Pls tell me the treatment of belowmentioned details as per new companies act provisions-
Asset- Bldg , date of acquisition- 01.05.1998
WDV as on 31.03.2014-200000
Original cost - 500000/-
Accumulated Depreciation-90000/-
Life as per new companies act-60 year
Further asset revalued on 2005 to 300000/-
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I want to know the difference between the terms accruals and outstanding. Please tell me the difference as soon as possible.
Quick ratio
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We bought a machine in another country for R15 000 through our financial institution (Bank) , but when the machine was finally delivered the amount was now R10 000.00 . What is the proper accounting treatment of the difference of R5 000?
We are the government institution not involved in the foreign exchange trading .
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Asset
We bought an asset in another country (We are the government authority not involved in the business of hedging or FEC ), the initial quotation was R10 000 and we bought it for R15 000.00 because of changes in exchange rates.
How is the difference of R5 000 be treated in the accounting records?
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Depreciation as per new companies act 2013