Volume 03 - 2016: Recent submissions

  • Classification of Non-Current Asset as Held for Sale 
    Perera, E.A.S.M.; Rathnairi, U.A.H.A. (Department of Accountancy, University of Kelaniya, 2016)
    XYZ (Pvt) Ltd is a subsidiary of ABC (Pvt) Ltd which is the main agent of A&B PLC. The company has been acted as an agent for selling Easy Cash, Reloads and Dongles of A&B PLC. The head office is located in Colombo 03 ...
  • Measurement and Recognition of Government Loans at a Below Market Rate of Interest 
    Nawarathna, H.A.V.S.K.; Rathnasiri, U.A.H.A. (Department of Accountancy, University of Kelaniya, 2016)
    Public and private hospitals are funded from a range of different sources, reflecting the types of patients they treat and the services they provide. ABC is a Private hospital has been established itself as the one of ...
  • Recognition of Non-Current Assets 
    Nawaneliya, M.M.A.E.; Wijesinghe, K.D.G.N. (Department of Accountancy, University of Kelaniya, 2016)
    ABC (Pvt) Ltd. is a member of PQR Group which can be categorized under Service industry. ABC (Pvt) Ltd. offers civil construction, mechanical engineering, electrical engineering and other specialized engineering ...
  • Related Party Recognition 
    Herath, H.W.M.A.; Thilakarathna, C.R. (Department of Accountancy, University of Kelaniya, 2016)
    ABC Limited is a limited liability Company incorporated in Sri Lanka under the companies Act No 17 of 1982 and also ABC Limited is licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance companies ...
  • Recognition of Deferred Tax. Case Studies in Accounting “Bridging the Gap" 
    Ifthikar, S.M.; Thilakarathne, C.R. (Department of Accountancy, University of Kelaniya, 2016)
    PQR (Lanka) Limited is a company whose preliminary engagement is to manufacture and sell Paints. It leverages its worldwide experience to deliver products of International quality & assortment to the consumers with ...
  • Interest from Inter-Company Loans 
    Gomas, P.H.; Abewardane, D.K.Y. (Department of Accountancy, University of Kelaniya, 2016)
    “B” a recognized conglomerate in Sri Lanka is composed of companies successfully operating in several industry sectors managing businesses in varied markets. Expanding overseas into the international market, B has spread ...
  • Quarry is an Inventory or PPE? 
    Chanaka, H.A.D.; Thilakarathne, P.M.C. (Department of Accountancy, University of Kelaniya, 2016)
    PQR Construction (Private) Limited (“Company”) is a limited liability company incorporated and domiciled in Sri Lanka. During the year, the principal activities of the Company were undertaking construction contracts. ...
  • Can We Place Entire Web site Development Cost in One Bucket? 
    Dayananda, K.H.N.K.; Thilakrathne, P.M.C. (Department of Accountancy, University of Kelaniya, 2016)
    NK Logistics (Pvt) Ltd is a limited liability company incorporated in and domiciled in Sri Lanka. The company has invested in a fully owned subsidiary called “TT Destinations (Pvt) Ltd” in the audited financial year, ...
  • Revenue Recognition of Construction of Houses 
    Perera, G.M.H.K.; Jayamaha, A. (Department of Accountancy, University of Kelaniya, 2016)
    XYZ (Private) Limited is a medium scale construction entity, which construct houses for low income earning community. The shares of the entity are held by Mr. A and Mr. B who are also members of the board not-for -Profit ...
  • Can it classify as Inventory or PPE? 
    Vimukthirathne, T.H.N.; Aruppala, W.D.N. (Department of Accountancy, University of Kelaniya, 2016)
    ABC shipping (private) Limited is a limited liability company incorporated in Sri Lankan and registered under the companies Act no 7 of 2007.It is a transportation Company. Company owns a ship which is called as ...
  • Is it a Liability or Other Income? 
    Wedage, C.M.; Aruppala, W.D.N. (Department of Accountancy, University of Kelaniya, 2016)
    ABC (PVT) LTD is a family owned limited liability company. The principal activity of the company is rent & lease out of a modern office complex with high quality facilities. During the period the company has written back ...
  • Non- Recognition of Capital and Revenue Expenditure 
    Rathnasekara, R.T.A.K.L.; Perera, P.R.M.R. (Department of Accountancy, University of Kelaniya, 2016)
    The NOP Lanka Ltd is a manufacturing organization and their prime activity is recycling of lead acid battery scrap and smelting of lead concentrate to produce lead ingots and polypropylene chips. For the production Battery ...
  • Full impairment of a Property Plant and Equipment Purchased in the Current Financial Year 
    Rajapaksha, S.R.; Silva, N.L.C. (Department of Accountancy, University of Kelaniya, 2016)
    ‘LSI Rubbers (PVT) LTD’ is operating as a group of companies, which produces and sells Rubber, Tea, Coconut and Cinnamon. Major portion of its income is recorded to be received from rubber production. A machine has ...
  • Identifying the Issue by Using Audit Trail Report 
    Arachchi, K.A.H.S.K.K.; Madurapperuma, M.W. (Department of Accountancy, University of Kelaniya, 2016)
    PQR (PVT) Ltd is one of the leading companies in Construction & Engineering sector which is importing and selling raw material for building constructions. The company uses Quick Book Accounting Software to record daily ...
  • Disclosure of Director’s Loan. Case Studies in Accounting “Bridging the Gap” 
    Priyanganie, K.A.I.; Priyanganie, K.A.I. (Department of Accountancy, University of Kelaniya, 2016)
    XYZ (Pvt) Ltd is a limited liability company which is engaged producing, importing and hiring films all over the country. They are distributing films using their own circuit of film halls and other circuits, and providing ...
  • Classification Issue of Non-Current Assets 
    Chandrarathna, A.G.K.; Thilakarathna, P.M.C. (Department of Accountancy, University of Kelaniya, 2016)
    ABC Ltd is a company incorporated and domiciled in Sri Lanka. Company has a building which owns to them and it has two floors. They have marketing department, information technology department and Accounts department ...
  • How to Treat in Transfer Pricing Requirement? 
    Keerthirathne, D.G.I.C.; Bandara, R.M.S. (Department of Accountancy, University of Kelaniya, 2016)
    XYZ (Pvt) Ltd is a fully owned subsidiary of the PQR Holdings PLC. Its main business operation is providing telecommunication services and solution. XYZ (Pvt) Ltd has faced to a credit shortage issue as it provide services ...
  • Reinstatement of Fully Depreciated Assets 
    Thilakarathna, P.G.C.M.; Kaushalya, M.P.D. (Department of Accountancy, University of Kelaniya, 2016)
    XYZ Bank is firmly established as a Sri Lanka’s premier financial services organization. Today the Bank’s portfolio of products and services is diverse and comprehensive, to facilitate commercial banking, personal ...
  • Valuation of Inventory at Selling Price 
    Priyanganie, K.A.I.; Wijesinghe, K.D.G.N. (Department of Accountancy, University of Kelaniya, 2016)
    PQR limited is limited liability Company which is engaging a retail business as a super market with more than 300 Outlets Island wide. It imports and locally purchases groceries, provisions, liquor, house hold items and ...
  • Improper Recognition of Foreign Funding for the Stated Capital 
    Maheshika, U.P.W.; Sujeewa, G.M.M. (Department of Accountancy, University of Kelaniya, 2016)
    Royal (Pvt) ltd is a limited liability company, which was incorporated on the 28thof October 2014. This company is a joint venture company, jointly controlled by Royal international company in India and Royal Ltd in Sri ...

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