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BPP Revision Kit Mock Exam 1 Ques 24- Section B

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › BPP Revision Kit Mock Exam 1 Ques 24- Section B

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by P2-D2.
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  • Author
    Posts
  • September 11, 2018 at 4:40 am #472575
    steven311
    Participant
    • Topics: 6
    • Replies: 0
    • ☆

    What is the profit or loss on discontinued operation relating to “property, plant and plant” for the year ended 30 September 20X3?

    Dear Sir

    According to the context, the factory itself is expected to sell for a profit of 1.2 million.

    The answer is impairment loss of 1.75 million (Plant).

    May I know why the profit of 1.2 million from sale of factory is not included?
    .

    September 11, 2018 at 9:06 pm #473455
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7205
    • ☆☆☆☆☆

    Hi,

    We do not recognise the profit until it is sold. By stating that it is expected to be sold for this amount indicates that the asset is not to be impaired.

    Thanks

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