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Hi Mike,
This relates to the first example in chap 3
I am slightly confused as to the treatment of item (iii) in the question. Could you kindly explain the significance of £25,000 and why this value was used in the Statement of P/L as opposed to (£130,000-£95,000) = £35,000 ?
Many thanks!
Hi
This was asked a few days ago bu someone else.
the significance of the 25,000 is that there is 25,000 sitting in the revaluation reserve relating to the impaired asset.
the remaining 10,000 should be debited to Profit or Loss but I appear to have missed it.
It’s in my mind to change /correct the error when I next review the notes over the Winter quiet period
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