Recent content by simply_slmn

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    Rented building improvement

    Building (Asset) account will be debited only if the renovation increases the useful life of the building than already estimated. General renovation expenses are to be expensed off irrespective of the ownership of the building.
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    UK IFRS16 - sub lease

    We can evaluate two options then: Option 1: Since the cost will be borne by the parent here onwards, the liability should no longer exist in the books of subsidiary. In that case the company should debit the Liability account and give the credit to Equity. In the books of parent, a liability...
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    USA Reporting a Family Business on a Family's Balance Sheet

    Lets break down answer to your question on point by point basis: Firstly, accounting the business as a separate entity is a very good idea. Inflow of cash in the business can be treated as CFF in the for the business and CFF out from the family. Considering the opportunity cost of salaries and...
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    UK IFRS16 - sub lease

    I have certain questions before I could answer yours: 1. If the cost is now to be borne by the Parent, instead of the subsidiary, how do we plan to extinguish the remaining liability from the books of subsidiary? (One option is to take it to equity in the books of subsidiary and create a deemed...
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    Australia Discount rate in make good provision

    You may simply skip adjusting the cash flow then. Just discount the cash flow with applicable government bond rate.
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    USA ASC 606 and 842

    Can you elaborate more on the first para of the question?
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    India Unresolved Ledger Entry

    So are you planning to return Rs 7,235 or keep it as your gross profit. The treatment would depend on your response.
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    Australia Discount rate in make good provision

    As per AASB 137, where the time value of money is material, the provision is discounted to reflect the present value of the estimated expenditures (using a pre-tax rate, such as the government bond rate). Using WACC as a discount rate may not be appropriate for the provision. A more...
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    Looking for an accountant

    Is your query resolved for an accountant? Let me know if I can give you some break through.
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    Accounting entry for issue of shares at lower consideration than paid up capital

    This is ideally called issue of shares at discount. You record the balance of $ 500k as Discount on Issue of Shares. However, I'm not really sure how practical it is in the prevalent times.