Q. BigMoney Ltd has been operating in a hyperinflationary economy for the past five years and IAS 29 has therefore been applied to its financial statements. On December 31, 2015 the economy ceased to be hyperinflationary. Review the following items that appeared on BigMoney's statement of financial position as at December 31, 2015, and then 8, complete the sentence below. Without restatement Restated Share capital 10,000 12,770 Property, plant and equipment 6,012 8,114 (PPE)-Cost Accumulated depreciation 4,208 5,679.80 PPE is depreciated on a straight-line basis at 10% p.a. The asset will be scrapped for no value at the end of its useful economic life. No movements took place in share capital or PPE during 2016. Select the correct answers from the drop-down boxes. not For the year ended December 31, 2016, BigMoney Ltd should stil apply IAS 29. The balance for share capital as at December 31, 2016 will be and PPE will be disclosed as 10,000 1,202.40 12,770 1,622.80

Q. BigMoney Ltd has been operating in a hyperinflationary economy for the past five years and IAS 29 has therefore been applied to its financial statements. On December 31, 2015 the economy ceased to be hyperinflationary. Review the following items that appeared on BigMoney's statement of financial position as at December 31, 2015, and then 8, complete the sentence below. Without restatement Restated Share capital 10,000 12,770 Property, plant and equipment 6,012 8,114 (PPE)-Cost Accumulated depreciation 4,208 5,679.80 PPE is depreciated on a straight-line basis at 10% p.a. The asset will be scrapped for no value at the end of its useful economic life. No movements took place in share capital or PPE during 2016. Select the correct answers from the drop-down boxes. not For the year ended December 31, 2016, BigMoney Ltd should stil apply IAS 29. The balance for share capital as at December 31, 2016 will be and PPE will be disclosed as 10,000 1,202.40 12,770 1,622.80

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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