Summary of criminal prosecutions enforcement us epa. Solved prepare the journal entries to record the following. The consignment accounting journal entry records the transfer of the goods from inventory to a consignment inventory account to indicate that the goods have been consigned to an agent. For a salestype lease, the initial journal entry has two parts instead of. Oil record book part i machinery space operations oil tankers of 150 gross tonnage and. How to use oil record book part ii cargoballast operation for tankers oil record book the document required to be carried on board ships by marpol 7378, annex i, reg.
The entries in the oil record book part ii, for ships holding an iopp certificate, shall be in english. Regulation 36 oil record book, part ii cargoballast. Journal entries 16 corie ethredge 250200 15335 park row. Full text of descendants of andrew everest of york, maine. Entry pertaining to an earlier missed operational entry note. Accounting for leases under the new standard, part 1 the. Option 2 under ifrs 16 allows for the rightofuse asset to equal the lease liability.
If a wrong entry has been recorded in the oil record book orb. Accounting for leases under the new standard, part 2 the. The entry to record the flow of direct labor costs into production in a job order cost accounting system is. The oil record book, whether as a part of the ships official logbook or otherwise, shall be in the form specified in appendix iii to this annex. Where entries in an official language of the state whose flag the ship is entitled to fly are also used, this shall prevail in case of a dispute or discrepancy. The second part of the oil record book is for cargoballast operations and this part only needs to be filled out by crew members aboard oil tankers.
The system is called double entry because each transaction is recorded in at least two accounts. The oil record book part ii contains many references to oil quantity. The oil record book part ii shall be kept in such a place as to be readily available for inspection at all reasonable. Msn 036 marpol annex i and changes to the oil record. Prepare the journal entries to record the following. For example, adjustments to unearned revenue, prepaid insurance, office supplies, prepaid rent, etc. Record book part i machinery space operations all ships mepc 6224, paragraph 7. Tec0916 issued on 24 july 2012, the north american eca has been enforced to apply marpol annex vi reg. The entries in the oil record book part i, for ships holding an iopp certificate, shall be. View journal entries 16 from english co 250490 at penn foster college. In the following examples we assume that the employees tax rate for social security is 6.
Record book part i of the circumstances of, and the reasons for, the discharge. The standard itself is voluminous, and digesting it will be a major task for companies, auditors, and accountants. Oct 03, 20 prepare the journal entries to record the following transactions on horst companys books using a perpetual inventory system. Select a technology that is of interest to you for example, sewing machines, tanks, computers, tv, etc. Collection of oil residue sludge from fuel oil separator drain tanks. This 2nd edition revised november 2009 of the guide for correct entries in the oil record book is an updated version which supersedes the 2006 edition. Mepc 5 1 29 march to 2 april 2004 agreed that the current resolutions, guidelines and. Please note that the journal entry above is made at the beginning of year 1.
Amsa issues guidance on recording operation in oil record book. Oil record book part i corrigendum sections a to h of the oil record book part i are replaced by the following. Collection of oil residue sludge by draining engine sump tanks. The entries in the oil record book part ii, for ships holding an iopp certificate, shall be at least in english, french or spanish. The goal is to make the posted balance of the retained earnings account match what we reported on the statement of retained earnings and start the next period with a zero balance for all temporary accounts. Capital lease accounting by lessor accounting guide. All machinery space operations must be clearly and accurately recorded. Mci circular 2032019 marpol annex i guiidance for the.
Intertanko a guide for correct entries in the oil record book part iicargoballast operations 1st edition intertanko on. An oil tanker of 150 gross tons and above or a non oil tanker that carries 200 cubic meters or more of oil in bulk, shall also maintain an oil record book. Ship inspectors fsc psc vetting frequently mention in their reports improper maintenance of the oil record book orb to masters and chief engineers and about the importance of correctly maintaining the orb during their visits on board entered vessels. The oil record book part ii, whether as a part of the ships official log book or otherwise, shall be in the form specified in appendix iii to this annex. This bulletin provides guidance on making oil record book entries and related procedural matters, and to confirm bma requirements in respect of the oil record book orb part i and associated entries. Apr 18, 2017 oil record book is one of the most important document that chief officer has to maintain. The limited accuracy of tank measurement devices, temperature variations and clingage will affect the accuracy of these readings. The oil record book part i must be properly completed. Guidance for recording of operations in the oil record book part 1 machinery space operations all ships operations should be recorded in chronological order as they have been executed on board. For oil tankers, oil record book part ii shall also be provided to record relevant cargo ballast operations. Oil pollution can be an incident but not wrong oil record book entries. Oil record book entries shall be made directly on completion of the operation. Write each action from your list in step 1 in the appropriate quadrant on your chart. Oil record book part 2, cargoballast operations oil tankers.
If a wrong entry has been recorded in the oil record book orb, it should immediately be struck. The guide is structured in a userfriendly manner and can also be used as a training or guidance tool for seafarers and shorebased personnel, has been written to complement the intertanko publication a guide for correct entries in the oil record book part i machinery space operations. This example is a continuation of the accounting cycle problem we have been working on. Intertanko a guide for correct entries in the oil record book. Unloading at multiple ports cargo record book part cargo. The interest rate earned on the loan is variable at libor plus 2 percent.
The new revised guidance is intended to ensure compliance with marpol requirements for making entries in the oil record book orb part 1 machinery space operations, and includes examples of orb entries showing the correct use of the different codes and item numbers. S300 record ruled account journal 500 sheets 7 14 x 11 34 sheet size blue white sheets blue cover 1 each add to shopping list keep shopping view my cart. This makes it so much important to have the knowledge of making the correct oil record book entries. A guide for correct entries in the oil record book, part i.
A guide for correct entries in the oil record book part ii. Pay record book entry example stationloc length width avg. As you come into the second area of the chapter head left, upstream, and go behind the. In part 1 of a two part series, the authors discuss the. The guide is structured in a userfriendly manner and can also be used as a training or. Oil record book part ii list of items to be recorded a loading of oil cargo 1 place of loading. This new edition addresses the increasing problems of ships being detained and fined due to equipment malfunction and also gives guidance on the management of ship oilwater separators in the engine room. Accounting for lease modifications under asc 842, part 2. You can use our online ordering system to purchase oil record books. The guidance is intended to facilitate compliance with marpol requirements. For example if there is deliberate attempt to make a wrong entry in oil record book, the consequence would be severe. Guidance for the recording of operations in the oil record book part i machinery space operations all ships the marine environment protection committee, at its sixtyfirst session, 27 september to 1 october 2010, approved the guidance for recording of operations in the oil record book part i machinery space operations all ships paragraph 7. Overview this guide has been developed to assist ship operators in providing guidance to their seagoing personnel for the proper and consistent completion of the oil record book part ii cargoballast operations for oil tankers, as stipulated by regulation 36 and appendix iii of annex i of marpol 7378. Errors in oil record book part i entries ombros consulting.
Any failure of the oil filtering equipment shall be noted in the oil record book part i. Click on the link below to go to our online ordering system page. May, 2016 journal entries and notes in chapter 10 of uncharted 4 the eic officer behind the waterfall journal note. Normally the goods will have been purchased together with other purchases and form part of the inventory of the consignor. The bahamas maritime authority oil record book part 2. This receipt or certificate, if attached to the oil record book part i, may aid the master of the ship in. Credit account titles are automatically indented when amount is entered. The cargo record book must be available at all times for examination by.
Oil record book part i shall be provided to every oil tanker of 150 gross tonnage and above and every ship of 400 gross tonnage and above other than oil tankers, to record relevant machinery space operations. At the end of year 1 when payment is made recall that payments are made in arrears in this example, the journal entry to reflect the payment is as follows. Oily water separators and the oil record book duration. Keeping oil record book on board cargo ships and how to make. For example if there is deliberate attempt to make a wrong entry in oil record book, the consequence. As already advised in classnk technical information no. Coast guard published the psc procedure and actions in section 2 of. Regulation 17 oil record book, part i machinery space. In this section of payroll accounting we will provide examples of the journal entries for recording the gross amount of wages, payroll withholdings, and employer costs related to payroll. The entries in the oil record book part i, for ships holding an iopp certificate, shall be at least. Ship inspectors fsc psc vetting frequently mention in their reports improper maintenance of the oil record book orb to masters and chief engineers and about the importance of correctly maintaining the. The closing entries are the journal entry form of the statement of retained earnings. Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting entries that are necessary to present fair financial statements at december 31. Intertanko a guide for correct entries in the oil record book part i machinery space operations 3rd edition 2014 28 pages this new edition addresses the increasing problems of ships being detained and fined due to equipment malfunction and also gives guidance on the management of ship oilwater separators in the engine room.
The entries in the oil record book part i, for ships holding an iopp certificate, shall be at least in english, french or spanish. False, missed or incorrect entries are considered a serious offense worldwide. Adding fuel oil to an oil residue sludge tank all content of a sludge tank is considered sludge. Accounting for leases under the new standard, part 2. Intertanko a guide for correct entries in the oil record book part i machinery space operations 3rd edition 2014 28 pages this new edition addresses the increasing problems of. The entries in the oil record book part i, for ships holding an iopp certificate, shall be at least in. Any failure of the oil discharge monitoring and control system shall be noted in the oil record book part ii. The entries in the oil record book part 1, for ships holding an iopp certificate. The building has a useful life of 20 years and the company uses straightline depreciation.
Keeping oil record book on board cargo ships and how to. Each completed operation shall be signed for and dated by the officer or officers in charge. Where entries in an official national language of the state whose flag the ship is entitled to fly are also used, this shall prevail in case of a. The new lease accounting standard, released by fasb in early 2016, represents one of the largest and most impactful reporting changes to accounting principles in decades. See note on page iii regarding examples of entries. Marpol oil record book entries further revised guidance. Form of garbage record book example part i for all garbage other than cargo residues as defined in regulation 1.
Prepare the journal entries to record the following transactions on borst companys books using a perpetual inventors system. Government is available to the masters or operators of all u. Oil record book instructions international registries. There are principles within this document which may also be applicable to oil record book part ii. Give examples to support your discussion and cite at least two 2 sources in your paper. No entries were made in the ships oil record book indicating the direct discharge of bilge water and sludge from the ship into the ocean. The guide which is structured in a userfriendly manner and can also be used as a training or guidance tool for seafarers and shorebased personnel, including ship operators, surveyors and inspectors has been written to complement the intertanko publication a guide for correctentries in the oil record book part i machinery space. It includes a significant number of relevant amendments, agreed by the imo, which are required due to revision of annex 1 of marpol 7378, and due to guidelines that have a direct impact on correct entries in the oil record book. Using an entire journal page, draw a fourquadrant chart like the example on page 142. It is essential that all the orb contains entries required by marpol and that the master and all officers are familiar. Cg3pcv policy letter 0609 uscg united states coast guard. The oil record book part ii, whether as a part of the ships official logbook or otherwise, shall be in the form specified in appendix iii to this annex. Appendix 2 insert for orb part ii rlm 121a rev 2006. Type of oil loaded and identity of tanks is also not confusing.
Amsa issues guidance on recording operation in oil record book green shipping 120515 amsa has issued marine notice to advise of the availability of guidance for the recording of operations in the oil record book part i machinery space operations all ships, prepared and issued by the imo. Record journal entries in the order presented in the problem. Examples of circumstances of discharge include, but are not limited to. Intertanko a guide for correct entries in the oil record book part iicargoballast operations 1st edition. Every oil tanker of 150 gross tonnage and above and every ship of 400 gross tonnage and above, other than oil tanker, shall be provided with an oil record book, part i. Oil record book part ii cargoballast operations oil tankers of 150. Revaluation of fixed assets journal entries examples.
Signed 1 signature of officer making i entry signed 2 signature of officer making missed entry. Cargo record book must be preserved for three years from the date of the last entry. These adjusting entries record noncash items such as depreciation expense, allowance for doubtful debts etc. The book keeping and accounting process in accountancy the double entry bookkeeping or double entry accounting is the basis of the standard system used by businesses and other organizations to record financial transactions. The entries in the oil record book part i, for ships holding an international oil pollution prevention certificate, shall be at least in english, french or spanish. Annex applies shall be provided with a cargo record book, whether as part. Intertanko a guide for correct entries in the oil record book part i machinery space operations 3rd edition 2014. Intertanko a guide for correct entries in the oil record. The entries in the oil record book part i, for ships holding an iopp certificate.
When making entries in the oil record book part i, the date, operational code and item number shall be inserted in the appropriate columns and the required particulars shall be recorded chronologically in the blank spaces. Phonemegrapheme correspondences as cues to spelling improvement. Oil record book part i machinery space operations all ships mepc 6224, paragraph 7. Everyday low prices and free delivery on eligible orders. Show the journal entries in the books of the zuari ltd. A guide for correct entries in the oil record book part i. This article shows how to calculate the present value of remaining lease payments using excel. And if there are some typo or calculation errors, the consequences could range to some monetory fines. Regulation 36 oil record book, part ii cargoballast operations. A guide for correct entries i then oil record book part 1.
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