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Non-current assets held for sale

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Non-current assets held for sale

  • This topic has 0 replies, 1 voice, and was last updated 5 years ago by morongoenyane.
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  • October 17, 2019 at 7:59 am #549842
    morongoenyane
    Member
    • Topics: 2
    • Replies: 0
    • ☆

    Non-current assets Cost Acc.Dep Carrying value
    Property $120,000 $21,800 $98,200
    Equipment $80,000 $48,500 $31,500

    Included in the non-current assets is also a machine that Alice intends to sell. Alice has been actively looking for a customer for the machine and is ready to sell it in it’s present condition. The machine had a carrying value of $4,000 on 1 December 2017 when Alice made a decision to sell it. The machine was initially purchased for $10,000 in 2006 and was being depreciated at a rate of 5% per year. Until now the machine has not been sold.

    Workings
    Depreciation

    Property
    Opening provision= $20,000
    Provision for the year (1.5% * $120,000)=$1,800
    Closing provision=$21,800

    Equipment
    Opening provision=$38,000
    Provision for the year (25% * $42,000)=$10,500
    Closing provision=$48,500

    How should these be included in the financial statements of Alice for the year ended 30 November 2018

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