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PUP on transfer of Non current assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › PUP on transfer of Non current assets

  • This topic has 1 reply, 2 voices, and was last updated 11 months ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • February 8, 2022 at 4:43 pm #648319
    LuxetVeritas
    Participant
    • Topics: 18
    • Replies: 20
    • ☆

    Hello, Dear Tutor
    I have one question: let’s say, P transferred an item of plan for $5m, whose carrying amount at that date was $4m, to S. The remaining useful life was 5 years. It can be seen that:
    Profit on transfer-$1m
    Extra depreciation for one year- $200k
    PUP adjustment-$800k
    So, my question is: which of them should go to statement of profit or loss?

    Thanks in advance,

    Best regards,
    Ibrokhim Jamolov

    February 9, 2022 at 9:06 pm #648397
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6460
    • ☆☆☆☆☆

    Hi Ibrokhim,

    You can either adjust solely for the net impact of $800k in profit or loss, or alternatively you can make two adjustments in profit or loss. One would be for the removal of the profit with the other the adjustment for the depreciation.

    Thanks

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