F7 Chapter 15 Questions

Name: F7 Chapter 15 Questions
Uploaded: 2015-11-16T16:24:19+00:00
Description: F7 Chapter 15 Questions

isabellecharis says
March 29, 2017 at 7:44 pm
In question two, I don’t understand why we debit the $ 72000 in the provision account and then credit the $78000 in the statement of profit and loss. I thought that when your increasing the provision it is supposed to be credited which in this case we would credit the Guarantee Provision Account with $72000 leaving it with a balance of $222,000 and DR. SOCI $ 222,000
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MikeLittle says
May 20, 2016 at 5:45 am
You are correct – and the answer is being amended. I have already altered the answer but not yet submitted it to Admin so that’s why it’s not yet uploaded to the site
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- Yang says
  May 20, 2016 at 7:55 am
  thank you very much?
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Yang says
May 20, 2016 at 3:17 am
Dear Sir,why the answer for Q1 not Dr :Asset/ Cr:provision 3million
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- Yang says
  May 20, 2016 at 3:20 am
  the resoration cost should be capitalised,isn’t it?
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  - yudixsh says
    May 30, 2016 at 8:39 am
    restoration cost should be capitalised and provision must be recorded
  - MikeLittle says
    May 30, 2016 at 9:07 am
    What does the answer say?

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