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Hi
Wanted to start off by thanking Chris and every behind OpenTution for everything they’ve done.
There are some exam preparation questions in the notes however i can find a lecture explaining it for just ONE question. Are there lectures available for the rest as it’ll help me and thousands of others a lot.
Thanks
Hi,
Thank you for the kind words. We do our best to help out as many students across the globe and it is rewarding to hear when it is appreciated.
Yes, I’ve added in the exam preparation questions but haven’t had the time as yet to do the recordings. This is something that I’m looking to work on in the coming months. Each question does have an answer, so if you didn’t understand anything then please feel free to ask on here and I’ll help you out.
Thanks.
Hi Chris,
Thank you so much once again. Will definitely post a question if I have any doubts.
Hey,
I do have a doubt with the exam preparation question of chapter 7 (impairments). In the workings of factories, we had disposed a factory, so why have we deducted (2000) from the workings?
Thanks In Advance
Hi,
The factory has been disposed of and so the carrying value should be removed from the total carrying value. This has not been done as it says that the proceeds have been credited to the suspense account, so they will have DR Bank $2.5m and CR Suspense $2.5m.
To correct this we need to remove the suspense balance and then CR Factory $2m CR SPL $0.5m. The reason why it is $2m is because it originally cost $4m and had accumulated depreciation at disposal of $2m.
Hope that clears it up and let me know if it doesn’t.
Thanks.
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