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Browsing Volume 03 - 2016 by Issue Date

Browsing Volume 03 - 2016 by Issue Date

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  • Improper Recognition of Commission Income from Importing Vehicles to the Permit Holders as Sales Income 
    Meepegama, U.E.; Sujeewa, G.M.M. (Department of Accountancy, University of Kelaniya, 2016)
    ABC (Pvt) Ltd as the Sole agent for X kind of vehicles in Sri Lanka is dedicated to servicing the needs of their customer by providing them with a range of vehicles and attending to their requirements with impeccable ...
  • 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 ...
  • 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. ...
  • 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 ...
  • Is it a Revenue or Liability? 
    Ariyarathna, K.G.K.S.; Aruppala, W.D.N. (Department of Accountancy, University of Kelaniya, 2016)
    ABC finance PLC is a leading Islamic finance provider in Sri Lanka. It provides lease, Hire purchase and loan facilities to customers. Company is using different jargons to introduce products In the Islamic unit loan ...
  • 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 ...
  • 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 ...
  • Revenue Recognition of a Related Party Company According to “Transfer Pricing” 
    Thishanthi, G.T.; Kawshalya, M.P.D. (Department of Accountancy, University of Kelaniya, 2016)
    XYZ Developers Group is a group which consists with three BOI registered companies. The businesses of the companies are purchasing lands, constructing apartment buildings and sell them to customers. As the companies ...
  • LKAS 16 and Componentization 
    Gunasekara, T.M.T.D.; Abeywardhana, D.K.Y. (Department of Accountancy, University of Kelaniya, 2016)
    Mega PLC established on the 1st November 1969. It is empowered to generate electrical energy, transmit the same and distribute it to reach all categories of consumers and to collect the revenue. It is the duty of the ...
  • Detection of Occupational Fraud on Leasing Companies 
    Peiris, M.M.; Rathnasiri, U.A.H.A. (Department of Accountancy, University of Kelaniya, 2016)
    MM PLC is one of a leading finance company in Sri Lanka. The principle business activities of the company are leasing, hire purchase financing, vehicle hire, deposit mobilization and vehicle trading. It was found a fraud ...
  • 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 ...
  • 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 Interest Income in Small Financial Institutions 
    Dharmadasa, P.G.K.H.; Gunasekara, U.L.T.P. (Department of Accountancy, University of Kelaniya, 2016)
    LMD Ltd is a company which provides micro credit in remote areas; however the company does not take deposits. The loan portfolio includes variety of loan categories such as business development, consumption, dairy, etc.
  • Tightening the Internal Controls 
    Mirihagalla, M.K.D.L.; Silva, N.K.L. (Department of Accountancy, University of Kelaniya, 2016)
    XYZ Ltd is a company engages in distribution of pharmaceutical products to pharmacies, groceries, hospitals and doctors. The distribution channel directly operates with credit and cash sales through sales agents and cash ...
  • 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 ...
  • 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 Biological Assets 
    Rajapaksha, S.R.; Perera, H.A.P.L. (Department of Accountancy, University of Kelaniya, 2016)
    ‘Green Acre Farms PLC’ is a listed company on Colombo Stock Exchange, which has the largest and most modern poultry hatcheries and breeder farms in Sri Lanka. In performing the operations, selective breeding, hatching ...
  • Does it Worth Capitalizing? 
    Chathuri, I.P.D.; Thilakarathne, P.M.C. (Department of Accountancy, University of Kelaniya, 2016)
    ABC Active (Pvt) LTD is a separate legal entity under Active cluster of ABC (Pvt) LTD. ABC (Pvt) LTD is a $1.2 bn conglomerate and is positioned as one of the world’s most recognized Design–to-Delivery Solution Providers ...
  • 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 ...

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