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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 £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.
@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!