Accounting Paper 42.

[panoramafolks]

did u round off the depreciation to 4061 or smething??

yah i did

 

[asenfire]

i jus

yah i did

t remembered it was 4605.5 rounded to 4606

 

[asenfire]

[(65000-16000)-(37578-7000)]*25% i remember

 

[SalmanPakRocks]

yeah it said no

'scrap value' but the depreciation charge accumulate was less than the cost, meaning that althought it was sold for nil, it haadd some bbok value which was loss on sale. so there

I was talking about Q3, not Q2.

 

[mrmt]

th

[(65000-16000)-(37578-7000)]*25% i remember

e dispoed offvehicle, 16000 was already adjusted so it need not be deducted from 65000

 

[SalmanPakRocks]

i don't understand, i got 4060/4061 so here is this difference of 1000!!! can you show how?

You got this because you retook the affect of depreciation already included in the trial balance.

 

[mrmt]

me too ..

I was talking about Q3, not Q2.

 

[SalmanPakRocks]

i think u'r rite...so byebye A i guess....

We still have Paper 3 left. And moreover, GT is definitely going to be low.

 

[SalmanPakRocks]

[(65000-16000)-(37578-7000)]*25% i remember

Just 65000 - 37578
Don't retake the affect of depreciation because loss on disposal was already shown in the trial balance.

 

[SalmanPakRocks]

Which inventory level did you guys take?
I didn't take NRV rather cost because we take lower of cost. According to IAS 2

 

[SalmanPakRocks]

wat did u multiply the 8% with?

For that last part? $24000

 

[asenfire]

Just 65000 - 37578
Don't retake the affect of depreciation because loss on disposal was already shown in the trial balance.

just because the loass was recorded it doen't show that they also adjusted for the asset cost and depreciation, was it written somewhere that it was adjusted

 

[SalmanPakRocks]

just because the loass was recorded it doen't show that they also adjusted for the asset cost and depreciation, was it written somewhere that it was adjusted

Really?
Do you know how entries are recorded into trial balance? How on earth would a public company record a loss on sale of non-current asset and not take into account of it's cost and depreciation?
If so, please enlighten me with exactly 'how' would you prepare general entries then?

 

[asenfire]

then what was the point of giving that information in the additional information if it was already adjusted?!

 

[SalmanPakRocks]

then what was the point of giving that information in the additional information if it was already adjusted?!

Exactly! They wanted to confuse candidates and apparently, they were very successful at that.

 

[asenfire]

WHAT??!

 

[mrmt]

for

Exactly! They wanted to confuse candidates and apparently, they were very successful at that.

the schedule of non current asstes it was needed

 

[asenfire]

for

the schedule of non current asstes it was needed

you said it was adjusted now you are saying it was needed for the schedule

 

[Hammad Suhail]

I heard you guys were asked to make a fixed assets schedule in your P4? :O

 

[3fatak]

Which inventory level did you guys take?
I didn't take NRV rather cost because we take lower of cost. According to IAS 2

i took the lower of cost in both the income statement and balance sheet
what were ur component grades in AS? if u dont mind can u tell the marks too.