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Sir, im having final revision week.
And some questions seem to arise while revising P&R kit, please correct my contemplation:
1) Why the Going concern concept is included into qualitative characteristics of CF for IFRSs but ACCRUALS concept is not?
2)Remittance advice sent to suppliers, receipt sent to customers if i am not mistaken.
Remittance advice is just a list sent by customers/companies receiving goods verifying the invoices they paying versus invoices sent by suppliers. It is the case usually when invoices are not paid in full.
3)when recording sales/purchases and TR/TP. the sales&purchases are recorded net of sales tax and TP&TR – gross.
* but what about discounts?
+TR/TP – net
+Discounts allowed/received
Sales/purchases – gross
and trading discounts are excluded showing subtraction on invoice; right?1. Because it is not in the list
2. Remittance advice is sent detailing what payment has been made. (and is not always when not paid in full – those companies who require it require it so that they can allocate the payment. It is not compulsory.)
3 Trade discounts reduce the amount shown on the invoice. Only the final amount is entered into the accounts.
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