Can’t wait for the day my son/daughter asks me to buy them a car. Just so I can use that as a life lesson on making the money to fund your dreams, tax planning and investing.
NNPC;
- We have accrued receivables of N107 trillion
- We also have accrued expenses of N103 trillion
Verdict: A balanced account.
Nigerian Senate and illiterates on Twitter: “N210trillion IS MISSING” 🤡🤡
Accrued expenses = money you are owing but have not yet paid e.g interest on loans to be paid at a later date.
receivables = money you are owed but yet to be paid e.g interest paid at maturity of a fixed investment, credit sales etc. how can you join them and say refund ????
It's even basic accounting.
Cash calls from JVs requested from NNPC was N103Trillion recorded as accrued expenses.
Settlement of Cash calls to JVs by NNPC is N107 Trillion.
NNPC has a net receivables of N4trillion on the JV account.
Both are two sides of the same transactions and upon reconciliation, NNPC might be refunded N4trillion from the partners.
No money is missing but go on😂😂😂
@FinPlanKaluAja1 How then would you advise the reconciliation be made for input vat incurred on goods imported through Lagos and sold in other states. Or even since you said at local government level goods that move within a state.