10 jobs under IFRS

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Uploaded: 23.05.2013
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Product description

Objective 1
The company has signed an agreement July 1, 2007 for sale to the client computers 30 $ 800 each. The agreement includes a service agreement under which the company will be sold computers for three years. The cost of servicing each computer is $ 50 per year. As at 31.12.07, the financial statements reflect the transactions of sale of computers.

Task 2
To become a member of the tennis club must pay an entrance fee and an annual $ 80 membership fee is $ 260. How it will reflect the club's revenue.

Objective 3
The company sells rugs and reserves estimates using the FIFO method. According to the list of receipts and disposals rugs from stock per year, calculate the amount of inventories as at 31 December:
January - 10 units purchased. at the price of $ 375,
March - purchased 19 pcs. at the price of $ 315,
June - sold 12 pieces. at the price of $ 640,
September - purchased 37 pcs. at the price of $ 300,
November - sold 29 pieces. at the price of $ 670

Task 4
Since July 1, 2008, the Company entered into a lease agreement for office space conditions: rental period for two years, the payment of an advance payment of $ 2400 per year at the beginning of each payment period. The discount rate is 10%. Show how the rent will be reflected in the financial statements as at 31.12.2009

Objective 5
January 1, 2005, the Company acquired the asset after three years of operation, it should be dismantled and disposed of. The amount of the cost of dismantling and recycling is 12 000 $. The discount rate - 10%. Calculate the amount of the reserve, which is to be formed in the financial statements at the end of each financial year within two years.

Additional information

Task 6
The company has a pension plan according to which each year lists the work pension contribution in the amount of 3% of salary to the account of the employee. In 2008 the company made transfers in the amount of $ 200,000. In the same year, the company paid already retired employees increase to their pensions in the amount of $ 219,000. Explain how the impact on the financial statements of these operations.

Target 7
January 1, 2008 the company will issue 2000 units. convertible bonds with a face value of $ 1000. Interest is payable annually, at the end of the year, the nominal interest rate of 5%. The prevailing market interest rate at the date of issue of the bonds was 8%. The bonds are to be redeemed December 31, 2010. Calculate the price at which the bonds will be reflected in the financial statements at initial recognition and the amount of the financial liability at December 31, 2008.

Target 8
Initial data from the company's balance sheet:
Shareholders' equity at 01.01.2003 is 140 000 $ on 01.01.2002 - 90 000 $. Share premium, respectively: $ 3000 and $ 1800.
During the period of share capital affected as follows: in order to buy shares of a subsidiary company has carried out issue of shares with par value of $ 40,000 (share premium amounted to 4 000 $). The company implemented a share issue for cash. Share issuance costs amounted to $ 5,000. and they were charged to the share premium account. Calculate the cash proceeds from issuing shares.

Target 9
The parent company "Sea" owns 80% of the voting rights in the subsidiary company "Wave." January 1, 2006 The company "Sea" transferred to the company "Wave" the asset value of 20 000 $. The initial cost of the asset for the parent company amounted to $ 17,000, and the accumulated depreciation at the date of transfer - $ 6000. The service life of the asset at the time of the acquisition was 3 years, and the salvage value - zero. On the date of transfer of the remaining life of the asset is four years. The amortization of the year of acquisition, there is for the full year and in the year of disposal - is not calculated at all. Calculate the adjustments that need to be made in the consolidated statement of financial position as at 31 December 2006 year.

Target 10
Parent Company owns 80% of the share capital of the subsidiary. During the reporting period, the parent company sold the products of the subsidiary at $ 5,000 and received from this transaction profit of $ 4,000. As of the reporting date these goods are included in the balance sheet of the subsidiary. Calculate the adjustment in the consolidated balance sheet of these operations.

14 pages


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