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February 20, 2020 at 8:20 pm
I’d really appreciate your time SIR, The question states it’s year end is 30 Sep, 2008 which were approved on 12 Jan 2009, and issued on 20 Feb, 2009. CASE 1: I want to know about the difference between Approved Date & Issue Date? CASE 2: a) A credit customer with an outstanding balance at the year-end was declared bankrupt on 20 Jan, 2009. b) Inventory valued at cost of $800 in the year-end accounts was sold for $650 on 11 Jan, 2009. Question: Which of the following event will require an adjustment after the reporting period? I’d really thankful for your answer, SIR!
John Moffat says
February 21, 2020 at 6:31 am
The approved date is the date the accounts were signed and became final.
Please ask. your second question in the Ask the Tutor Forum and not as a comment on a lecture.
October 29, 2019 at 9:29 am
First of all thanks for this amazing platform.
Query: Is this not about rectification of errors when the financial period is over and books are closed and something got discovered which Should have been recorded prior closing the books ?
The examples we discussed in the lecture seems to be when the books are closed and some event has happened “after that”.
Two situations possible (1) an event has happened after closing the books which effects something of the last year. Here seems no question of passing entry for making some adjustments since when the books were closed the event did not take place. (2) an event took place in the past which we were not aware of for whatever reason and hence did not do any entry in the last year. Obviously here adjustments to the financial documents would be required anyhow.
Thanks for your time and efforts.
August 29, 2019 at 1:12 pm
Dear Sir, If external audit of 2018 was provided in January 2019, but paid in December of 2018 should I indicate these expenses in 2018 reporting? Thank you in advance
August 29, 2019 at 3:55 pm
Yes you should 🙂
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