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Can I get help on pre-operational costs incurred during company establishment process. IFRS support capitalizing in to asset the expenses incurred before generating income?
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Dont take exemption only if you have enough knowledge in aa
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there is not residual value (coz not given) so, 12million is given for 20 years it means we should divide it and we get 600,000 depreciation a year
on April 1 20X4 acc depreciation became 3,600,000 meaning, a yearly depreciation of 600,000 was added 6 times, which means the property was used 6 years and we add another 6 months (from April to October) and it becomes clear that 6.5 years the machine was used and after that they revalued property
20-6.5=13.5 years of useful economic life left
so, new price 10,800,000 is divided by 13.5 we get 800,000 depreciation yearly
to answer the question, we should get depreciation from April 1, 20X4 till March 31, 20X5, so, here we have half year at annual depreciation of 600,000 and half year at new depreciation of 800,000 so, 0.5*600,000+0.5*800,000= 700,000
Variable o/h exp variance=(std var rate-actual var rate) x actual hours worked =(3-(5544/1980=2.8) x 1980=396Fav
Variable o/h efficiency variance=(std hours for actual output-actual hours) x std variable o/h
=(2x900-1980) x 3=540Adv
Total variance=396Fav-540Adv=144Adv
To calculate the depreciation charge for Veeton’s property for the year ended 31 March 20X5, we need to follow these steps:
Determine the annual depreciation before revaluation:
Original cost of the property: $12,000,000
Original life of the property: 20 years
Annual depreciation = Original cost / Original life
Annual depreciation = $12,000,000 / 20 = $600,000
Calculate the depreciation for the period before revaluation:
The revaluation occurred on 1 October 20X4, so depreciation for the period from 1 April 20X4 to 30 September 20X4 (6 months) needs to be calculated.
Depreciation for 6 months = Annual depreciation * 6 / 12
Depreciation for 6 months = $600,000 * 6 / 12 = $300,000
Determine the book value at the date of revaluation:
Accumulated depreciation as at 1 April 20X4: $3,600,000
Depreciation charged for the 6 months up to 1 October 20X4: $300,000
Total accumulated depreciation as at 1 October 20X4: $3,600,000 + $300,000 = $3,900,000
Book value as at 1 October 20X4: Original cost - Total accumulated depreciation
Book value as at 1 October 20X4: $12,000,000 - $3,900,000 = $8,100,000
Calculate the new annual depreciation after revaluation:
Revalued amount: $10,800,000
Remaining useful life of the property as at 1 October 20X4: 20 years - 6.5 years = 13.5 years (since 13.5 years have already passed)
New annual depreciation = Revalued amount / Remaining useful life
New annual depreciation = $10,800,000 / 13.5 = $800,000
Calculate the depreciation for the period after revaluation:
Depreciation for the period from 1 October 20X4 to 31 March 20X5 (6 months)
Depreciation for 6 months = New annual depreciation * 6 / 12
Depreciation for 6 months = $800,000 * 6 / 12 = $400,000
Total depreciation charge for the year ended 31 March 20X5:
Total depreciation = Depreciation before revaluation + Depreciation after revaluation
Total depreciation = $300,000 + $400,000 = $700,000
Therefore, the depreciation charge in Veeton's statement of profit or loss for the year ended 31 March 20X5 will be $700,000.
Can anyone please say what the standard hour is in this question..?
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Hello everyone pls suggest online coaching for PM exam
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Assertion means declaration.
Auditor declares that all items in FS are accurate.
This is the word meaning.
Anyone know of similar telegram groups with notes and other materials for CFA?
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If you are going to opt for AAA in p level then AA shouldn't be exempted
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does anyone know how many papers need to attend after graduation?
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How did you calculated the 13.5 years because I couldn't get it from the question
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Hi , is it better or not to remove AA exemption , if im interested in audit field ?? ( will be taking AAA in P level )
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Does any one doing MA .
For compain study
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Assertions are basically claims made by management or those charged with governance, that all items in the financial statements are accurate. The claim is that:
1. they exist
2. they occurred
3. they were recorded accurately,
4. their values are correct,
5. they were recorded in the correct accounting period,
6. the entity has a right to the asset or an obligation towards the liability
and
7. they were entered in the correct classification.
Please let me know if I should use 2023 version
I am referring sample paper and this study text and exam kit of 2018 version
Is it fine