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financial asset

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › financial asset

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by Stephen Widberg.
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    Posts
  • July 21, 2021 at 6:55 pm #629051
    kennigara
    Participant
    • Topics: 181
    • Replies: 242
    • ☆☆☆

    ? took it from Kaplan study text understanding 8

    On 1 January 20X1 Magpie lends $2m to the supplier
    the loan will be repaid in two year’s time
    it is measured at amortised cost
    market interest rate is 8%
    accounting entries 31 december 20×1

    solution
    2*(1/1.08^2)=1.71

    Dr FA-1.71
    Dr P/L-0.29—-when we debit P/L what it is considered Impairment(loss allowance)?????
    Cr Cash-2

    thanks in advance

    July 21, 2021 at 6:58 pm #629052
    kennigara
    Participant
    • Topics: 181
    • Replies: 242
    • ☆☆☆

    Dear Tutor i did not copy the question i changed it.

    July 22, 2021 at 7:11 am #629072
    Stephen Widberg
    Keymaster
    • Topics: 12
    • Replies: 2839
    • ☆☆☆☆☆

    I think the Dr to P&L is of the SUBSTANCE of an extra purchase cost – so I would Dr COS

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