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Problem 1: Karanjawala & Co is a very well-known legal firm and fights cases in the courts across India. SBI has appointed the firm as a "retainer" for an amount of Rs. 10,00,000 per annum on the 30th Sep. 2019. The firm has agreed to take care of cases and furnish general legal advice upon request for one full year. In addition, the client would be billed for regular legal services such as representation in litigation. There was no way of knowing how often, or when, the client would request advice, and it was quite possible that no such advice would be requested. How much of amount received by the firm should be considered as revenue in the financial year ending 31st March, 2020? Why?
If you were a small business owner would you implement an activity-based costing system. What potential benefits or pitfalls do you foresee? Discuss the risk associated with being over or under-leveraged.
Stephon Company paid USD 640,000 cash for a tract of land on which it plans to erect a new warehouse, and paid USD 8,000 in legal fees related to the purchase. Stephon also agreed to assume responsibility for USD 25,600 of unpaid taxes on the propert..
a manufacturing company was to purchase various capitalizable spare partssome of which could be very expensive for its
Prepare the journal entry for Organic Growth at April 2, 2020, assuming Organic Growth estimates returns of 20% based on prior experience.
Under IFRS, if fair value of land is appreciating and fair value of office equipment is depreciating, which measurement model (cost or revaluation) would you suggest for measuring land vs. office equipment? Why?
Calculate the break-even point (in RM and units) and the margin of safety (in percentage) for HD Vision Bhd. Compute the HD Vision Bhd required sales
Discuss other alternatives aimed at optimizing deductions or reducing taxes, such as selling the property to an unrelated third party which, in turn
Prepare the journal entry to record the receipt of payment on January 2. Assume that Sheridan Company received the balance due from Concord
What issues relating to the concept of the time value of money may be important in this decision-making process? Explain.
The 5- year risk free spot rate is 3.125% and risk spread is 1.75%. What is the present value of the expected loss
The project cost of capital is 10 per cent . what is the project pay back period, what is the project NPV, what is the project IRR in MIRR
Prepare the ledger entries to record the above transactions. Applications were received for 40,000,000 shares. The director rejected application for 5,000,000
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