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Slot 1 Review

In: Business and Management

Submitted By zerocool333
Words 1219
Pages 5
FARA - Slot I Review Points

A. Income Statement

(a) Manufacturing Companies:

1. Compute COGS – show each item separately. Follow Birla 3M format.
COGM = (opening WIP + material expenses + conversion charges/other manufacturing expenses – closing WIP).
COGS = (Opening FG inventory + COGM +Purchase of traded goods, if any – Closing FG inventory).

Note: Amortisation of process know-how fees, technology fees, or any such intangible asset related to manufacturing is to be treated as product cost and included in COGM.

2. Treatment of Excise duty: Two options are there: (i) include in COGM (as was done in case of Birla 3M) or (ii) subtract from Gross Sales (exclude from COGM) as shown below:

Gross Sales 100
Less: Excise duty (30)
Net Sales 70 Excise duty amount to be shown in income statement = (Opening balance of advance excise duty + ED paid during the year – closing balance of advance excise duty). (b) Non-manufacturing companies

Provide break-up of expenses under the headings (like Cost of Sales, General & Admin, Selling & Distribution, Finance Charges), if given/asked.

(c) Please remember instances of: (i) converting asset into expense (prepaid rent, insurance, write-offs of non-refundable deposits, etc.) (ii) converting liability into revenue (Unearned/deferred revenue) (iii) apllying accrual concept for revenue not received or expenses not paid.

(d) Trade discounts on purchases are always netted off. Similarly, trade discounts on sales shall be netted off.

Cash discounts shall be shown under “Selling & Distribution Expenses.”

(e) If the asset is sold during the year then depreciation expense till the date of sale must be considered. In slot 1, we will follow SLM for depreciation.

Profit/loss on sale of asset = Sale realisation – book value of the asset at the time of sale

(f) Income tax amounts

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