[@acca]

Hi Sir,
Do we have to use the fair value of the asset or the sale proceeds in calculation of Right of use asset and profit or loss.
In kaplan text: lease chapter- TYU 3 , The entry made is:
dr. cash xxx
dr. Right of use xxx (use formula)
cr. machine xxx
cr. lease liability xxx
cr. profit ( bal fig.)

[@acca]

Sorry about that. This question is from kaplan kit for march 23 exams.

[@acca]

I think its from 1st april 2021 – 31 march 2023

[@acca]

??

[@acca]

Kaplan kit qstn no. 266 (FA-21)

In the working for capital allowances for 3 months ended 31 march 2022:

TWDV b/f. :0
Addition – no AIA
Motor car (1 – 50g/km) :7500 -main pool
Additions (with AIA)
Office equipment :50000
AlA (Max £1,000,000 × 3/12):(50000)
WDA (18% × 3/12) :(338) -main pool
TWDV c/f : 7162

Total allowances: 50000+338= 50,338

Please look into this.

[@acca]

Where can I get free lectures?

[@acca]

The year end of M Co is 30 November 20×0. The company pays for its gas by a standing order of $600 per month. On 1 December 20w9, the statement from the gas supplier showed that M co had overpaid by $200. M Co received gas bills for the four quarters commencing on 1 December 20w9 and ending on 30 November 20×0 for $1300, $1400, $2100 and $2000 respectively.
Which of the following is the correct charge for gas in M Inc’s statement or profit and loss for the year ended 30 November 20×0?
A. $6800
B. $7000
C. $7200
D. $7400
What would be the correct answer for this and how?
Also, $200 is prepaid expense but i could not get what actually is $600. Though we are only asked to find SOPL, what would be in the SOFP if we were to find?

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