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Revalution Model in Non current assets for sale

Forums › Ask CIMA Tutor Forums › Ask CIMA F1 Tutor Forums › Revalution Model in Non current assets for sale

  • This topic has 4 replies, 3 voices, and was last updated 7 months ago by P2-D2.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • August 25, 2021 at 11:25 am #632858
    bella456
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Hi Chris i wanted to know how to the non current asset for sale when it has been revalued
    For example, property plant and equipment measured using the revaluation model with a carrying amount of $10,000 met the criteria of an asset held for sale when the fair value of the asset was $12,000 and the costs to sell were $3,000.

    How do we do this and what are the double entries?. It would mean alot to me if you explain it in detail?

    Thank you
    From benu

    September 21, 2021 at 7:57 pm #636175
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6440
    • ☆☆☆☆☆

    Hi Benu,

    Sorry not to have seen the question posted.

    Prior to the transfer we revalue the asset to the $12,000 (DR PPE 2,000 CR Revaluation Surplus 2,000). It is then transferred and held at the lower of the carrying value (12,000) and the fair value less costs to sell (9,000 = 12,000 – 3,000).

    The asset is therefore held at 9,000 (CR PPE 3,000 DR Revaluation Surplus 2,000 (can only use this amount as that is all that is currently held in there) Dr P or L 1,000)

    Thanks

    June 30, 2022 at 10:16 am #659663
    AntonioR
    Participant
    • Topics: 0
    • Replies: 2
    • ☆

    P2-D2 wrote:Hi Benu,

    June 30, 2022 at 10:19 am #659664
    AntonioR
    Participant
    • Topics: 0
    • Replies: 2
    • ☆

    Great question. I’ve been struggling with this.

    July 1, 2022 at 3:32 pm #659753
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6440
    • ☆☆☆☆☆

    Hope it now all makes sense. Let me know if it doesn’t and I can help further. Thanks

  • Author
    Posts
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