The Students Society is a sub organization established under our Welfare Society that provides services which enable outstanding student experiences. The Society organizes events and opportunities for Trainees to become acquainted with other employees of the Group. The objective of the Society is making a platform for trainees in developing their organizing skills, team work and interacting with each other well. All Trainees are required to be members of society during their training period. The Society is fully administrated by the Trainees in consultation with the Welfare Society.
To be a union to develop values & Professional confidence of students by encouraging their creativity & good behavior.
To build responsible leaders within the organization to promote the value that represent good character in all trainees.
Achala Amarajith (NHCo)
Rumesh Lakshitha (W&Co)
Nimali Madhushani Perera (NHCo)
Shamal Manoj Sandarathna (NHCo)
This program provides a supportive and positive learning experience and would convey you an occasion to serve in many capacities. By participating in all functions, you will receive a pleasing experience in developing communication and leadership skills, resulting in greater self-confidence and personal growth.
ABC has produced its draft financial statements for the year ended 31 March 2016 and two issues have arisen:
1. On 1 March 2016, ABC factored (sold) LKR 2 million of trade receivables to XYZ. ABC received an immediate payment of LKR 1Â·8 million and credited this amount to receivables and charged LKR 200,000 to administrative expenses. ABC will receive further amounts from XYZ depending on how quickly XYZ collects the receivables. XYZ will charge a monthly administration fee of LKR10,000 and 2% per month on its outstanding balance with ABC. Any receivables not collected after four months would be sold back to ABC; however, ABC expects all customers to settle in full within this period. None of the receivables were due or had been collected by 31 March 2016.
2. On 1 April 2014, ABC sold a property which had a carrying amount of LKR 3Â·5 million to a property company for LKR 5 million and recorded a profit of LKR1Â·5 million on the disposal. Part of the terms of the sale are that ABC will rent the property for a period of five years at an annual rental of LKR 400,000. At the end of this period, the property company will sell the property through a real estate company/property agent at its fair value which is expected to be approximately LKR 6Â·5 million. ABC will be given the opportunity to repurchase the property (at its fair value) before it is put on the open market. All of the above amounts are deemed to be at commercial values.
You are required to explain and quantify where appropriate, how ABC should account for the above two issues in its financial statements for the year ended 31 March 2016.
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NH Student Society has decided to direct focus towards strengthening and enhancing our country’s education through minimizing failures and problems being faced by the rural education system. For accomplishing this task, the society has selected several local schools which are lacking with essential infrastructure facilities and facing for bulk of difficulties in carrying out their day to day activities. With the project, the society intend to eliminate the discrimination exist between leading schools in urban areas and other schools in rural areas by providing a support, focusing the areas of resources, advancement of knowledge, skills and opportunities. By motivating these students, we expect them to grow as talented personalities and thereby contribute to the development of economy of Sri Lanka.