investment of money should be conducted in accordance with the principles of Islamic Sha’riah whereas according to Ustaz Hj Zaharuddin (2007) stated that conventional bank operates based on debtor-creditor relationships. For example‚ it is between depositors (creditor) and bank (debtor); and borrowers (debtor) and the bank (creditor). Conventional bank maximize profit by charging interest to customers. On the other hand‚ Basu (2006) defines Audit report as “… the document to which auditor convey
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Task 1-P5 The main purpose of the trading account is to know the gross profit/loss of the business. According to the trading profit and loss account for Smiths for the year ended 31st December the gross profit is £186‚325. However the trading account is used to see whether the material costs and direct expenses are covered or not. Material costs means the price of the items used to produce the goods for the sale. Direct Expenses means the expenses are linked to the production to make the goods for
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Actor: 1. Encik Selamat- General manager of Excel poultry & meat Sdn Bhd 2. Encik Kassim- Manage the finance & marketing 3. Mr Choy- Credit Controller 4. Encik Azman- Executive director of Cold Gold Sdn Bhd (debtor) 5. Puan Azura- Account Executive 6. Mr Siva- Retail customer 7. Encik Munir- Former staff at finance department Issue: 1. Late 2008‚ operating cash running low. 2. Significant increase in short term borrowing. ↓ Increase financial obligation (interest
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November 27‚ 2012 SURVEY TO SOURCES OF FINANCE AVAILABLE TO A BUSINESS INTRODUCTION Financing is the basic element to start a business and without financing or funding a brilliant or workable profit idea or scheme is just a waste of time. To convert a business plan into a workable business it is essential that reasonable sources of funds are available for the following. * Startup Cost * Raw Material and Working Capital * Production / Service process * Marketing / Sales Raising
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G.R. No. L-42091 November 2‚ 1935 GONZALO CHUA GUAN‚ plaintiff-appellant‚ vs. SAMAHANG MAGSASAKA‚ INC.‚ and SIMPLICIO OCAMPO‚ ADRIANO G. SOTTO‚ and EMILIO VERGARA‚ as president‚ secretary and treasurer respectively of the same‚ defendants-appellees. Facts: 1. Gonzalo Toco‚ the owner of the 5‚894 shares of capital stock mortgaged these shares to Chua Chiu to guarantee the payment of debt of 20‚000. -These shares were represented by 9 certificates; having a par value of P5 per share
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Correct Feedback A troubled debt restructuring is a process whereby creditors grant concessions to the debtor that they would not consider otherwise. These actions could included accepting assets or equity interest to settle debt or modification of terms of the debt. Incorrect Feedback A troubled debt restructuring is a process whereby creditors grant concessions to the debtor that they would not consider otherwise. These actions could included accepting assets or equity interest to
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Introduction • Goals of Receivable Management • Credit Management • Optimum Credit Policy • Credit of Account Receivable 155 Introduction Accounts receivable represent the amount due form customers (book debts) or debtors as a result of selling goods on credit. “The term debtors is defined as ‘debt’ owned to the firm by customers arising from sale of goods or services in the ordinary course of business.” The three characteristics of receivables the element of risk‚ economic value and futurity
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of ways but it simply involves conducts‚ which are inconsistent with proper performance of the agreement. It’s a violation of a material aspect of the agreement – an aspect that goes to the root of the contract. 3.1.1 Repudiation Where the debtor (the person to whom performance is due) shows a clear intention to be no longer bound e.g. a house that has been let to A by the lessee is re-let to B‚ or a situation of double sale of a car. The creditor could accept repudiation and sue when the
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receivables. Debtor Days was changed from 2010 to 2013. Obviously‚ the data has significantly increased in 2013. Compare the Average Trade Receivables and sales revenue between 2011 and 2012‚ it has increase 18.8% and 13%. However‚ the growth rate of sales revenue is smoothly. So this is key factor which result in Debtor Days was go up. This situation will lead to rising costs and operating passive. Compare with Super-Group‚ the debtor days is almost same. In the same industry‚ Debtor Days shorter
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Answer All Questions Question 1 A trader decided to open a Provision for Doubtful Debts Account in 2007. Provision was to be provided at 5% of debtors outstanding at each year end. $ $ Debtors balance at 31 Dec 2008 10 900 Debtors balance at 31 Dec 2009 10 500 Debtors balance at 31 Dec 2010 10 000 The following information has to be taken into account when preparing the provision for doubtful account. 1 The provision account has a balance of $600 on 1 January 2008.
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