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paper F7 Q42 Premier – property increased value

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › paper F7 Q42 Premier – property increased value

  • This topic has 3 replies, 2 voices, and was last updated 12 years ago by MikeLittle.
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  • November 29, 2012 at 5:15 pm #55929
    ban123
    Member
    • Topics: 16
    • Replies: 15
    • ☆

    Dear Mike
    in Q42 (i) it says “land element ..increased in value by 500 000 usd” I added this amount to NCA PPE in the asset side of the balance sheet and to the revaluation surplus account in the equity side, but the solution did not, why?
    Thanks

    November 30, 2012 at 9:38 am #109205
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    I suppose it could be ( I don’t have the question here at the airport! ) because of some wording n the question. For example, it could say that “this increase HAS BEEN reflected within the subsidiary’s accounts” or maybe even that “the increase was as at the date of acquisition”

    Otherwise, I can’t suggest why your adjustment hasn’t been put through – it sounds perfectly reasonable to me. Check the precise wording again in the note which tells you about the increase

    November 30, 2012 at 9:48 am #109206
    ban123
    Member
    • Topics: 16
    • Replies: 15
    • ☆

    ok, with your answer in mind…the OCI has the 500 000 usd in the given statement of comprehensive income, so that means it went through the other accounts, this is always a grey area for me, what is booked and what is not, the questions are not always clear and sometimes I make extra JEs

    anyways Thanks a lot

    November 30, 2012 at 10:19 am #109207
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    Ah – so that, I believe, does explain it.

    If it’s gone through OCI, the double entry to get it in there is a Credit to presumable Revaluation Reserve and the Debit ….? It must be in the PPE account

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