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tanong ko lang po kung tama intindi ko hehe.
TAXABLE INCOME x TAX RATE = Current tax expense
ACCOUNTING INCOME SUBJECT TO TAX x TAX RATE = Total income tax expense.
Magkaiba po yan diba? Ty
paki-distinguish naman po. thanks
Ang difference ng total tax expense at current tax expense ay dahil sa movements ng deferred tax assets (DTA) at liabilities (DTL). And current tax expense ay babayaran mo na ngayon as per tax laws, pero ang total tax ay ang tax na babayaran mo currently at ang mga babayaran mo pa in the future (DTL movements > DTA movements; total tax>current tax) or mga inexpense mo na dati as total income tax (DTA movements > DTA movements; current tax>total tax).
anyone who have an idea of accounting entries for a business engaged in auto loan financing and check discounting?
Goodeve po. Question ko po, kasali po ba ang gain from discontinued operation sa OTHER COMPREHENSIVE INCOME?
Thanks po sa magreply!
Hindi yan kasali sa other comprehensive income. Ito lang ang mga kasali dito:
1. changes in revaluation surplus.
2. actuarial gains and losses on defined benefit plans.
3. gains and losses arising from translating the FS of a foreign operation.
4. gains and losses from investments in equity instruments measured at fair value through OCI.
5. the effective portion of gains and losses on hedging instruments in a cash flow hedge.
6. for particular liabilities designated as at fair value through profit or loss, the amount of change in fair value that is attributable to changes in the liability's credit risk.
Source: IAS 1, paragraph 7.
Generally, ang results sa discontinued operations (i.e. profit or loss) ay separate sa results sa continuing operations. And they are both presented in the statement of comprehensive income.
Magkano po ba ang allowable deductions. Hirap na hirap na kasi ako sa pagsolve e. Hindi ko pa rin makuha.
Thank you po sa makasagot!
May tanong lang ako , sana may sumagot.
Hindi eto Accounting problem sa school kundi sa company namin.
Our company is in The Realty Estate business. It has been our practice to issue Sales Invoice for every sale of a property. In the invoice the VAT(output Tax) is explicitly reflected base on the value of the property. However, since the payment is thru installment term, usually 5 years term, our company does not record the VAT in our journal entry, we do not record the VAT in our jornal entry of our SI(Sles Invoice), hence our A/R(receivable is the net amount only(exclusive of VAT). We record a certain portion of the VATevery time a monthly installment payment is made by the client. Lately a BIR examiner noticed our practice and she admonished us. According to her, we should recod the full amount of the VAT based on the SI and should be recorded upon the prepation of the SI and she said the VAT amount should be part of our total receivables. Sabi naman ng Accounting manager, mali daw yong tiga BIR, Sabi ng Accounting manager namin, it is not proper daw to record the VAT based on the Sales Invoice since it would be impractical to be recording the full amount when the settlement of the account or fullpayment of the property would take about 5 years. Sabi ng Accounting Manager namin, contigent item daw yong VAT pag installment sale and according to him, it is optional and not compulsory to reflect the VAT in the journal upon the issuance of the Sales Invoice. Hindi accounting ang course ko, kaya hindi ko alam kung sino ang tama. I referred this concern to our external auditor but they can not make a definite statement whether our practice is right or wrong. Ask ko lang, sino or alin ang tamang take-up, yong sa BIR examiner or yong sa Accounting Mannager namin?
Question....mayroon ba dito may alam sa taxation rules ng California US?
Since the term is installment, it is important that the total amount of installment paid or collected within the year of sales be monitored every time a payment by the client is made, kasi if within the year of sales the total amount of installment paid exceeds 25% of the gross selling price, the corresponding full amount of VAT is due for remittance sa BIR (as if parang cash sale na rin kahit installment ang term), otherwise the remittance of VAT shall be based on the gross receipt(installment sales) if total installment payment does NOT exceed 25% of the gross price within the year of sale.
Kaya siguro, initially para sa installment sale ang pwedeng gawin ng comapny niyo ay i-record niyo muna yong VAT as DEFRRED Vat payable(NOT yet immedialely due for remittance to BIR ) and every time na makatanggap kayo ng payment from the client , yong corresponding VAT ng gross receipt ay i-record niyo as credit na VAT payable(IMMEDITELY due for remittance to BIR for the prescribed monthly deadline schedule) and the same amount sall be entered as debit sa DEFERRED Vat payable, kung baga ibang G/L acct young Deferred VAT payable at ibang G/L account din yong VAT payable(Due for the month) sa Chart of accounts niyo. Importante na i-monitor yong total accumulated installment payment received from the client within the year of sales kasi eto ang determination or basis kung considered ba na installment sales(VAT remittance will be on GRoss receipt of installment payment) otherwise pag more than 25% ang na-ibayad wihin the year of sale ay considered na rin na Cash sale na ang basis ng remittance ng VAT.
Thanks hornitex. Engineering ka pala, Hindi ko expect na ang sasagot ay someone taking up a non-Accounting or Business Ad course.
Just want to clarify something, is the 25% ceiling(basis of classifying whether a particular sale is considered as installment sale or Cash Sale) a BIR Revenue Regulation? At saka, dapat within the year of sales lang kamo. Paano kung yong 25% ceiling was reached on a later year say the follwing year after the year of sale, due na rin ba yong balance ng Deferred VAT payable or tuloy tuloy na na yong gross receipt(monthly installment/amortization) ang basis kung magkano ang dapat i-remit na VAT sa BIR for the month? Salamat uli.
The 25% ceiling is a BIR Revenue Regulation rule daw and it is the total monthly payments within the year of sale that shall be taken into account in the determination whether a particular sale falls under installment/deferred sale or Cash sale. Kaya pag ganito ang rule ay parang lumalabas na yong mga benta on installment term sa first part of the year, say January, ay malaki ang possibility na pwedeng mag fall under Cash sale within the year of sale, kahit ang term ay payable in 3 years whereas yong benta ng December kahit 1 year to pay ay most likely considered na na installment sale kung yong kabu-uan ng binayad niya sa buwan ng December ay hindi lumampas ng 25% of the gross selling price. Yong ang pagka-intindi ko. Siguro mas maganda kung ang sasagot sa iyo ay mga Accounting students/graduates.
Topic: Partnership formation.
The following adjustments are to be made:
The inventory includes obsolete items costing P2,000 and can be sold for only P300.
My answer is:
Dr. Beth, Capital 2,000
Cr. Inventory 2,000
Tama po ba? Pakisagot po. Thank you!