On April 23, 2020, Charming Company classified a noncurrent asset held for sale in accordance with IFRS 5 Noncurrent Assets Held for Sale and Discontinued Operations. At that time, the asset's carrying amount was P34,000, its fair value was estimated at P48,000 and the costs to sell at P3,800. On July 18. 2020, the asset was sold for net proceeds of P40,000. The company accounts for noncurrent assets using the cost model. In accordance with IFRS 5, at what amount should the asset be stated In Charming Company's statement of financial position at June 30, 2020? A. P48,000 B. P44,800 C. P34,000 D. P30,200
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 July 18. 2020, the asset was sold for net proceeds of P40,000. The company accounts for noncurrent assets using the cost model.
In accordance with IFRS 5, at what amount should the asset be stated In Charming Company's
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