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F3 MTQ1 – Task 1 – Non-current assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › F3 MTQ1 – Task 1 – Non-current assets

  • This topic has 5 replies, 2 voices, and was last updated 11 years ago by John Moffat.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • March 17, 2014 at 4:31 pm #162507
    theimaginarynumber
    Participant
    • Topics: 4
    • Replies: 41
    • ☆

    For the answer to ‘Proceeds from sale of non-current assets’ I keep getting 17708 but the answer is 24340. How was this calculated? I don’t understand the last three either (cash/cash equivalents – movement/beginning/end), but given I can’t get the assets part right, these might depend upon it.

    March 17, 2014 at 4:39 pm #162510
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    The answer is not 24340 – you are reading the wrong line!!

    The correct answer is 2694.

    The reason is that the assets sold had a carrying value of 1974, and they were sold at a profit of 720. If they were sold at a profit then they must have been sold for more than 1974.
    The proceeds from sale must be 1974 + 720 = 2694.

    March 17, 2014 at 4:50 pm #162514
    theimaginarynumber
    Participant
    • Topics: 4
    • Replies: 41
    • ☆

    Thanks. So how was the 24340 calculated?

    March 17, 2014 at 5:03 pm #162517
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    Its easier with a T-account which I cannot type on here (and have you watched my lecture because I go through an example just like this one?)

    Anyway….the balance brought forward for NCA’s is 26574. It goes down because of depreciation (4658) and also because we remove the carrying value of the assets sold (1974).
    This would give a balance of 26574 – 4658 – 1974 = 19942.

    However the closing balance on NCA’s is 44282.

    So it must mean that they had acquisitions of 44282 – 19942 = 24340.

    March 17, 2014 at 5:32 pm #162519
    theimaginarynumber
    Participant
    • Topics: 4
    • Replies: 41
    • ☆

    Many thanks. It’s been a while since I saw it. I’m going to watch it again!

    March 17, 2014 at 5:37 pm #162520
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    You are welcome 🙂

  • Author
    Posts
Viewing 6 posts - 1 through 6 (of 6 total)
  • The topic ‘F3 MTQ1 – Task 1 – Non-current assets’ is closed to new replies.

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