Obi Bhd rents out boats to customers at Lake Wonderful. These boats were bought on 1...
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Obi Bhd rents out boats to customers at Lake Wonderful. These boats were bought on 1 January x3 for RM 1.5 million and are depreciated annually at 20% on cost. An accident took place and the business was badly hit. On 31 December x4, the fair value less costs to sell of these boats was RM 750,000 and the value in use was RM 680,000. Draft the Statement of Financial Position as at 31 December X5 on the assumption that the demand for boats has picked up and the boats now have a recoverable amount of (i)RM 650,000 and (ii) RM 550,000. Obi Bhd rents out boats to customers at Lake Wonderful. These boats were bought on 1 January x3 for RM 1.5 million and are depreciated annually at 20% on cost. An accident took place and the business was badly hit. On 31 December x4, the fair value less costs to sell of these boats was RM 750,000 and the value in use was RM 680,000. Draft the Statement of Financial Position as at 31 December X5 on the assumption that the demand for boats has picked up and the boats now have a recoverable amount of (i)RM 650,000 and (ii) RM 550,000.
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Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
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