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

Discussion Question:

Mr. Imran - a newly hired manager accounts of Alpha limited is working closely with the company auditors as the year closing is on. During this financial audit, Imran has found the following matters to be settled for reporting in to the yearly accounts:

a.       The company gives warranties at the time of sales to customers to repair manufacturing defects free of charge within the one year of the sales. The company accounts carry an estimated cost of such repairs of Rs. 1 million.  During the year one of the customers has filed a law suit against the damages claim of Rs. 100,000. The company’s legal counsel is expecting unfavorable decision for Rs. 75,000 against the claim of the customer.

b.       Although no legislation exists for environment/physical cleanup but the company has an established gesture for cleaning up the front road side where the factory has been installed for the last 10 years. According to the company’s estimates, an amount of Rs. 500,000 is required for the current year.

Briefly discuss as per IAS 37 on Provisions, Contingent Liabilities and Contingent Assets, as how the above cases will be dealt in the company’s financial statements for the year under review. Support your answers with reasons as per the related IAS.

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.

 

+ How to Follow the New Added Discussions at Your Mail Address?

+ 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: 420

.

+ 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

GDB pls

d-

RSS

Latest Activity

+ ! ! ! ! ! ! ! ! ! AG liked Biya's discussion Waqat Dolat Rishty. . .
53 minutes ago
+ ! ! ! ! ! ! ! ! ! AG liked Whispering Soul's discussion Mamu :D
53 minutes ago
Rana Shoaib updated their profile
1 hour ago
+ ! ! ! ! ! !blaire liked + Iuuoɔǝut+'s profile
1 hour ago
Biya liked + Iuuoɔǝut+'s blog post A Brief History of HTML
2 hours ago
+ ! ! ! ! ! ! ! ! ! AG replied to Biya's discussion Waqat Or Samajh
2 hours ago
+ ! ! ! ! ! ! ! ! ! AG liked Biya's discussion Waqat Or Samajh
2 hours ago
+ ! ! ! ! ! ! ! ! ! AG replied to Biya's discussion Khoob Sorat Bat. . . . .
2 hours ago
+ ! ! ! ! ! ! ! ! ! AG liked Biya's discussion Khoob Sorat Bat. . . . .
2 hours ago
+ !! SARAH liked + Iuuoɔǝut+'s blog post A Brief History of HTML
2 hours ago
Raheela joined + M.Tariq Malik's group
2 hours ago
Raheela joined + M.Tariq Malik's group
2 hours ago
+ !! SARAH liked +++Mahoo+++'s discussion Famous Logos With a Hidden Meaning(special for adeena)
2 hours ago
Raheela joined + M.Tariq Malik's group
2 hours ago
Raheela joined + M.Tariq Malik's group
2 hours ago
Raheela joined + M.Tariq Malik's group
2 hours ago
Profile IconRaheela and Iqra Malik joined + M.Tariq Malik's group
2 hours ago
+ Iuuoɔǝut+ replied to + Iuuoɔǝut+'s discussion Mujhe shakh shakh sy torna ................
2 hours ago
Hareem Malik replied to + Iuuoɔǝut+'s discussion Mujhe shakh shakh sy torna ................
2 hours ago
+ Iuuoɔǝut+ replied to + Iuuoɔǝut+'s discussion Mujhe shakh shakh sy torna ................
2 hours ago

Today Top Members 

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

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