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ACCA 201 and ACCA 202 Own Notes

ACCA 201 and ACCA 202 Own Notes

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Published by gavin henning
OWN NOTES OF year 2 semester 1 and 2 accounting
OWN NOTES OF year 2 semester 1 and 2 accounting

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Published by: gavin henning on Nov 26, 2009
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01/05/2013

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Page ACCA201 Accounting
ContentsContents
Contents ......................................................................................................................................................................................... 1OWN QUESTIONS & ANSWERS ........................................................................................................................................................ 6GENERAL PROVISIONS .......................................................................................................................................................... 13CURRENT PLACE OF LAST QUESTION........................................................................................................................................ 17 TERMS:......................................................................................................................................................................................... 18 TRICKS:......................................................................................................................................................................................... 19EXAM TIPS:................................................................................................................................................................................... 20general................................................................................................................................................................................. 20partnerships ......................................................................................................................................................................... 20Statement of changes in equity and share transactions: ...................................................................................................... 20Heading : Prescribed Books for second year:................................................................................................................................ 21CHAPTER 3 : PARTNERSHIP ACCOUNTS ....................................................................................................................................... 22 Temporary & Permanent Partnerships: ..................................................................................................................................... 22Certain accounting aspects special for partnership: ............................................................................................................. 22characteristics of a partnership as a form of enterprise............................................................................................................ 22Legal Aspects of a Partnership:................................................................................................................................................ 22Partnership Agreement: Important matters to be included in it:............................................................................................... 23RECORDING OWNERS EQUITY.................................................................................................................................................. 23Capital & Current Account .................................................................................................................................................... 23Valuation of contributions made by partners........................................................................................................................ 24Loans & Advances ................................................................................................................................................................ 24Determination & Distribution of Partnership Profits.................................................................................................................. 25Distrtibution of Profit for period:........................................................................................................................................... 25Partners Salaries:................................................................................................................................................................. 25Bonus to Managing Partner:................................................................................................................................................. 25Interest on Capital: pg 527 ................................................................................................................................................... 25Drawings: ............................................................................................................................................................................ 26Adjustments & Corrections in respect of Previous Fin Periods.............................................................................................. 26Financial Statements of Partnerships:...................................................................................................................................... 27Changes in Composition of the partnership:............................................................................................................................. 27NEW PARTNER ADDED : REVALUATION Account. GOODWILL Account. Etc........................................................................... 28RETIREMENT OR DEATH OF A PARTNER ................................................................................................................................ 31Liquidation /Dissolution of a partnership:................................................................................................................................. 33Realisation Accounts:........................................................................................................................................................... 33Loans to /from partners ........................................................................................................................................................ 34OTHER ASpects of liquidation:.............................................................................................................................................. 35IF ANY PARTNER HAS A DEBIT BALANCE / deficit ON HIS ACCOUNT: ..................................................................................... 35Merger of more than 1 Existing Partnerships: ........................................................................................................................... 38 Take over by an existing Company ........................................................................................................................................... 38Conversion to a company ......................................................................................................................................................... 38Conversion to a closed-corporation .......................................................................................................................................... 38CLASS EXERCISES :.................................................................................................................................................................. 39Exercise group 1 from fakir. –partnerships add new member/ retire old members. /goodwill etc ..................................... 39............................................................................................................................................................................................ 39
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Page ACCA201 Accounting YOU CAN INSERT A TOTALS ROW HERE between OLD/ new PARTNERS SECTIONS -IT IS BETTER BUT NOT REALLY MARKS FORIT .............................................................................................................................................................................................. 41 Totals not needed here but one can if you want ....................................................................................................................... 42CHAPTER 3 : COMPANIES & companies fin statements................................................................................................................ 47 The Company as a form of Enterprise....................................................................................................................................... 47Introduction:......................................................................................................................................................................... 47Share CAPITAL :.................................................................................................................................................................... 47Rights and Resposibilities of shareholders ............................................................................................................................ 47Incorporation of a Company:................................................................................................................................................ 47Managemnt of a Company................................................................................................................................................... 48Share Capital............................................................................................................................................................................ 48Authorised Share Capital...................................................................................................................................................... 48Issued Share CAPITAL ........................................................................................................................................................... 48Share Values : Par value / No Par Value ............................................................................................................................... 48ORDINARY & PREFERENCE & OTHER TYPES OF SHARES ....................................................................................................... 50Recording Share Transactions:............................................................................................................................................. 54 The PURCHASE BACK of a companies own shares:.............................................................................................................. 55Differences between company & partnership.: ......................................................................................................................... 55Reserves & Dividends .............................................................................................................................................................. 55Dividends ............................................................................................................................................................................. 55Reserves .............................................................................................................................................................................. 56Non-Distributable Reserves ................................................................................................................................................. 56Distributable Reserves ......................................................................................................................................................... 56 Tax of Companies ..................................................................................................................................................................... 56Provisional Tax; ................................................................................................................................................................... 56Recording the provision for tax............................................................................................................................................ 56 The Tax Return:.................................................................................................................................................................... 57APPROPRIATION ACCOUNT ....................................................................................................................................................... 57Reserves : general , special , distributable and non-distributable......................................................................................... 57............................................................................................................................................................................................ 57GROUP COMPANIES .................................................................................................................................................................. 58 The Annual Financial Statements of a Company....................................................................................................................... 58Intro. and Objective:............................................................................................................................................................ 58 The Disclosure requirement:................................................................................................................................................ 58users:................................................................................................................................................................................... 58contents ............................................................................................................................................................................... 58IDENTIFICATION OF FINANCIAL STATEMENTS (as per IFRS book 2009) ................................................................................. 59GAAP-APB-SAICA-IASB=acc.practices board -appRoves SAICA submissions new accounting methods- OverallConsiderations: as per AC101 .............................................................................................................................................. 59Reporting period .................................................................................................................................................................. 59Notes to the fin stats............................................................................................................................................................ 59Measurement of elements of Fin Stats................................................................................................................................. 60STATEMENT OF FINANCIAL POSITION (THE BALANCE SHEET) ................................................................................................... 60FRamework of SoFP and notes ............................................................................................................................................. 60Information to be presented on the face of the SOFP (BAlance sheet) .................................................................................. 60Info to be on face of SOFP (Bal. Sheet) OR in the Notes ....................................................................................................... 60METHOD for each heading in SoFP: ..................................................................................................................................... 61example: full balance sheet: .............................................................................................................................................. 65NOTES TO THE BALANCE SHEET ............................................................................................................................................... 68
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Page ACCA201 Accounting ............................................................................................................................................................................................. 69Generally accepted accounting practice ............................................................................................................................... 70Accounting Policy ................................................................................................................................................................. 71(Assets:) Property Plant & Equipment ................................................................................................................................... 71(Assets:) Intangible assets .................................................................................................................................................... 72Other Financial Assets.......................................................................................................................................................... 72Preliminary Costs and Share issue costs ............................................................................................................................... 72Inventories:.......................................................................................................................................................................... 72Share Capital........................................................................................................................................................................ 72Reserves .............................................................................................................................................................................. 73Interest bearing borrowings: ................................................................................................................................................ 73STATEMENT OF COMPREHENSIVE INCOME (INCOME STATEMENT) ............................................................................................ 73 The Companies Act states following regarding disclosures required in SoCI : to 2008/9 .....................................................76Notes to the statement of comprehensive income(2009 ifrs) ................................................................................................... 80INCOME .............................................................................................................................................................................. 80Income from subsidiaries ..................................................................................................................................................... 81Income from other Financial Assets ...................................................................................................................................... 81EXPENSES: ........................................................................................................................................................................... 81Remuneration(other than for bona fide employees) for:....................................................................................................... 81DIRECTORS REMUNERATION:............................................................................................................................................... 81AUDITORS REMUNERATION .................................................................................................................................................. 82 TAX EXPENSE ....................................................................................................................................................................... 82STATEMENT OF CHANGES IN EQUITY........................................................................................................................................ 83 THE COMPANIES ACT 61 OF 73 :( from all in chapter 19 in Introduction to IFRS book) ..............................................................88 TYPES OF COMPANIES:......................................................................................................................................................... 88Pre-incorporation contracts and profits ................................................................................................................................ 89loans / security provided by a subsidiary.............................................................................................................................. 91section 38 -no financial assistence to purchase shares of company or holding company. ...................................................91section 39 -company not to be member of its holding company .......................................................................................... 91section 74- share capital-par value shares or no par value shares.(stated capital) ...............................................................91section 75- company may alter share capital and shares ..................................................................................................... 92section 76: ‘Share premium’ / premiums received on issue of shares to be share capital, and limitation on applicationthereof ................................................................................................................................................................................. 94section 77 –Proceeds of Issue of no-par value to be stated capital....................................................................................... 95Section 77 -effect of conversion of par value shares into no par value shares and visa-versa.............................................96section 79 - payment of interest out of capital in certain cases............................................................................................ 96Section 81 - issue of par value shares at a discount ............................................................................................................. 96Section 82 — issue price of shares of no par value at below book value requiring specIal resolution ...................................962.16 SectIon 85 - Company may under certain circumstances acquire shares Issued by It ..................................................97Liability of directors and shareholders under certain circumstances ................................................................................... 97enforcability of contracts for company to buy back shares ................................................................................................... 97Section 89 —Subsidiaries may acquire certain shares in holding company .......................................................................... 98Section 90 - Payments to shareholders ................................................................................................................................ 98Sections 98 and 99 — Redemption of redeemable preference shares and conversion of ordinary shares into preferenceshares .................................................................................................................................................................................. 98v y SectIon 193 - Voting rights of shareholders .................................................................................................................... 98Section 194 - Voting rtghts of preference sharehoiders ....................................................................................................... 98v y SectIon 195 — Determination of voting rights ................................................................................................................ 98Restriction of the power of directors to issue share capital.................................................................................................. 98
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