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construction

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › construction

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by P2-D2.
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  • December 16, 2022 at 10:14 am #674741
    xyzc
    Participant
    • Topics: 413
    • Replies: 175
    • ☆☆☆☆

    A company had the following bank loans outstanding during the whole of 20×8 which form the company’s general borrowings for the year:
    9% loan repayable 20×9 15
    11% loan repayable 20y2 24
    The company began construction of a qualifying asset on 1 April 20×8 and withdrew funds of 6 million on that date to fund the construction. On 1 August 20×8 an additional 2 million was withdrawn for the same purpose.
    Calculate the borrowing costs which can be capitalised in respect of this project for the year ended 31 december 20×8.
    I calculated the interest rate to be 10.230769% but in the answer the interest rate is given as 10.3%. So which is correct. Also the answer that I calculated was 545600 but in the book it is given as 549333. So which is correct

    December 30, 2022 at 8:38 am #675196
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7163
    • ☆☆☆☆☆

    I’d use what is given in the book. You wouldn’t be penalised for any rounding in the exam.

    Thanks.

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