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grant question

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › grant question

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by kk-@.
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  • March 1, 2022 at 2:58 pm #649562
    murcielago
    Member
    • Topics: 2
    • Replies: 0
    • ☆

    4) X Co purchase an asset on 1st of January 20×7 at the cost of $90,000. X received a grant in relation to the cost of this asset of $15,000 it has decided to write off the grant income against the cost of the non current asset. The asset has a useful economic life of nine years.
    What is the carrying amount of the asset as at 31st December 20×7?
    A) $90,000
    B) $80,000
    C) $67,500
    D) $66,667

    Is my result correct?
    90000/9=10000
    15000/9=1667
    90000-10000-15000+1667= 66667 (D)

    March 2, 2022 at 5:36 pm #649664
    kk-@
    Member
    • Topics: 2
    • Replies: 7
    • ☆

    Your answer is correct b also you can calculate like this
    Asset cost. 90000
    Less : govt grant. (15000)

    Asset cost. 75000
    Useful life. 9 year
    Depreciation for the year = 75000/9 = 8333

    Carrying value at the end of year = 75000-8333 = 66667

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