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Chapter 9 example 1

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Chapter 9 example 1

  • This topic has 3 replies, 2 voices, and was last updated 9 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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    Posts
  • January 7, 2016 at 7:50 am #293657
    Malcolm
    Member
    • Topics: 11
    • Replies: 9
    • ☆

    Hi, I was just wondering, for the W3 retained earnings, for the finance cost, when we deduct the unrolled discount from the retained earnings why do we only deduct the year apportioned (7/12 * 3000) but we do not deduct the deferred consideration(30000) as well?

    Thank you.

    January 7, 2016 at 9:56 am #293667
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    Because the deferred consideration is still a liability as at the year end (as also is the unrolled discount for which the double entry will have been Dr Finance charges (in profit or loss / retained earnings) Cr Deferred Liability)

    OK?

    January 7, 2016 at 2:56 pm #293697
    Malcolm
    Member
    • Topics: 11
    • Replies: 9
    • ☆

    okay, thank for the explanation!

    January 7, 2016 at 4:58 pm #293706
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    You’re welcome

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