Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entity A's draft Statement of Financial Position as at 31 Mar 2018 shows financial assets at fair value through profit or loss with a carrying

Entity A's draft Statement of Financial Position as at 31 Mar 2018 shows financial assets at fair value through profit or loss with a carrying amount of $12,500,000 as at 1 Apr 2017.

These financial assets are held in a fund whose value changes directly in proportion to a specified market index.At 1 Apr 2017 the relevant index was 1,200 and at 31 Mar 2018 it was 1,296.

What is the amount of gain or loss should be recognised at 31 Mar 2018 in respect of these assets. (Hint: If it is a gain of $10, you should enter 10, otherwise you should enter -10 if it is a loss of $10.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Computer Accounting

Authors: Donna Kay

14th Edition

007762453X, 9780077624538

More Books

Students also viewed these Accounting questions

Question

Pollution

Answered: 1 week ago

Question

The fear of making a fool of oneself

Answered: 1 week ago