F7 Chapter 25 Questions
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In question no 1 why the option 4 is incorrect. well in revenue grants we have option to present revenue grant as a credit in the statement of profit or loss or also we can deduct from the related expense by this the answer can also be option 4 am I right?
You are correct – I should have specified that it was a grant related to an asset
Thanks
hello sir , wouldn’t it be third option in Q4
DR NCA 70000 CR CASH 70000
DR DEP 21000 CR NCA 21000
Please elaborate
Dear Sir?about Q4?the option three,need to add to 2,100 to provision depreciation,need to cr provision depreciation dr retained earnings,right?
I believe that that is the effect of the printed solution!
Can you explain for me question 2? My answer is 1st and 4th choice due to monetary grant for revenue exp and non-monetary grant by assets
Question 3 how is the calculation really done i seem to be lost.
1,000 x 40% = grant in year 1
600 x 40% = grant in year 2
360 x 40% = grant in year 3 = 144