Wednesday, November 18, 2009


In aid of the NSPCC, Jaguar is giving away the first Jaguar XJ in a prize draw competition. Esther Rantzen recently visited the Jaguar dealership in in Luton to back the once-in-a-lifetime opportunity.

The Jaguar Prize Competition aims to raise £1m for the NSPCC’s helplines, including ChildLine. This all-new luxury saloon, worth more than £62,000, is Jaguar’s flagship model and will launch in showrooms in the New Year.

Each entry costs £125 and there is no limit to the number of entries per person. Find out more and enter at www.jaguar.co.uk/nspcc. The competition runs until 25 November and the winner will be announced on 1 December.

Esther Rantzen said: “Our new online ChildLine service gives children even more choice in how they seek our help. Children can now text and chat to a ChildLine counsellor at www.childline.org.uk as well as phone on 0800 1111. However, there is much still to be done before we can be there for all children. The Jaguar Prize Competition takes us one step further to raising the funds we need to do this.”

Petrol Price To Hit £5 Per Gallon
November 17, 2009

No doubt none of you have missed the fact that the price of petrol has continued to rise over the past few months. The Mail Online is reporting that it is not just possible but likely that we’re going to see a price of £5 per gallon by Christmas. To further put the [...]
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Vulnerable Road Users And Observation
November 16, 2009

Vulnerable road users rely on others to use careful observation when driving. So, what types of road user should we consider as ‘vulnerable’? There are actually quite a few groups I think who would match this description including pedestrians, motorcyclists, cyclists, scooters used by the elderly or disabled and others.
One thing that driving [...]
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Ferrari 458 Italia Driven By Autocar
November 15, 2009

In this video, the extremely lucky Jamie Corstorphine drives the new Ferrari 458 on the road and track. You can see the real evolution between the 430 and the 458 – just look as those beautiful curves, the angular lines on the bonnet and the triple exhaust. Ferrari have once again created one [...]
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Guy Wilks Signed By Skoda For The 2009 Intercontinental Rally
November 14, 2009

Skoda UK has announced that Guy Wilks, the double British Rally champion, will compete at this year’s Rally of Scotland – the final event of the 2009 Intercontinental Rally Challenge (IRC) series, taking place on 19th-21st November.
Wilks (28) from Darlington will drive a Škoda UK-sponsored Skoda Fabia Super 2000, run by Rene George Rally Sport, [...]
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Just Who Will Jenson Button Sign For In 2010?
November 13, 2009

There are some wild rumours going around about just where Jenson Button is going to end up for the 2010 F1. Stories persist that Button had expectations of his salary going back up to £8 million – the mark that he was at prior to Honda bowing out of F1 before Brawn swooped in. [...]
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Volvo S60 – First Images!
November 11, 2009

Yesterday, I posted a video of what the new S60 might look like. Today, I have great pleasure in showing you. The above images are official folks, so what do you think? I’m impressed I must say. It looks very sporty indeed. Almost M5 in presence, the profile looks sleek [...]
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Volvo S60 – Blind Preview
November 10, 2009

It’s not every day that you see this – so I thought I’d highlight it. The new Volvo S60 is sure to be a reliable, quality and above all interesting product (that last statement not something you can say about every Volvo). However, I don’t think I’ve ever seen a promotional video quite [...]
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2010 car of the year – Who will come out on top?
November 10, 2009

The list of candidates had originally been 33 cars long but that was whittled down to 7 on November 2nd.
The winner will now be selected from one of the following:

Volkswagen Polo
Toyota IQ
Skoda Yeti
Peugeot 3008
Opel/Vauxhall Astra
Mercedes-Benz E-Class
Citroen C3 Picasso

Interestingly, none of the BMW models eligible made the grade and the Porsche Panamera also fell by the [...]
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Mazda 3 MPS Residuals Up
November 9, 2009

The new Mazda3 MPS has seen a residual values claim boost from industry experts, CAP. Apparently, the launch this Autumn of the new model has seen a rise in the value of the model second hand, with plaudits coming from car valuation experts. Depreciation is a big factor in the cost of any [...]
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← Previous Entries

Friday, November 13, 2009

car buying.......


Auditing & Accounting

This blog is dedicated to describe normal accounting & auditing practices. Questions could be sent to myauditing@gmail.com Response would be answered shortly.


#86- Unpresented Cheque- Part II.In our previous post

#80 Bank Reconciliation Review- Unpresented Cheque,

 we posted the following example and question:

Susan is the accountant of Company ABC, who has a December year-end. On 31 December 2008, Susan has approved a few cheques payable to their creditors, amounted to US$200k. Account executive has input the payments into the systems after Susan has approved the cheques. However, the cheques payable to their creditors are not delivered to their creditors until after year-end.


Is there any financial impact to the financial of the Company? Yes or No? If yes, what would be the impact then ?

Answer:Apparently, cheques are dated before 31 December 2008 while the cheques are only delivered to the supplier after year-end. Susan has posted the following entries and recorded in 2008's book:


Dr. Trade Creditors
Cr. Cash


From accounting point of view, cheque should not be deducted from the above cash account until cheques have been delivered to the supplier. In above example, cash and trade creditors balance have been understated. A re-classification entries should be reversed out.


Auditor's Responsibility

We should inquire our clients that there are no cheques not delivered to supplier as at balance sheet date.