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2018 Sep, Q2, sale of Newall

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › 2018 Sep, Q2, sale of Newall

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Stephen Widberg.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • November 15, 2020 at 11:12 pm #595140
    amysnowy
    Participant
    • Topics: 72
    • Replies: 25
    • ☆☆

    Dear tutor

    how should I understand “leased assets deemed surplus to requirement should be written off with the corresponding lease liability”?

    $6 m is the penalty, should it add to lease liability as it’s part of expenses? writing off means two opposite transactions

    Many thanks

    November 17, 2020 at 9:39 am #595276
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3443
    • ☆☆☆☆☆

    Asset

    Dr P&L Cr Asset

    Liability

    Dr Liability Cr P&L

    Penalty

    Dr P&L Cr Cash

  • Author
    Posts
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