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financial statements

Forums › Ask ACCA Tutor Forums › ACCA Ethics and Professional Skills Module › financial statements

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • May 19, 2021 at 10:10 pm #621130
    UstadAli911120
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    On 1 January 20X8 Simone Ltd decided to revalue its land for the first time. A qualified property valuer reported that the market value of the land on that date was $80,000. The land was originally purchased 6 years ago for $65,000. Simone does not make a transfer to retained
    earnings in respect of excess depreciation on the revaluation of its assets.
    The required provision for income tax for the year ended 31 December 20X8 is $19,400. The difference between the carrying amounts of the net assets of Simone (including the revaluation of the property in note (above) and their (lower) tax base at 31 December 20X8 is $27,000. The opening balance on the deferred tax account was $2,600. Simone’s rate of income tax is 25%.
    Required: Prepare extracts of the financial statements to show the effect of the
    above transactions.

    May 20, 2021 at 7:32 am #621165
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6797
    • ☆☆☆☆☆

    This forum is specifically for questions regarding ACCA’s Ethics and Professional Skills module.

    If you have a question for a tutor regarding a specific ACCA or CIMA exam please select the appropriate forum https://opentuition.com/forum/ask-acca-tutor-forums

    Note that tutors do not provide answers to coursework/classroom assignments.

    You can, however, download our resources and watch our online videos for free – e.g. you will find ACCA Financial Reporting here https://opentuition.com/acca/fr

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