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ACCA F7 December 2007 Question 1 Plateau
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Hi
Calculating the PUP for part (ii) of the question, I managed to obtain an un-realised profit of 拢400. When producing the final balance sheet would we not reduce the TNCA and retained earning, and increase the cost sales.
Please don’t make me watch the whole video – give me the time on the recording where I have written this, please
@MikeLittle, 24:45
@c0712, It’s explained at 26.00 minutes
And BPP has modified (i) – FV adj of land. It’s not land but a customer contract of S. As for land, there is a fair value of the contract. I’ve never met such situation. I’m used to dealing with land or ppe FV. So when I see customer contract, I don’t think of FV adj. Lesson learned from this is, I’ll consider to do FV adj as long as I see there is sth. with a FV. 馃檪
@c0712, That seems to be a sensible approach!
I just don’t get why profession costs relating to acquisition should be deducted from P’s ret’d ears. I’m clear that it’s one time cost, but why we should put “=” between ” it’s included in the cost of investment” and “it’s included in ret’d ears and should remove it”? Thank you!