A guide to Consolidated accounts A SIMPLE GUIDE TO CONSOLIDATED ACCOUNTS This is a basic guide prepared by the Technical Advisory service for members and their clients. It is an introduction only and should not be used as a definitive guide‚ since individual circumstances may vary. Specific advice should be obtained‚ where necessary. Requirement to Prepare The Companies Act 2006 gives exemption from the requirement to prepare group accounts to small groups but not medium sized groups
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Paula Redwood‚ a sole trader‚ prepared the following Trial Balance from her accounts on 30 April 2009. Rent General expenses Insurance Salaries Electricity Capital Motor expenses Bad debts Drawings Debtors Creditors Bank Stock 10% Loan Loan interest Carriage outwards Commission received Purchases Sales Purchases returns Sales returns Discounts allowed Discounts received Provision for doubtful debts Equipment Provision for depreciation of equipment Motor vehicles Provision
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capital employed? A B C D current assets – current liabilities fixed assets + current assets – current liabilities fixed assets + current assets + current liabilities net assets – current liabilities 2 When preparing a sole trader’s annual accounts‚ no adjustments were made for closing amounts prepaid. What is the effect of these omissions? A B C D net profit overstated net profit understated current assets overstated creditors understated creditors understated owner’s capital overstated
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credit sales of $5.60 million for year 2010. Chiller estimates that 1.32% of the credit sales will not be collected. Historically‚ 4% of outstanding accounts receivable is uncollectible. On December 31‚ 2010‚ the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $3561. Chiller prepares a schedule of its December 31‚ 2010‚ accounts receivable by age. Based on past experience‚ it estimates the percent of receivables in each age category that will become uncollectible. This information
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analysts’ information’‚ Journal of Accounting and Public Policy‚ vol. 25‚ no. 5‚ pp. 609-625‚ <http://www.sciencedirect.com/science/article/pii/S0278 42540 6000706>. * Makhija‚ A.K.‚ Patton‚ J.M. (2000). The Impact of Firm Ownership on Voluntary Disclosure: Empirical Evidence from Czech Annual Reports. Working Paper‚ University of Pittsburg. * David‚ P & Kochhar‚ R 1996‚ ‘Barriers to effective corporate governance by institutional investors: Implications for theory and practice’‚ European Management
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Full Disclosure The general practice of providing information that is of sufficient importance to influence the judgment and decisions of an informed user is often referred to as the full disclosure principle (Kieso‚ Weygandt‚ and Warfield‚ 2007). Full disclosure requires that financial statements and their notes present all information that is relevant to the users’ understanding of the company’s financial condition. In other words‚ the statements should offer any explanation that is needed
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Outcome 5 Section 1 Badges of Trade Firstly it is important to determine if Ali is trading as annual profits from trade or non-trade are taxed under different schedules. There is no single test for trade; in determining if trade has occurred there are six badges which must be considered‚ a brief description of each badge and an outline of how it affects Ali’s circumstances is outlined below. Subject Matter If the asset sold might be for personal enjoyment or investment e.g work of art or shares
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MUTUAL NON-DISCLOSURE AGREEMENT THIS AGREEMENT is made on _______________ (date) between 1. _______________________ ‚ ("Party A"); and 2. _______________________ ‚ ("Party B")‚ collectively referred to as the "Parties". RECITALS Each undersigned party (the "Receiving Party") understands and acknowledges that the other party (the "Disclosing Party") has disclosed or may disclose information relating to Website development‚ which to the extent previously‚ presently‚ or subsequently disclosed
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A PROJECT REPORT ON CONSOLIDATED FINANCIAL STATEMENT SUBMITTED TO THE UNIVERSITY OF MUMBAI AS A PARTIAL REQUIREMENT FOR COMPLETING THE DEGREE OF M.COM (ACCOUNTS) SEMESTER I SUBJECT: ADVANCED FINANCIAL ACCOUNTING SUBMITTED BY: SHUBALAXMI.UMESH.SHETTY ROLL NO.: 47 UNDER THE GUIDANCE OF PROFESSOR DHANABALU.R.NAIKAR SIES COLLEGE OF COMMERCE AND ECONOMICS‚ PLOT NO. 71/72‚ SION MATUNGA
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Narrative to Self-Disclosure Meet the Parents- Film Analysis In the film‚ Meet the Parents‚ there are numerous instances where lying occurs. Lying is presented in various ways‚ including benevolent lies‚ self-serving lies‚ and lies used to benefit oneself. Throughout the film‚ some lies are easily identifiable as to the reason why the lie was used while others require more of an in-depth analysis to determine the motive behind the lie. The way in which the lie is conveyed is also an important element
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