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Tangible NCA

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Tangible NCA

  • This topic has 3 replies, 2 voices, and was last updated 9 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • February 17, 2016 at 6:24 pm #300858
    6shahir
    Member
    • Topics: 202
    • Replies: 296
    • ☆☆☆

    Carter vacated an office building and let it out to a third party on 30 june 2008. The building had an original cost of $900k on 1st jan 2000 and was depreciated over 50 years. It was judged to have a fair value on 30 june 2008 of 950k. At the year end date of 31 dec 2008 the fair value of the building was estimated at 1.2million.

    Carter uses the fair value model for investment property.
    Whats the amount shown in revaluation surplus at 31dec 2008 of this building?

    The answer is $203k
    My question to u is the CV on 30 june 2008 is $747k and to fair value on that date, the difference is $203k okay and again its revalued to 1.2m at the yr end date, the increase of 250+ 203 should be the answer?

    February 17, 2016 at 7:40 pm #300862
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    Gains on investment properties where fair value model is adopted go through statement of profit or loss

    February 17, 2016 at 7:46 pm #300864
    6shahir
    Member
    • Topics: 202
    • Replies: 296
    • ☆☆☆

    yeah got it thnks 🙂

    February 17, 2016 at 7:53 pm #300869
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    Good.

    Keep them coming 🙂

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