Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Problem:
Flying Power Limited entered into two separate service contracts with two customers:
CUSTOMER A
CUSTOMER B
Contract Inception
1 January 20x6
Contract price (at inception)
R200 000
R600 000
Rebate (price reduction)
R80 000 (note 1&2)
Various (note 3&4)
Service duration
2-month period
3-month period
Services provided
January & February
Amounts paid as at 28 February 20x6
R140 000 (note 2)
None
At contract inception, Flying Power Ltd expected that customer B would provide a BEE certificate proving a Level 1 contribution. This certificate was expected before 20 February 20x6.
Note 4: Customer B presented the necessary documentation on 18 February 20x6 (before the deadline has expired). Upon analysis thereof, it was determined that customer B was actually a Level 2 contributor.
Required:
a) Show the journals that Flying Power Ltd must process relating to the information presented above(relating to both customers A & B)for the 28 February 20x6 financial year.
b) Provide an explanation for your journals with specific reference to IFRS 15 Revenue from Contracts with Customers.
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
Prepare general journal entries for Goela Ltd
Prepare the journal entry to record the acquisition of the assets.
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd