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PPE REPORTING

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › PPE REPORTING

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • January 3, 2019 at 1:22 pm #499821
    iyamu
    Member
    • Topics: 275
    • Replies: 167
    • ☆☆☆

    Tibet acquired a new officce building on 1 October 20×4 . The initial carrying amount of the Air conditioning was $4 million with an estimated live of 10 years.

    When the Air conditioning system is due for replacement, it is estimated that the old system will be dismantled and sold for $500,000. Depreciation is time apportioned where appropriate.

    At what amount will the Air conditioning be shown in Tibet’s statement of financial position as at 31 March 20×5?

    My working 4000 – 500/10 yrs * 6/12 = 175

    3,500,000 – 175, 000 = $3,325,000.

    but Kaplan used 4,000,000 – 175,000 = $3,825,000.

    Is this correct?

    January 4, 2019 at 9:50 pm #500021
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6440
    • ☆☆☆☆☆

    Carrying value is cost less accumulated depreciation, so it is correct.

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