Question

IPSAS vs IAS IPSAS

Description

IAS/IFRS

Description

1

Presentation of Financial Statements

2

Cash Flow Statements

12

Inventories

17

Property, Plant & Equipment

33

First-time adoption of Accrual Basis IPSASs’

JOURNAL ENTRIES

Cash vs Accrual Accounting Entries

Company X is located in the commercial sector of Trinidad and Tobago and has been operating from 1992. The company purchased office supplies from Florida Distributors Co. Ltd on May 12, 2016 that valued US$50,000.00. Company X pays US$20,000.00 by cash on May 31, 2016, US$25,000.00 by cheque on June 2, 2016, and then settled its bill by transferring the balance from its bank account directly into the bank account of the supplier on June 3, 2016. (Please show all workings and kindly attached the document in order for me to copy and paste)

Record the transactions in the books of Company X using the accrual basis?

Note that all transactions are to be recorded in the home currency of Company X