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PPE double entry -Verge

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › PPE double entry -Verge

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by P2-D2.
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  • November 3, 2016 at 3:25 am #347155
    nari
    Member
    • Topics: 261
    • Replies: 176
    • ☆☆☆

    Question:
    Verge was given a building by a private individual in February 2012. The benefactor included a condition that it must be brought into use as a train museum in the interests of the local community or the asset (or a sum equivalent to the fair value of the asset) must be returned.
    The fair value of the asset was $1•5 million in February 2012. Verge took possession of the building in May 2012. However, it could not utilize the building in accordance with the condition until February 2013 as the building needed some refurbishment and adaptation and in order to fulfill the condition. Verge spent $1 million on refurbishment and adaptation.

    My query:
    The cost of the building would be 1 + 1.5=2.5, but since the building was GIVEN where would the credit of 1.5 go to? The answer has p & l but i don’t understand why.

    November 3, 2016 at 9:10 pm #347299
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7172
    • ☆☆☆☆☆

    Hi,

    Try thinking IAS 20……….

    Thanks

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