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Need help with first example in chap 3

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Need help with first example in chap 3

  • This topic has 1 reply, 2 voices, and was last updated 10 years ago by MikeLittle.
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  • November 21, 2014 at 12:18 pm #211868
    Mohammed
    Member
    • Topics: 10
    • Replies: 13
    • ☆

    Hi Mike,

    This relates to the first example in chap 3

    I am slightly confused as to the treatment of item (iii) in the question. Could you kindly explain the significance of £25,000 and why this value was used in the Statement of P/L as opposed to (£130,000-£95,000) = £35,000 ?

    Many thanks!

    November 21, 2014 at 3:24 pm #211965
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23314
    • ☆☆☆☆☆

    Hi

    This was asked a few days ago bu someone else.

    the significance of the 25,000 is that there is 25,000 sitting in the revaluation reserve relating to the impaired asset.

    the remaining 10,000 should be debited to Profit or Loss but I appear to have missed it.

    It’s in my mind to change /correct the error when I next review the notes over the Winter quiet period

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