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Good afternoon,
Can you kindly help me in explaining how to arrive to the answer €4380. I have tried to arrive to the answer in several ways however I am really not finding the way to it.
This is how I would answer the question
Costs incurred plus to complete (5m +16m) * 30% = 6.3m
Costs recognised in the prev year Aug 14 = 1.6m or Costs for Aug 14 (1.6+20) * 8%= 1.728Therefore costs for Aug 15 should be (6.3m – 1.6m) = 4.7m or (6.3m-1.728m)= 4.57m however the answer is 4.38m in the multiple choice.
Thank you.
I found this question in chapter 24 practice questions on ifrs 15 (which are multiple choice) , not in the notes. It is the first question that comes up.
Thanks
This is the link to the questions: https://opentuition.com/acca/f7/f7-chapter-24-questions/
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