F7 Chapter 15 Questions
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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
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
thank you very much?
Dear Sir,why the answer for Q1 not Dr :Asset/ Cr:provision 3million
the resoration cost should be capitalised,isn’t it?
restoration cost should be capitalised and provision must be recorded
What does the answer say?