ACFI230 - Financial Reporting - Accounting and Finance Assignment Help

Assignment Task

Q1 Fay plc has recently purchased a piece of equipment for use in its trade. The following list outlines all costs related to the equipment The purchase price includes a trade discount of £1,000 (without the trade discount, the purchase price would be £9,800) Calculate the amount that should be capitalised in Fay plc’s financial statements

Q2 Archie plc purchased an item of machinery on 1 January 2013 for £150,000 which had a useful life of ten years. On 1 January 2019 the remaining useful life was revised to two years. Calculate the depreciation charge for year end 31 December 2019

Q3 An error has been found in Ash Plc’s receivables in 2019 which relates to 2018. As a result, the revenue figure in 2018 was understated by £100,000. Currently the retained profit for 2018 is shown as £1,750,000 Profit before tax was £2,500,000 and the tax rate was 30% According to IAS 8, what is the correct accounting adjustment

Q4 Explain why International Accounting Standards do not allow LIFO (Last In First Out) as a method of valuation for inventor

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