[suleymanabuzerli]

Examples of events indicating impairment

“Carrying amount of net assets of the entity exceeds market capitalisation”

[suleymanabuzerli]

All overtime hours are paid at time and a half

But if overtime are paid at time and a half

100*4*(5+2,5) should be or not?

[suleymanabuzerli]

how did you find 100 hours?

[suleymanabuzerli]

Revision kit write that,if the overtime is applied by specific request,that is direct wage,but that is applied because of machine breakdown,this is indirect wage and working for 4 hours is not took a consideratio.
thats why,38*3.60+2*1.80=140.4
And answer is C

[suleymanabuzerli]

Sir,if share capital have been increased ,in that case, we should also take consideration it while calculating NC? at reporting date?

l mean as NC?’s share of the increase in reserves.

[suleymanabuzerli]

but Sir l looked at a exercise in Revision Kit

Donna Co acquired 80% of the equity share capital of Blitsen Co on 1 January 20X4 when the retained
earnings of Blitsen Co were $40,000. The fair value of the non-controlling interest at this date was
$25,000. At 31 December 20X4, the equity capital of Blitsen Co was as follows:
$’000
Share capital 40
Share premium 10
Retained earnings 60
110
During the year Blitsen Co sold goods to Donna Co for $20,000. This price included a mark-up of
$12,000 for profit. At 31 December 20X4, 50% of these goods remained unsold in the inventory of
Donna Co.
What is the value of the non-controlling interest in the Donna Group at 31 December 20X4, for the
purpose of preparing the consolidated statement of financial position?
A $20,800
B $27,800
C $26,600

here,solution way Non cotrolling interest has been shown.

the fair value of nci(25)+post acq retained earnings((60-40)*20%)- unrealised profit (1200)
=27800
the answer has been taken 27800$

here,why 20 % of share premium(10,000$) has not been taken??

[suleymanabuzerli]

thank you very much,Sir

[suleymanabuzerli]

but revision kit’s question require the suspense account entries over such a state

even there is such a question,

which one of these errors will require an entry to the suspense account to correct them..
and the correct answer is 1,2,3,4

[suleymanabuzerli]

But revision kit means the opposite
?f you have ,look at 16.5(topic-bank rec)

[suleymanabuzerli]

Sir,you mean:
800$ is written both on the side of debit and credit and at the same time canceled??
Sorry Sir,but l have not enough time for watching your free lectures),because simultaneusly, l am working.

[suleymanabuzerli]

And irrecoverable debt expense of 1000$ belongs to 20X0 fnancial year? but not 20X1??

[suleymanabuzerli]

Yes,I have wathced
And Sir,l have notice that,closing allowance is calculated with(trade receivable in the end of year less written off irrecoveravle debts)*X%
And here was not to be followed??
Even,l have seen in practice tests of revision kit (Bpp)-closing allowance is calculated so
But if we calculate so,the answer is 1950$
And if we take into consideration “round”
?t is possible to take the answer 2000$?
Here:
”during the year” expression means from 1 january 20X1 to 31 december 20X1??

[suleymanabuzerli]

But ,l didn’t understand
If l purchases inventory by cash,this is current asset for me?
I give this question,because I read that the balance in trade receivable and payable is included sales tax
But how it is for cash sales and purchases
If the entity have done cash sale ,the net amount of sales tax is current liability??
And if the entity have done cash purchase,the net amount of sales tax is current asset?
?f these are so
How will the amount be recorded in SOFP and what name??

[suleymanabuzerli]

“The net amount of sales tax appears in the SOFP”
ie -sales tax of purchases appears as current asset,but sales tax of sales appears as current liability?

[suleymanabuzerli]

?n that case,the overpayment of 200$ belongs to 20W9 and is prepayment in 20W9??

[suleymanabuzerli]

Briefly,the excess depreciation should be included in SOFP or not as Retained profit?

[suleymanabuzerli]

What about SOFP?

[suleymanabuzerli]

It is true that the question(revision kit -page 42-question 8.19)ask what is the balance on revaluation surplus after 1 year
and the solution way :
=Revaluation-excess depreciation of one year
And the answer was correct
But now,my question is that
If the question asked balance on revaluation surplus after 2 years,
What would be the balance on revaluation surplus.
=revaluation surplus-excess depreciation of 2 years?
??

[suleymanabuzerli]

Thank you a lot,Sir.

[suleymanabuzerli]

in that case.
l understand so:

opening balance for the electricity accrued at 1July 20X0 is given $300
but we compute that opening balance(1 JULY 20X0) is 400$(600×2/3)

in the such situation ,we should take 300$ because we can not change accrual of the end of last year …

exactly??

[suleymanabuzerli]

Sir,l did not basically understand “there were invoices awaited” expression please,explain meaning of this expression to me

l comprehend so:
this expression means that invoices were sent and the money is expected
OR
invoices should be sent in October 20×7 but have not been sent yet

l understand correctly ?? please clarify.

[suleymanabuzerli]

in the meantime,IASB has power to enforce IFRSs in most countries?

[suleymanabuzerli]

Wrote
Think that the answer is C

[suleymanabuzerli]

Wrote

[suleymanabuzerli]

now, l think that the answer is D
because,in the trading of first year ,opening inventory should not be

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