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Dec 2013 Q5 Fundo

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Dec 2013 Q5 Fundo

  • This topic has 3 replies, 2 voices, and was last updated 7 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • December 1, 2015 at 1:03 pm #286708
    amna
    Member
    • Topics: 92
    • Replies: 93
    • ☆☆

    can i know why the finance cost of 400 is again added in the provision.

    Non-current liabilities
    Provision for property restoration costs (5,000 + 400 above) 5,400

    isn’t it the 5000 that has to be shown as provision?

    December 1, 2015 at 1:38 pm #286717
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22698
    • ☆☆☆☆☆

    The $5,000 is the PRESENT VALUE of the cost of restoration as on day 1 of this year

    Now we need to unroll the $5,000 at the rate of 8% because we’re one year closer to having to restore the premises

    The double entry is therefore:

    Dr statement of profit or loss $400 (8% x $5,000)
    Cr statement of financial position $400

    December 5, 2015 at 7:52 pm #287985
    amna
    Member
    • Topics: 92
    • Replies: 93
    • ☆☆

    thank you

    December 5, 2015 at 8:37 pm #288033
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22698
    • ☆☆☆☆☆

    You’re welcome

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