Scribd
Upload
17 views3 pages

"WEEK 10" Part A: Fujitsu LTD

Uploaded by

Yusef Shaqeel

The document contains a general journal for Fujitsu Ltd for the year ended with multiple journal entries recorded. It also discusses the definition of a qualifying asset according to Australian accounting standards. Qualifying assets require a substantial time to prepare for sale or use and meet requirements for capitalizing borrowing costs. Financial assets are excluded from qualifying assets even if treated as equity in some entities. Qualifying assets are categorized as those measured at fair value and finished goods produced in bulk that require time to sell. Examples given are investment property under construction and made-to-order PPE and inventories.

Copyright:

© All Rights Reserved
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt

"WEEK 10" Part A: Fujitsu LTD

Uploaded by

Yusef Shaqeel
17 views3 pages
The document contains a general journal for Fujitsu Ltd for the year ended with multiple journal entries recorded. It also discusses the definition of a qualifying asset according to Australian accounting standards. Qualifying assets require a substantial time to prepare for sale or use and meet requirements for capitalizing borrowing costs. Financial assets are excluded from qualifying assets even if treated as equity in some entities. Qualifying assets are categorized as those measured at fair value and finished goods produced in bulk that require time to sell. Examples given are investment property under construction and made-to-order PPE and inventories.

Original Description:

week 10

Original Title

WEEK 10_Acc

Copyright

© © All Rights Reserved

Available Formats

DOCX, PDF, TXT or read online from Scribd

Did you find this document useful?

Is this content inappropriate?

The document contains a general journal for Fujitsu Ltd for the year ended with multiple journal entries recorded. It also discusses the definition of a qualifying asset according to Australian accounting standards. Qualifying assets require a substantial time to prepare for sale or use and meet requirements for capitalizing borrowing costs. Financial assets are excluded from qualifying assets even if treated as equity in some entities. Qualifying assets are categorized as those measured at fair value and finished goods produced in bulk that require time to sell. Examples given are investment property under construction and made-to-order PPE and inventories.

Copyright:

© All Rights Reserved
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
17 views3 pages

"WEEK 10" Part A: Fujitsu LTD

Uploaded by

Yusef Shaqeel
The document contains a general journal for Fujitsu Ltd for the year ended with multiple journal entries recorded. It also discusses the definition of a qualifying asset according to Australian accounting standards. Qualifying assets require a substantial time to prepare for sale or use and meet requirements for capitalizing borrowing costs. Financial assets are excluded from qualifying assets even if treated as equity in some entities. Qualifying assets are categorized as those measured at fair value and finished goods produced in bulk that require time to sell. Examples given are investment property under construction and made-to-order PPE and inventories.

Copyright:

© All Rights Reserved
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
You are on page 1/ 3

Assignment of Accounting theory and Current issues 1

“WEEK 10”

PART A

Fujitsu Ltd

General Journal

For the Year ended _______

Date Particulars Debit Credit

11-05-2019 (A/c) Purchases $731,707

(A/c) DFO Limited $731,707

(To record the purchase by the company)

Date Particulars Debit Credit

30-06-2019 (A/c) DFO Limited $34,033

Loss or gain on Foreign Exchange (A/c) $34,033

(To record the dissimilarity in loss or gain

associated with foreign exchange)

Date Particulars Debit Credit

DFO Limited Account


14-08-2019 $769,231

Bank Account
$769,231
Exam of Behavioral Finance 2

(To record the amount of payment given

to the creditor)

Date Particulars Debit Credit

14-08-2019 Loss or gain Foreign Exchange (A/c) $71,556

DFO Limited (A/c) $71,556

(To record the forex’s effect recorded)

PART B

The term qualifying asset is defined by both AASB 1036 and AASB 123 as an asset

by which a substantial time is taken to prepare for its proposed sale or utilization. Also,

constant requirements are possessed by such an asset in respect of the suspension, cessation,

and commencement of borrowing costs’ capitalization. According to various standards of

Accounting in Australia, financial assets are not considered as a part of qualifying assets,

even in the entities where such assets are treated as equity securities. The AASB categorized

qualifying assets into two different kinds: the assets that are measured at fair value and the

finished goods that are produced or manufactured in bulk quantity based on repetition, which

needs a considerable period for selling purpose. Examples of such assets could be the

property of investment during the period of construction or PPE and inventories that are made

to order.
Exam of Behavioral Finance 3

You might also like