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The ACCA F7-Mini Exercise 6-Q4

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › The ACCA F7-Mini Exercise 6-Q4

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by MikeLittle.
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  • March 10, 2017 at 11:52 pm #377717
    maryam13
    Member
    • Topics: 11
    • Replies: 0
    • ☆

    Hi,

    The ACCA F7 Paper: Exercise 6-Q4 (Pg 210)

    Thanks for clarifying the previous question.

    The leasehold property had a remaining life of 20 years at 1 October 2008. The company’s policy is to revalue its property at each year end and at 30 September 2009 it was valued at $43 million. Ignore deferred tax on the revaluation.

    Would this be the right journal entry for this part of the question?

    Dr. Accum depr 2, 500, 000
    Dr. Revaluation 4,500, 000
    Cr. Leasehold property 7,000,000

    Thanks.

    March 11, 2017 at 7:05 am #377736
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    What are you going to do about this year’s depreciation?

    No, your’s is not correct

    The answer on page 241 is correct

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  • The topic ‘The ACCA F7-Mini Exercise 6-Q4’ is closed to new replies.

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