Case Studies in Accounting
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Item Accounting for goods sold with a right to return(Department of Accountancy, University of Kelaniya, 2014) Jayarathna, H.P.S.M.; Karunarathne, W.V.A.D.Item Application of LKAS 16 & LKAS 39(Department of Accountancy, University of Kelaniya, 2016) Jayasinghe, B.G.W.A.C.W.; Rajapakse, R.M.D.A.P.PQR Lanka is a non-profit organization in Sri Lanka. The organization was registered in 1995 with the mission and vision to provide assistance and help to those who are living under the poverty line and to help people who were affected by the war in Sri Lanka. This case is relating to an issue of identification criteria of Property, Plant & Equipment.Item Are small and medium enterprises allowed to revaluation?(Department of Accountancy, University of Kelaniya, 2014) Dilhara, U.H.N.; Bandara, R.M.S.Item 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.Item Can We Place Entire Web site Development Cost in One Bucket?(Department of Accountancy, University of Kelaniya, 2016) Dayananda, K.H.N.K.; Thilakrathne, P.M.C.NK Logistics (Pvt) Ltd is a limited liability company incorporated in and domiciled in Sri Lanka. The company has invested in a fully owned subsidiary called “TT Destinations (Pvt) Ltd” in the audited financial year, i.e.; 2014/2015. Its’ principal business activity is to provide transportation service. Normally company organizes tourist trips for both local & foreign tourists. In addition they provide vehicle hiring service, air ticket booking and hotel accommodation service. Usually businesses tend to charges all the expenses with regards to web development, especially relatively small businesses like “TT Destinations (Pvt) Ltd”. They always feel that it is justifiable & easy to charge them to P/L. However firms should consider nature of those expenses before record as an expense.Item Classification Issue of Non-Current Assets(Department of Accountancy, University of Kelaniya, 2016) Chandrarathna, A.G.K.; Thilakarathna, P.M.C.ABC Ltd is a company incorporated and domiciled in Sri Lanka. Company has a building which owns to them and it has two floors. They have marketing department, information technology department and Accounts department in the second floor. But the first floor is rented out to a foreign customer.Item Classification of lease assets(Department of Accountancy, University of Kelaniya, 2014) Madusanka, G.P.; Abeywardhana, D.K.Y.Item Classification of Non-Current Asset as Held for Sale(Department of Accountancy, University of Kelaniya, 2016) Perera, E.A.S.M.; Rathnairi, U.A.H.A.XYZ (Pvt) Ltd is a subsidiary of ABC (Pvt) Ltd which is the main agent of A&B PLC. The company has been acted as an agent for selling Easy Cash, Reloads and Dongles of A&B PLC. The head office is located in Colombo 03 and there are 44 outlets in Sri Lanka. The company has a building which was occupied as the main outlet and store which is located in Colombo 04. Later it was unoccupied and management has decided to sell that unoccupied land and building. But the company has recognized in the statement of financial position as a Non- Current Asset. The asset had been depreciated and depreciation has been charged to Income Statement as well.Item Constructed water well as port of the land asset?(Department of Accountancy, University of Kelaniya, 2014) Lakmali, P.M.D.P.; Rajapaksa, A.Item Deductions from total statutory income when arriving to assessable income(Department of Accountancy, University of Kelaniya, 2014) Gunarathna, H.M.A.M.; Thilaksiri, T.T.Item Detection of Occupational Fraud on Leasing Companies(Department of Accountancy, University of Kelaniya, 2016) Peiris, M.M.; Rathnasiri, U.A.H.A.MM PLC is one of a leading finance company in Sri Lanka. The principle business activities of the company are leasing, hire purchase financing, vehicle hire, deposit mobilization and vehicle trading. It was found a fraud committed by one of the marketing officer during the branch internal audit.Item Director’s loan classification as equity instrument(Department of Accountancy, University of Kelaniya, 2014) Dodangoda, R.; Bandara, R.M.S.Item Disclosure of Director’s Loan. Case Studies in Accounting “Bridging the Gap”(Department of Accountancy, University of Kelaniya, 2016) Priyanganie, K.A.I.; Priyanganie, K.A.I.XYZ (Pvt) Ltd is a limited liability company which is engaged producing, importing and hiring films all over the country. They are distributing films using their own circuit of film halls and other circuits, and providing space in their film halls to distribute films of other film circuits. During the financial reporting period of 2013/2014 company has provided a loan for a Managing Director of the company for the purpose of producing, printing and promoting a particular film. The loan has been provided legally with film loan agreement within the parties of Film producer and Film Distributor.Item Does it Worth Capitalizing?(Department of Accountancy, University of Kelaniya, 2016) Chathuri, I.P.D.; Thilakarathne, P.M.C.ABC Active (Pvt) LTD is a separate legal entity under Active cluster of ABC (Pvt) LTD. ABC (Pvt) LTD is a $1.2 bn conglomerate and is positioned as one of the world’s most recognized Design–to-Delivery Solution Providers in the realm of Apparel and Textile Manufacturing. Being one of the largest production plants in Sri Lanka, ABC Active (Pvt) LTD owns 03 plants of production comprised with Knitting, Dyeing & Sewing production floors. ABC Active involves high technical knitting machines for their vibrant production process. Discrepancy identified here is that management recognizes total expense in the quotation as cost of a knitting machine although the payment of the asset is based on a deferred scheme.Item Does revenue create better picture among its stakeholders?(Department of Accountancy, University of Kelaniya, 2014) Herath, H.M.V.; Sujeewa, G.M.M.Item Double counting assets when investment properties are measured at fair value(Department of Accountancy, University of Kelaniya, 2014) Kawshalya, M.D.P.; Anthony, C.S.W.Item Effect of foreign currency movement on financial statements(Department of Accountancy, University of Kelaniya, 2014) Mathalage, M.S.P.K.; Wijekoon, W.M.H.N.Item Effect of misrecognition of assets(Department of Accountancy, University of Kelaniya, 2014) Abeyrathna, T.M.N.B.; Gunasekara, U.L.T.P.Item Error classification of elements included in statement of financial position(Department of Accountancy, University of Kelaniya, 2014) Senarathna, S.M.S.; Bandara, R.M.S.Item Full impairment of a Property Plant and Equipment Purchased in the Current Financial Year(Department of Accountancy, University of Kelaniya, 2016) Rajapaksha, S.R.; Silva, N.L.C.‘LSI Rubbers (PVT) LTD’ is operating as a group of companies, which produces and sells Rubber, Tea, Coconut and Cinnamon. Major portion of its income is recorded to be received from rubber production. A machine has been purchased by the company which causes for about major portion of surgical gloves produced to be recognized as defects.