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    balvinder123's Avatar
    balvinder123 Posts: 5, Reputation: 1
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    #1

    Oct 27, 2013, 02:17 PM
    Basic account classifying question (emergency please help)
    Plato Inc. prepares financial statements in accordance with IFRS. : (please help me classify these accounts, I have removed the ones that I already know) some accounts can be classified as not reported or (current and long term) asset or liability for example: prepaid expenses- current assets

    Indicate headings on its statement of financial position how each of the following should usually be classified

    (b)Investment in associate

    (d)Advances to suppliers

    (i)Accrued interest on notes receivable

    (j)Twenty-year issue of bonds payable that will mature within the next year (no sinking funds exist, and refunding is not planned)

    (k)Machinery retired from use and reclassified as held for sale

    (l)Fully depreciated machine still in use

    (m)Investment in bonds that will be held until maturity in two years

    (n)Accrued interest on bonds payable

    (o)Salaries that the company budget shows will be paid to employees within the next year

    (p)Accumulated depreciation related to equipment

    (q)Accumulated unrealized gains on securities accounted for under the fair value through OCI mode

    (r)Bank demand loan

    (s)Land held for speculation
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
     
    #2

    Oct 27, 2013, 11:42 PM
    (b)Investment in associate- Non Current Assets

    (d)Advances to suppliers - Current assets

    (i)Accrued interest on notes receivable - Current assets

    (j)Twenty-year issue of bonds payable that will mature within the next year (no sinking funds exist, and refunding is not planned) Current Liabilities unless steps are taken to defer payment later than next year

    (k)Machinery retired from use and reclassified as held for sale - Current assets

    (l)Fully depreciated machine still in use - Non Current assets as notes

    (m)Investment in bonds that will be held until maturity in two years - Non current assets

    (n)Accrued interest on bonds payable - current liabilities

    (o)Salaries that the company budget shows will be paid to employees within the next year - current liabilities

    (p)Accumulated depreciation related to equipment - Non Current asset as contra asset

    (q)Accumulated unrealized gains on securities accounted for under the fair value through OCI mode - deferred income

    (r)Bank demand loan - current liabilities

    (s)Land held for speculation - Current assets

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