Technical Accounting Alert Leasehold makegood / restoration provisions Introduction The purpose of this alert is to reinforce that lease makegood / leasehold restoration provisions should be recognised in relation to properties held under operating leases Such a provision may arise because Depletion method of depreciation is mostly used by the companies that have assets that are natural resources like oil gas coal mines quarries or other wasting assets This method is named as 'depletion method' because the reduction of a natural resource or asset is known as depletion of that resource or asset and thus is []

Let's talk about royalties in accounting

Let's talk about royalties in accounting 2 Accounting for royalties and as result no royalty payment will be needed and no accounting entries are expected to be posted in the books of the licensee (the buyer) Early termination of royalty contracts

Mar 24 2016Hire someone with accounting experience or learn how to set up the chart of accounts and classifications for your company's accounting system Creating the right structure in your accounting system means you can track sales and costs of specific products You can also track services or projects and the cost of goods sold

Problem is that it's very difficult to put a value on a quarry and two valuers I spoke to who are not in a position to do a formal valuation From an accounting perspective am I covered by carrying the value of the subsidiary at cost and should I put a limitation of scope in

Netstone is a complete management system with accounting module for Stone quarry units this is a complete solution for stone quarry units to manage their entire business whether it is challan Transporter Loader Billing cycle Auto weighing module E-Royalty M-royalty SMS and E-mail intergration and all related reports this module can even be useful for any mining units for example

This article talks about Royalties Accounting important terms related with Royalty in final accounts Royalty Accounting treatment and Types of Royalties in Accounting Royalty Meaning in Accounting Royalty is nothing but a periodical payment made by the user of the asset to the owner or the creator of such an asset for its use

Accounting for Small Mining Operation

Table of ContentsIncomeOperating ExpensesVouchers and EntriesDistribution of Power Etc Purchases and Inventories The observations here presented are not those of an expert accountant but of one who while he has seen considerable service in the accounting departments of large companies has spent more time in engineering and operating This paper is intended to cover in a measure mine

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Reserves in Accounting When a company earns a profit at the end of a financial year a certain portion of it is retained in the business to meet future contingencies growth prospects etc This amount of money kept aside is termed as Reserves They help in fortifying the financial position of a company and can

A quarry is an area from which resources such as marble limestone sand and granite are extracted for industrial use Once depleted of their desired resources quarries are frequently abandoned The majority of quarries are located fairly close to urban environments due to the expense of transporting raw materials into the city for industrial

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Dec 17 2019About the Author Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping He has worked as an accountant and consultant for more than 25 years in all types of industries He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own

Accounting Of Quarry Mining Companies

Accounting Of Quarry Mining Companies Cycle of operation in quarry mining - spitsid accounting fot quarry operations - crusher quarry mining a life-cycle inventory of limestone dimension the day-to-day operation of limestone quarries or quarry as any other mining operationpdf reporting cycle for the safety and health levy for a mine

Correcting Entries Chart of Accounts Before recording transactions into the journal we should first know what accounts to use This is where a chart of accounts comes in handy A chart of accounts is a list of all accounts used by a company in its accounting system It makes the bookkeeper's work easier

g) Entries Entries in our ERP Application denotes the manual entries that is made to the accounts This feature is plain and simple to create a new entry whether it may be a journal payment receipt or contra Our software is designed in a way that most of the accounting actions are done in the background and the user will not feel or get

Home Online Exam Help Accounting Exam Help Connect Financial Accounting Chapter 8 Connect Financial Accounting Chapter 8 Q1 Cala Manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant The negotiated purchase price is $228 000 for the lot plus $123 000 for the old building

Aug 10 2019Research and Development Accounting The basic problem with research and development expenditures is that the future benefits associated with them are sufficiently uncertain that it is difficult to record them as an asset Given these uncertainties GAAP mandates that all research and development expenditures be charged to expense as incurred

in the mining industry International Financial Reporting Standards 6th edition International Financial Reporting Standards (IFRS) provide the basis for financial IFRS have their own challenges as the pace of standard-setting from the International Accounting Standards Board (IASB) has been intense in recent years with a constant flow

Accounting for Manufacturing For reasons that will become apparent when we start recording entries resources acquired for production are classified into three groups (1) Resources held in inventory until they are needed in production such as materials and supplies

Maher Company had beginning balances in Accounts Receivable and Allowance for Doubtful Accounts of $24 200 and $2 000 respectively During the accounting period Maher earned $230 000 of revenue on account and collected $232 500 of cash from receivables The company also wrote off $1 950 of uncollectible accounts during the period

Depletion It is a form of a systematic reduction in value of an asset just like depreciation and amortization In accounting and finance depletion is mainly associated with extraction of natural resources i e mineral assets For example – extraction of coal from a mine extraction of limestone from a quarry unearthing oil from an oil well etc

Netstone is a complete management system with accounting module for Stone quarry units this is a complete solution for stone quarry units to manage their entire business whether it is challan Transporter Loader Billing cycle Auto weighing module E-Royalty M-royalty SMS and E-mail intergration and all related reports this module can even be useful for any mining units for example

These sample problems are intended as a supplement to my book Accounting Made Simple Accounting Explained in 100 Pages or Less Chapter 1 The Accounting Equation Question 1 Define the three components of the Accounting Equation Question 2 If a business owns a piece of real estate worth $250 000 and they owe $180 000 on a loan for that real estate what is owners' equity in the

Definition The cost of sales also known as the cost of goods sold (COGS) represents the direct costs related to the manufacturing or purchasing of a good that is sold to a customer Companies use this measurement to calculate their gross margin What Does Cost of Sales Mean? What is the definition of cost of sales? The cost of sales formula can be calculated two different ways