Dear Sir,
Suppose Daisy Ltd had not elect for the proceeds to be rolled over... How should we proceed if such situation arises?
Thanking you for the help in advance
Ask the Tutor ACCA TX-UK
Chap 17-Section 4-Example 5
There would be no good reason why the company would choose to not rollover the proceeds and therefore avoid a gain now arising! If the election was not made, however a part disposal would again have arisen but on a future disposal of the asset the cost would be increased by the restoration costs incurred.
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