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June 18, 2020 at 4:42 pm
why is 500k deducted from the cost of sales and other expenses from 2008, as only depreciated amount related to the non current asset would have been deducted in p&l, then 500k can be deducted from the NCA in SFP.
Thanks for helping me understand
June 29, 2020 at 12:50 pm
500,000 is not deducted but added to cost of sales as it is the impairment. (Depreciation and impairment are always added to cost of sales) and yeah 500,000 is deducted from NCA as it is recorded in excess in 2008 and the same thing continues in 2009 as well. So in balance sheet, 500,000 will be deducted from both year’s given amount. Hope this helps.
January 4, 2020 at 8:27 am
will we need or be asked to illustrate fin. stat. for prior year as we are doing in the examples? i do not see it relevant but do not want to loose marks… i see it relevant to changes in equity for carrying forward balances or if the prior year required a material adjustment –
Thank you again…
January 4, 2020 at 8:48 am
P.S – AMAZING LECTURES- so easy to understand with your teaching!
January 24, 2019 at 5:30 pm
Pls am always confused as to the meaning of ‘restating the comparative figures ‘ What is comparative figure? Thank you.
May 20, 2019 at 2:35 pm
The comparative figures are last year’s published numbers in the financial statements. So if this year is reporting the 2019 results then the comparative figures are for 2018.
November 7, 2018 at 1:04 pm
Many thanks for your helpful and clear lectures.
Just I have one enquiry, isn’t that revaluation of $300 should be charged to P&L of 2009 as last year there was impairment recorded in SPL and to the best of my knowledge any revaluation upward take place after previous impairment would be charged to P&L until reverse the initial impairment booked whether under Cost or Revaluation model.
December 31, 2018 at 2:08 pm
Good knowledge of reversal of impairments, however it specifically states in the question that the revaluation in 2009 relates to other items of property and so not the property that had been impaired.
August 25, 2018 at 1:57 pm
For these errors, is an order the financial positions needs to be done first?
December 31, 2018 at 2:05 pm
No, the SFP is not necessarily done first as we might need to only adjust the SPL if that is where the error has been made. It all depends on where the initial error has been made as to what needs to be corrected first, so please ensure that you read the questions carefully.
June 17, 2018 at 7:43 am
Chapter 9, Example 1 – page 36 of notes
Where does it state that the Reserves in 2008 are ALL related to Retained Earnings? Thanks
June 17, 2018 at 7:49 pm
It doesn’t but we’re not told anything else to the contrary so it is fair enough to assume that they all relate to retained earnings, unless told otherwise.
June 18, 2018 at 4:15 am
June 18, 2018 at 4:33 am
One further point – is the answer for PFY (2008) correct as per video or as per notes (pp 115). Thanks again.
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