n July 16, 2020, Agony Company classified a noncurrent asset as held for sale in accordance with IFRS 5 Noncurrent Assets Held for Sale and Discontinued Operations. At that date, the asset's carrying amount was P45,000, Its fair value was estimated at P33,000 and the costs to sell at P4,500. On October 20, 2020, the asset was sold for net proceeds of P27,600. If Agony Company accounts for noncurrent assets using the cost model what amount should be included as impairment loss and loss on disposal, respectively, in Agony Company's statement of comprehensive income for the year ended December 31,2020? A. P16,500 and P17,400
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
On October 20, 2020, the asset was sold for net proceeds of P27,600.
If Agony Company accounts for noncurrent assets using the cost model what amount should be included as impairment loss and loss on disposal, respectively, in Agony Company's statement of comprehensive income for the year ended December 31,2020?
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