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Treatment of Income on Owner occupied Property?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Treatment of Income on Owner occupied Property?

  • This topic has 3 replies, 2 voices, and was last updated 7 years ago by MikeLittle.
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  • November 15, 2015 at 11:06 am #282525
    Sheryar
    Member
    • Topics: 33
    • Replies: 18
    • ☆☆

    The local government organisation supplements its income by buying and selling property. The housing department regularly sells part of its housing inventory in the ordinary course of its operations as a result of changing demographics. Part of the inventory, which is not held for sale, is to provide housing to low-income employees at below market rental. The rent paid by employees covers the cost of maintenance of the property.

    First part of the inventory will be treated as per IAS 2 and second as per IAS 16 , but how are we going to account for the rent paid by employees on property held under IAS 16??

    November 15, 2015 at 3:01 pm #282559
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22698
    • ☆☆☆☆☆

    If the rent is purely set against maintenance costs, then credit maintenance costs

    If not, and if that is not the stated destination of the rental payments, then credit housing rental income account

    November 15, 2015 at 3:10 pm #282562
    Sheryar
    Member
    • Topics: 33
    • Replies: 18
    • ☆☆

    Thank you

    November 15, 2015 at 3:12 pm #282564
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22698
    • ☆☆☆☆☆

    You’re welcome

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