Case Studies in Accounting

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Can it classify as Inventory or PPE?
(Department of Accountancy, University of Kelaniya, 2016) Vimukthirathne, T.H.N.; Aruppala, W.D.N.
ABC shipping (private) Limited is a limited liability company incorporated in Sri Lankan and registered under the companies Act no 7 of 2007.It is a transportation Company. Company owns a ship which is called as “Meritine”. The principle activity of this Company is transporting gas & fuel by using this ship. Generally there are two cylinders in every ship in order to balance the ship. Most of the ships have filled these cylinders by using oil but here, this ship has used gas to fill these cylinders. Normally this ship is repaired once per every four years. When repairing ship, the gas filled in the cylinders will release to the air which would be a lost to the company.
The importance of scrap identification
(Department of Accountancy, University of Kelaniya, 2014) Karunarathna, Y.N.D.K.; Aruppala, W.D.N.
Is it a Liability or Other Income?
(Department of Accountancy, University of Kelaniya, 2016) Wedage, C.M.; Aruppala, W.D.N.
ABC (PVT) LTD is a family owned limited liability company. The principal activity of the company is rent & lease out of a modern office complex with high quality facilities. During the period the company has written back a Rs.3.1 Mn retention Payable balance as sundry income.
Is it a Revenue or Liability?
(Department of Accountancy, University of Kelaniya, 2016) Ariyarathna, K.G.K.S.; Aruppala, W.D.N.
ABC finance PLC is a leading Islamic finance provider in Sri Lanka. It provides lease, Hire purchase and loan facilities to customers. Company is using different jargons to introduce products In the Islamic unit loan lease products are called as Murabha and Ijahra respectively. Islamic finance is been conducting accordance with the principles of sharia law. Sharia law prohibits acceptance of specific interest penal interest and fees for loans. Company recognizes interest under profit share. Though company is charging and collecting penal interest for due rentals, it is not recognized to the period profit. This practice has been created an issue with accounting standers and financial reporting frame work.