A company acquires new taxi fleets on 1April 2006 with
intention to provide services during the World Cup period
and thereafter dispose the taxis .The World Cup runs for
three months to 30 June 2006.The company's year end is 30
June 2006.how do you account for taxis at initial
recognition .
- 1 Answers
- 1994 Views
- I also Faced
- E-Mail Answers
Answer Posted / Asha Verma
For initial recognition of the taxi fleets, the company should record the cost of the taxis as an asset on their balance sheet. The cost could be calculated as the purchase price plus any additional costs such as taxes, freight, and insurance. The taxis would then be depreciated over their useful life, which in this case is expected to last until the end of the World Cup period.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
SOUTH ATLANTIC OIL AND GAS INC.is a fraud company
What was the most chlleging task you face while working in SAP FI/MM and how did you solve?
What is the use of final account?
what is new updates in account
Hi Im Arun D. I m short listed for Karnatka bank interview. Can anybody share ur experiences regarding Bank interview of karnatka bank which was held on dec for Clerical post. Please help me I f u can. thanx in advance
For the production of 10,000 units the following are the budgeting expenses: Per Unit Rs. Direct materials 60 Direct labour 30 Variable overhead 25 Fixed overhead (Rs.1,50,000) 15 Selling expenses (10% fixed) 15 Variable expenses (direct) 5 Administrative expenses (Rs.50,000 fixed) 5 Distribution expenses (20% fixed) 5 Total cost of sales per unit 160 Prepare the flexible budget for the production of 6,000 , 7,000 ,and 8,000 units of production
I need all WNS interview questions
1.provide a brief write up on why you consider yourself suitable for the post voting your major achievements? 2. Mention your position in the hierarchy and the levels above and below you ?
i want to know the TDS deduction Chart for 2008/09 Eg : professional fee ,contractors ,subcontroctors. rent . ............
hi gurus , plz can anybody forward ur cv of accounts/finance related , exp of 4+ years to afreenjuveriya@yahoo.com
can any body help me with a copy of (any month/year) bank reconsilation statement,udai_skumar@yahoo.com
WHEN IN ADJUST. GIVEN THAT THERE IS VALUE OF RS...., OBSOLESCENCE STOCK INCLUDED IN CLOSING STOCK RS.......,WHAT IS THE PROPER WAY TO SHOW IN INCOME STATEMENT AND POSITION STATEMENT.
plz send me hsbs finance questions asked in the interview ans appitude also
How Many Points include in Mat Calculation , what is the different bitween Gross Profit & Book Profits?
can anybody send me interview question&answer to me in accounts and finance and income tax....my mail.id...jagathis1986@gmail.com
