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Important announcement

Graded Discussion Board

Financial Accounting II (MGT401)

 

Dear Students!

This is to inform that Graded Discussion Board (GDB) No. 01 will be opened on  May 12, 2014 for discussion and last date for posting your discussion will be May 14, 2014.

Topic/Area for Discussion

 “Property, Plant and Equipment (IAS-16)”

This Graded Discussion Board will cover first 11 lessons.

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Financial Accounting II (MGT401)
Topic: "Property, Plant and Equipment (IAS-16)

Learning Objectives: Students will be able to learn the basic principles of revaluation as per IAS 16 on Property, Plant and Equipment.

Scenario:

HXN Ltd. - a textile manufacturing firm located in Karachi has the policy to recognize its fixed assets (tangible) initially at cost and subsequently at cost less accumulated depreciation and impairment losses. Depreciation on the fixed assets is charged appropriately to write off the cost over estimated useful life of the assets.

In the financial year 2013-14, the company decided to revalue its plant assets. The data regarding this revaluation is as follows:

 

Gross Carrying Amount (Rs.)

Accumulated Depreciation (Rs.)

Net Carrying Amount (Rs.)

Revalued Amount (Rs.)

Plant

7,460,000

230,000

7,230,000

9,950,000

Machinery

2,350,000

440,000

1,910,000

3,050,000

Requirement:

Determine the revalued gross carrying amountrevalued accumulated depreciationrevalued net carrying amount and revaluation surplussupporting necessary workings, where necessary.

 

Important Instructions:

1. The GDB will remain open for 3 working days/ 72 hours.

2. Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.

3. Obnoxious or ignoble answer should be strictly avoided.

4. Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.

For Detailed Instructions please see the GDB Announcement

Please see the attached file for GDB no 1, Spring 2014.

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