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FR – Chapter 7 (IAS 36) – Exam prep question

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › FR – Chapter 7 (IAS 36) – Exam prep question

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by EmilyEze.
Viewing 4 posts - 1 through 4 (of 4 total)
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    Posts
  • January 2, 2022 at 9:27 am #645175
    EmilyEze
    Participant
    • Topics: 2
    • Replies: 5
    • ☆

    Good day Sir,

    This refers to the exam prep question at the end of Chapter 7 in the study text for FR exam.All figures are expressed as ($ ‘000s).

    In the workings for office building I see that the depreciation is calculated as $500 and would like to know how the figure was arrived at.

    I assumed that if the useful life has been changed to 10 years in the middle of the acc period and the Carrying value of the asset is now $14, 000 then the depreciation for the year would be as follows (14, 000/10 yrs x 6/12) = $ 750.

    In the schedule of adjustments to the retained earnings, I see that the 2nd depreciation is written as $750 so I’m a bit confused.

    Thanks in advance.

    January 2, 2022 at 9:28 am #645176
    EmilyEze
    Participant
    • Topics: 2
    • Replies: 5
    • ☆

    Just found out that i need to use the Ask the Tutor forums.

    January 4, 2022 at 10:07 am #645272
    f6ali
    Member
    • Topics: 10
    • Replies: 342
    • ☆☆☆

    Hi.

    The question you are referring to is been updated, as mentioned by the Tutor in following thread:

    https://opentuition.com/topic/chapter-7-exam-preparation-question-2/

    January 4, 2022 at 5:07 pm #645294
    EmilyEze
    Participant
    • Topics: 2
    • Replies: 5
    • ☆

    OK, thank you.

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    Posts
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