Wilbern Ltd prepares financial statements to 30 June each year. On 1 March 2017, the company classifies
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Wilbern Ltd prepares financial statements to 30 June each year. On 1 March 2017, the company classifies a non-current asset as held for sale. The asset is eventually sold in July 2017. Calculate:
(i) Any impairment losses (or gains) that should be recognised in the financial statements for the year to 30 June 2017, and.
(ii) Any gain or loss on disposal that should be recognised in the financial statements for the year to 30 June 2018.
If the carrying amount of the asset at 1 March 2017, its fair value (less costs to sell) on that date and on 30 June 2017 and its disposal proceeds are as follows::
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Subin Babu
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Related Book For 
International Financial Reporting A Practical Guide
ISBN: 978-1292200743
6th edition
Authors: Alan Melville
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