[shreya]

thank you so much sir 🙂

[shreya]

thank you so much Mr. Mike for all your quick replies to all my queries. I appreciate it and this couldn’t have been possible without your help, notes and amazing lectures .. Pass – 70:D .. you are doing an amazing job!.. P7 and P5 her we go!

[shreya]

Yup all clear thanku 🙂

[shreya]

that means if there was one more year after this then we would have calculated the revaluation gain/loss for the new born calves just like we did for the matured cow?

[shreya]

yes but RE and NCI calc should match?.. i tried solving many times but may be i am making a mistake somewhere and as i dont have the answer as per your method, it is difficult to understand.

but then i tried bpp method (equity as per DOA and post acq RE as the bal fig) i think i will use this now because now no time to try on new thing 🙁 .. well i got more confused because my lecturer taught me something else and i was left with 3 methods lol .. so BPP it is.. but thank you sir for helping me 🙂 i hope this time i will pass 🙂

[shreya]

ya but the problem is i am not getting the same answer.. but anyway i think i will be using BPP method as now I am more comfortable with that

thanku 🙂

[shreya]

yes sir
sorry to post it twice.
actually i posted this long back because you dint reply to my comment in the individual lecture thread and then i read somewhere that i should ask ques in the ask tutor section so..:)

thank you

please can you reply to my ques on agriculture which i had posted earlier in the ask tutor section itself. i will just copy the ques here 🙂

———–

i have a problem in agriculture example

(any changes during a period in fair value less costs to sell of biological assets are reported in the statement of profit or loss)

my question :

if this is the case then why dint we take the FV change of new born calves at 1 April 2013 when they were born (as 49.35 should be there value at intial recognition )compared with the FV after 6months 31 Sep 2013 ($58.15) into profit or loss instead took the whole amount at the end of the year to the income statement.

like we did for matured cows. we took the intial Cost of 235 per cow – FV at reporting date 227.95 = 7.05 in IS as revaluation.

Is it that revaluation is calculated only at the reporting date?

solution in the notes:

asset of 5,000 x $58.15 = $290,750 recognised in the statement of financial position and credited to income in the
statement of profit or loss

thank you

[shreya]

ok no worries sir, the notes on agriculture are very well explained. thank you 🙂

[Author]

Posts