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The issue is solved actually. It does not matter what is the sales price is. The transaction would be recorded at cost price.

So, promotional expense dr 15,000
Inventory/purchase cr 15000

How will a Manufacturing company record giving away $20,000 free sample to customer? I understand it is a promotional expense. So, journal can be: Promotional expense DR 20,000 Purchase CR 20,000 The problem is that if the same materials were actually purchased at $15,000, does it create any gap of ...

How to report the donation received from foreign donors in the financial statement for NGO? Can it be reported as per IAS 20 even though it is not government grant?

Should the donation receipt in Income Statement be equal to Expenditure made during the the year?

Not really, legally, expense such as audit fee of that fund account will be charged to the company account who is giving the employee benefit. Therefore, there is basically no income, expense.

Hi In our country, we need to prepare a financial statement for "Employee's Contribution Fund" for an organization. This fund is created under "Trust" which is different than a company. Now, I have a client where in first 6 months, there were no transaction in this financial stat...

Haha.. No I will not upset my client.. This is more for my own knowledge.

That is the only option I can think of. But the reality is that the Security Deposit has no specific repayment date. It seems unreasonable to me to discount it for 5 years. My specific question would be does IFRS 13 specify how to deal with such case of unknown future date to measure fair value at p...

I have a client (audit) which has around 10 security deposits for its various offices. Now to measure the security deposits as per IFRS 9, it should be discounted using incremental borrowing rate and difference of Fair value and future value to be added in Right-of-use asset. Now my question is, whe...