Browsing by Author "Chanaka, H.A.D."

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    Quarry is an Inventory or PPE?
    (Department of Accountancy, University of Kelaniya, 2016) Chanaka, H.A.D.; Thilakarathne, P.M.C.
    PQR Construction (Private) Limited (“Company”) is a limited liability company incorporated and domiciled in Sri Lanka. During the year, the principal activities of the Company were undertaking construction contracts. Mainly they construct the roads & water projects. Year ended 31/03/2015 PQR LTD purchased a land which includes Quarry and that Quarry has been recognized as an inventory in their accounts. But according to the LKAS 16 (Property, Plant & Equipment) it should be recognized as a Property, Plant & Equipment.