-18 deals with revenue, revenues recognition process and what to recognize and when to recognize? Different hypothetical situations that are near to real time circumstances of corporate world are given below. Read them carefully and highlight the amount of revenue(s) that should be recognized as per IAS-18 for each case separately:

  1. Delux company’s famous brand is ‘Xelon’ bearing retail price of Rs. 117 and prevailing general sales tax (GST) rate is 17%. The Company sold 100,000 units of ‘Xelon’ this year.
  2. Gross revenue of XYZ Company is Rs. 10 Million for the year 2014 whereas, Ledgers accounts of company are showing Rs. 2 Million discount offered to customers due to seasonal promotion.
  3. BCC Company is providing supplies to its corporate customers. A customer purchased the supplies of Rs. 2 Million and promised to clear his liability in one year. Prevailing discount rate is 16%.

Note: The answer of each question should not exceed 40 words.

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Replies to This Discussion

bhai g thora explain be kr dainy ...?

can  u please elaborate it??

Mgt401

Gdb No.2

Topic: Ias-18(Revenue)

Ans: 1) Delux cretail price= 117

  (GST) Tax 17%

Company sold=100000*117=11700000

Sales Tax of company = 11700000*17%=1989000

=11700000-1989000=9711000

2) Gross revenue – discount

     =10M-2M =8

3)Company Liability =2Million –Dicount sales=16%

                    =2000000 -320000

                     = 1680000

thanks siso

Guys need elaboration please..

1st case ka ans calculate kartay ve GST kidher gaya ??

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