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February 27, 2021 at 1:08 pm
There is a mistake in the notes. Clarke bought a property for $500.000 on 1 January 2015 (and not 2013). So Depr. is $ 30.000 cause revaluation is done at the end of the year and, so we have regular Depr. for year 2015.
December 9, 2020 at 7:44 am
how would the income tax liability coming from revaluation surplus balance the SOFP since it has now gone to OCI? Would we deduct it from RS?
February 2, 2020 at 11:57 am
How to get tax base
May 28, 2020 at 11:10 pm
October 12, 2018 at 7:30 pm
Very much helpful, many thanks to u dear sir
August 5, 2018 at 4:53 am
You state that we are in the first year of the assets life, but the asset was bought at the start of 2013 and we are dealing with statements as at the end of 2015 (2 years later). Kindly clarify.
November 28, 2018 at 7:02 am
Please note that i am a student as well.
I know that its too late by now, but it might help some other students with the same issue
To clarify your issue, please see below:
Start of 2013 is the same as 01 Jan 2013. So, to reach end of 2013, i.e, 31 Dec 2013, it will take one year.
Hence Start of 2013 till End of 2013 is 1 years time.
Now End of 2013 till End of 2014 is another one years time.
Apply same logic for End of 2014 till End of 2015. One more year
Therefore Start of 2013 till End of 2015 is 3 years time.
Hope it helps
February 7, 2020 at 7:12 pm
I don’t think you understood the query. The property was revalued after three years so why would there be depreciation in 2015 when the depreciation would have been backed out in the revaluation entries. Dr PPE with additional gain Dr depreciation Cr Rev reserve.
See where I am coming from?
February 7, 2020 at 8:46 pm
Actually the depreciation in SPL in 2015 should only be 10k, assuming the annual depreciation was 10(therefore acc. depreciation 30k).
July 14, 2020 at 12:40 pm
That is what i was thinking, SPL €30000 Depr 2015 must be incorrect.
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