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Non-current assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Non-current assets

  • This topic has 5 replies, 2 voices, and was last updated 6 years ago by John Moffat.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • May 12, 2019 at 12:24 pm #515694
    michaelsamiotis
    Participant
    • Topics: 47
    • Replies: 27
    • ☆☆

    Hello sir,
    I would like to ask in which day book (journal) should the non-current assets be recorded (cash or credit). In fully depreciated assets, how have we show them in the statement of financial position and in what amount if we still use them? Finally, do we also debit VAT for the acquisition of non-current assets and in which day book, please? Thank you very much.

    May 13, 2019 at 8:16 am #515735
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54700
    • ☆☆☆☆☆

    There is no rule about what day books the company decides to use (and most companies do not use day books these days). The exam will test you on the double entries needed – not on the day books.

    In practice, with fully depreciated assets, the depreciation in the final year is calculated such that the net book value is left at $1. However again there is no rule about this.

    Sales tax on the purchase of non-current assets is recoverable in the normal way (and I cover the entries for sales tax in my free lectures).

    May 13, 2019 at 8:59 pm #515814
    michaelsamiotis
    Participant
    • Topics: 47
    • Replies: 27
    • ☆☆

    Thank you so much. What do companies use nowadays in the UK if not day books?

    May 14, 2019 at 8:25 am #515862
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54700
    • ☆☆☆☆☆

    Computers! 🙂

    Day books do not form part of the double entry and are only used to make things easier, especially when entries are being made ‘by hand’ (i.e. not on computer).

    May 14, 2019 at 9:01 pm #515932
    michaelsamiotis
    Participant
    • Topics: 47
    • Replies: 27
    • ☆☆

    Thank you very much.

    May 15, 2019 at 8:02 am #515963
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54700
    • ☆☆☆☆☆

    You are welcome 🙂

  • Author
    Posts
Viewing 6 posts - 1 through 6 (of 6 total)
  • The topic ‘Non-current assets’ is closed to new replies.

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