assets資產(chǎn)andliabilities負(fù)債(已改無(wú)錯(cuò)字)
2023-03-22 22:00:10 本頁(yè)面
【正文】 ur (piece rate) 163。4 per unit share of indirect costs: per unit Total per unit NB The estimates and judgements which have been used. Valuation of Partly Made Bear, at cost: ? A share of production overheads could be based on direct labour cost: – Cost of direct labour = 1000 bears at 163。4 each = – Production overhead = 163。8,000 in the month – Production overhead / cost of direct labour = ? Costs of partly made bear: Materials 163。 Actual Labour 163。 Actual at piece rate Overheads 2 x Direct labour cost Total Net Realisable Value: “The estimated selling price in the ordinary course of business less the estimated costs of pletion and the estimated costs necessary to make the sale.” IAS 2 NB ? Normally Cost NRV. Then inventories is valued at cost. Accruals (Realisation) and Prudence concepts ? Occasionally NRV Cost . Then inventories is valued at NRV Prudence concept Net Realisable Value: ? For a retailer or wholesaler or for the finished goods of a manufacturer, normally: Selling price less selling and distribution costs. Example – retailer Cost NRV Lower of Cost and NRV Line A 163。5,000 7,000 Line B 163。2,000 3,000 Line C 200 800 0 1,000 Irreparably damaged Line D 1500 750 Out of fashion Total 12,500 Net Realisable Value: For work in progress (or raw materials) of a manufacturer or of a service industry: ? Normal selling price ? less costs to pletion and selling and distribution costs in the normal course of business. Example 3 Valuation of Partly Made Bear: ? Costs so Far (See example 1): Materials 163。 Labour 163。 Overheads 163。 Total 163。 ? Estimated Costs to Complete: Further Materials plus further Labour plus further Overheads at 2 x direct labour cost) Total ? Net Realisable Value: Selling Price less estimated Costs to Completion 163。25 163。 = 163。 ? Lower of Cost and NRV = Lower of 163。 and 163。 = 163。 43 Receivables (Debtors) ? These are the amounts of money owed to the business by its customers. ? Normally, when businesses make sales on credit, they expect their customers to pay! – Checks on credit rating BEFORE sale is made – If they are unsure, may ask for deposits or full payment in advance. – Importance of credit control procedures ? Normally it is expected that customers will pay reasonably promptly, and the receivable is valued at invoice amount 44 Bad and Doubtful Debts ? Sometimes customers will not pay: – They may go bankrupt, or have significant financial difficulties – They may dispute the debt. ? The debt can only be shown as an asset if there is an expected future economic benefit ? Therefore, when business knows that a customer will not pay, the debt is “written off” as a “bad debt”: – The account receivable (asset) balance is reduced to zero – The bad debt written off is treated as an expense. Doubtful Debts – impairment of receivables Will the entity get all its money back? At the
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