NCA-HFS Example 1

Dear Chris,

In order to understand what is happening, I have posted the journals but it seems I am missing something (journal entry to recognise the gain in PnL)
My journals are as follows:
DR SPLOCI Depreciation 100 Before revaluation
CR SFP Depreciation 100

DR SFP CA-PPE 1500 @Revaluation
CR SFP Equity -OCE 1500

DR SFP NCA-HFS 15100 @Revaluation
DR SPLOCI IMPAIRMENT 300
CR SFP CA-PPE 15400

1) Please could you confirm that my journals are correct and no journal is missing?
2) I cannot see when OCI is credited for 1500. And what is it DR account?
3) Are the £300 = impairment or the real cost to dispose the asset? If the latter is true, then wouldn’t we duplicate the entries when the actual invoices for those £300 would arrive in the following year?

Thanks a lot
Regards
Siv

Extract of the example:
“At 1 January 2015, Namibia carried a property in its statement of financial position at its revalued amount of
$14 million in accordance with IAS 16 Property, Plant and Equipment. Depreciation is charged at $300,000
per year on the straight line basis.
In April 2015, the management decided to sell the property and it was advertised for sale. By 31 April 2015,
the sale was considered to be highly probable and the criteria for IFRS 5 Non-current Assets Held for Sale
and Discontinued Operations were met at this date. At that date, the asset’s fair value was $15·4 million.
Costs to sell the asset were estimated at $300,000.
On 31 January 2016, the property was sold for $15.6 million.
The transactions regarding the property are deemed to be material and no entries have been made in the
financial statements regarding this property since 31 December 2014.
Explain how the above transaction should be dealt with in the financial statements of Namibia for the
year-ended 31 December 2015.”