We are here with you hands in hands to facilitate your learning & don't appreciate the idea of copying or replicating solutions. Read More>>

Looking For Something at vustudents.ning.com? Click Here to Search

www.bit.ly/vucodes

+ Link For Assignments, GDBs & Online Quizzes Solution

www.bit.ly/papersvu

+ Link For Past Papers, Solved MCQs, Short Notes & More

Advance Financial Accounting (Fin611)

Gdb no 1         Marks:4

Due date : 24 jan ,2017

Discussion Question:

During the month of July 2015, MNC – a large rice dealer, entered into a contract with FMCG for the provision of 10,000 sacks of rice. The contract was to make delivery of this quantity in September in the standard packing of 50 KG sack at Rs. 6,750 each. FMCG intends to sell this rice at Rs. 155 per kg in the local market in the days to come. But, owing to increase in certain input prices, MNC raised the rate to Rs. 7,350 per sack and refused to deliver below this rate at any cost. Failure to receive this delivery at start of the season, FMCG has been facing heavy loss on account of its business goodwill. To cover this damage, it has filed a law suit of Rs. 4 million in excess of the loss against MNC. The lawyers of MNC are of the opinion that the outcomes of this suit would possibly be in favor of FMCG. It has been estimated that the court may award damages ranging from Rs. 5 million to 7 million to FMCG. However, MNC’s legal team believes that considering the history of such cases, the best estimate of the potential liability may not exceed Rs. 5.75 million.

 

   1:Determine the actual amount of loss.                                                     

   2: Determine the amount of total damages claimed by FMCG.                       

   3: Without passing a journal entry, describe the accounting              treatment of opinion given by the lawyers of MNC in the           light  of  IAS 37 (Provisions, Contingent Liabilities and            Contingent  Assets)

Important Instructions:

  1. Your discussion must be based on logical facts.
  2. Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
  3. Obnoxious or ignoble answer should be strictly avoided.
  4. Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.

 

Ø For Detailed Instructions please see the GDB Announcement

 

+ How to Join Subject Study Groups & Get Helping Material?

+ How to become Top Reputation, Angels, Intellectual, Featured Members & Moderators?

+ VU Students Reserves The Right to Delete Your Profile, If?


See Your Saved Posts Timeline

Views: 466

.

+ http://bit.ly/vucodes (Link for Assignments, GDBs & Online Quizzes Solution)

+ http://bit.ly/papersvu (Link for Past Papers, Solved MCQs, Short Notes & More)

+ Click Here to Search (Looking For something at vustudents.ning.com?)

+ Click Here To Join (Our facebook study Group)

Replies to This Discussion

Please Discuss here about this GDB.Thanks

Our main purpose here discussion not just Solution

We are here with you hands in hands to facilitate your learning and do not appreciate the idea of copying or replicating solutions. Read More>>

 

Note:-

For Important Helping Material related to this subject (Solved MCQs, Short Notes, Solved past Papers, E-Books, FAQ,Short Questions Answers & more). You must view all the featured Discussion in this subject group.

For how you can view all the Featured discussions click on the Back to Subject Name Discussions link below the title of this Discussion & then under featured Discussion corner click on the view all link.

Or visit this link 

Click Here For Detail.

&

.•°How to Download past papers from study groups°•.

 

Please Click on the below link to see…

.... How to Find Your Subject Study Group & Join .... 

RSS

Latest Activity

+ ! ! ! ! ! Hate ! ! ! ! + updated their profile
5 minutes ago
+ ! ! ! ! !Cato liked + M.Tariq Malik's discussion کوئی مشکل پڑے تعویذ بنا سکتے - ہو تم مرے نام پہ ہر داو لگا سکتے ہو
25 minutes ago
+ ! ! ! ! !Cato replied to + M.Tariq Malik's discussion VU Students Reserves The Right to Delete Any Profile On the Site
28 minutes ago
+ ! ! ! ! !Cato liked + M.Tariq Malik's discussion VU Students Reserves The Right to Delete Any Profile On the Site
29 minutes ago
M.Raza updated their profile
1 hour ago
+ ՏhehαrZααD + liked + M.Tariq Malik's discussion کوئی مشکل پڑے تعویذ بنا سکتے - ہو تم مرے نام پہ ہر داو لگا سکتے ہو
4 hours ago
+ ՏhehαrZααD + liked + M.Tariq Malik's discussion یہ ان کا ظرف ہے بیٹھے ہیں آستینوں میں - یہ میری خو ہے کہ میں یار یار کرتا ہوں
4 hours ago
+ ! ! ! ! ᎠixieᎠuຮt꧂ replied to + "αяsαℓ " Ќąƶµяɨ •"'s discussion Muhabato me li gaye kasmain
7 hours ago
+ ! ! ! ! ᎠixieᎠuຮt꧂ replied to + Iuuoɔǝut+'s discussion Farz Karo ....
7 hours ago
+ ! ! ! ! ᎠixieᎠuຮt꧂ commented on + "αяsαℓ " Ќąƶµяɨ •"'s blog post چھوٹا کام
7 hours ago
+ ! ! ! ! ᎠixieᎠuຮt꧂ liked + M.Tariq Malik's discussion VU Students Reserves The Right to Delete Any Profile On the Site
7 hours ago
+ ! ! ! ! ᎠixieᎠuຮt꧂ liked + Iuuoɔǝut+'s discussion Har Shaks Naraz hy meri baton sy
7 hours ago
+ ! ! ! ! ᎠixieᎠuຮt꧂ liked + M.Tariq Malik's discussion کوئی مشکل پڑے تعویذ بنا سکتے - ہو تم مرے نام پہ ہر داو لگا سکتے ہو
7 hours ago
+ ! ! ! ! ᎠixieᎠuຮt꧂ liked + "AS"'s discussion Jesi Ab hai ..
7 hours ago
+ ! ! ! ! ᎠixieᎠuຮt꧂ liked + Iuuoɔǝut+'s discussion Farz Karo ....
7 hours ago
szh786 updated their profile
9 hours ago
+ ՏhehαrZααD + replied to + M.Tariq Malik's discussion VU Students Reserves The Right to Delete Any Profile On the Site
10 hours ago
+ Android updated their profile
11 hours ago
+ "αяsαℓ " Ќąƶµяɨ •" and + Iuuoɔǝut+ are now friends
11 hours ago
+ ! ! ! ! ! ! ! ! ! AG liked + Iuuoɔǝut+'s discussion Har Shaks Naraz hy meri baton sy
11 hours ago

© 2019   Created by + M.Tariq Malik.   Powered by

Promote Us  |  Report an Issue  |  Privacy Policy  |  Terms of Service