Hi everyone, could anybody can help with Sample assessment2 ACPR

Adjo

Could you please help me the task1 Extract from non-current assets register, office equipment: Reception desk-FaradyR for the year end 31/03/X5 I think 37.50 figure is 3months depreciation and 150 figure is 12 months but I don't know for the remaining 75 figure. My main concern is about Power lather PM892, how do they work out the cost? I hope someone would help. This is my first post. Thanks for your help

Jules18

The power lathe cost is 9930.00 plus testing of 259.80 = 1018.93. You capitalise anything that gets the asset in to working condition which can include legal fees, delivery, installation and testing. It could include extra bits on a vehicle eg factory fitting tow bars, shelving etc within a van. It does not include 'running costs' such as maintenance, road tax and items like paper and toner for copiers etc. Ignore VAT unless it is a company car which cannot be reclaimed in most circumstances Hope this helps.

Adjo

Thanks Jules for your time, that's kind of you. But I had already the answer from my training provider. I am also looking for anybody who passed ACPR to share their experience with me because this my first exam. Any advice will most welcome and I will really appreciate it. Thanks

JoshJ1992

Hi Adjo, it took me two attempts to pass ACPR. The main things to remember is your double entry for things like depreciation and disposals, adjustments for accruals and prepayments, how to complete a trial balance including how to make adjustments, including the journal entries for these. Finally, you'll need to know what types of things go in the statement of profit and loss and statement of final position, as you be required to complete an extended trial balance. Hope that helps.

Adjo

Hi JoshJ1992, Thanks for your time. It's really help me. Are you still on Level3?

Thanks again

JoshJ1992

Hi Adjo, glad to be of service! Yes, am still on level 3 - just CSTR and ITAX to go then I'm done for the year.