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Trailer June2013 Qtn

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Trailer June2013 Qtn

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
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    Posts
  • March 2, 2016 at 7:52 am #302967
    anjujoseph
    Member
    • Topics: 12
    • Replies: 5
    • ☆

    Sir,
    For office adjustment,
    Can we charge excess depreciation of (3-2.6) =.4 to revaluation reserve 32.6 and can I write entry as,
    Dr. PPE. 32.4
    Cr.profit/loss 12.2
    Cr.oci. 20.2

    March 4, 2016 at 9:24 am #303390
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7177
    • ☆☆☆☆☆

    Hi,

    Excess depreciation and reserve transfers arise on the revaluation upwards of an item of PPE.

    You need to be careful in this instance as initially we do not have a revaluation upwards but a revaluation downwards. This will therefore not give any excess depreciation. We used to charge $3 million and now charge less as $2.58 million. In this instance we just treat the depreciation in the usual manner with no reserve transfer.

    Thanks

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