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Assignment No: 1

Financial Accounting ll

Solution file

 

Requirement No: 1,

Cost = Purchase cost + delivery cost + Installation cost + net cost of testing (w-1) + discounted present value

Cost = 149,340 + 4221 + 6,579 + 4500 + 1,700

Cost = 1, 66,340 Answer

 

Note;

W-1:  net cost of testing = cost of testing – dale price of samples

                                            = 5000 – 500

                                           = 4500

Requirement 2:

Depreciation = cost of the asset – residual value / useful life

                          = 166340-7000 / 8

                          = 159340 / 8

                         = 19917.5

So Depreciation will be approximately = 19918

Per year because we are using straight line method of depreciation.

Depreciation Schedule:

year

Cost (Rs.)

Depreciation

Accumulated Depreciation

 

Book value

2003

166340

19918

19918

146422

2004

166340

19918

39836

126504

2005

166340

19918

59754

106586

2006

166340

19918

79672

86668

2007

166340

19918

99590

66750

2008

166340

19918

119508

46832

2009

166340

19918

139426

26914

2010

166340

19918

159344

6996

 

Requirement 3:

Profit or loss on sale of plant =?

Profit or loss on sale of plant = sale price – book value

Profit or loss on sale of plant = 10000-6996

Profit on sale of plant = 3004

 

MGT401_Assignment#01_Solution

See the attache file please

Attachments:

Solution:

 

  1. Determine the plant’s cost to be recognized in MPL’s books as per IAS 16.

 

Cost of plant As per IAS 16 =

Purchase price + delivery cost + installation cost+ testing + sold proceed + present discount

Cost of plant As per IAS 16= 149,340 +4,221 +6,579 + (5,000 -500) +1700

Cost of plant As per IAS 16= 166340

 

 

  1. Prepare a depreciation schedule of plant for 8 years by following the format given below.

 

Cost of assets= 166340
 Life of assets= 8 year

Residual Value= 7000

Sale value = 10000

Depreciation Method= straight line

Carrying values = Cost of assets- Accumulated Depreciation

 

Carrying values = 166340 - 146422

                          

Carrying values= 19918

 

 

Year

Cost (Rs.)

Depreciation

Accumulated Depreciation

Carrying values

2003

166340

19918

146422

 

2004

146422

19918

126504

 

2005

126504

19918

106586

 

2006

106586

19918

86668

 

2007

66750

19918

66750

 

2008

66750

19918

46832

 

2009

46832

19918

26914

 

2010

26914

19918

6996

 

 

  1. Calculate the amount of profit or loss on disposal of the plant.

   Book value after 8 year= 6996

 Sale price = 10000

 Profit = Sale price- Book value

 Profit= 10000-6996

 Profit= 3004

 

 

 

 

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1. Determine the plant's cost to be recognized in MPL’s books as per IAS 16.
plant's cast = Purchase price +Delivery cost +Installation cost +Cost of testing
= 149340 +4221 +6579 +5000 
=165140
2. Prepare a depreciation schedule of plant for 8 years by following the format given below.
Depreciation cost = 165140 - 7000/8
=19767.5
this is deprecation cost and Dep cost is same in each year because straight-line method.
3. Calculate the amount of profit or loss on disposal of the plant.
profit or loss on disposal of the plant = Sold price of plant – Accumulated depriciation
= 10,000 – 6996
= 3004 (Profit)

MGT401 Assignment solution 

Answer:
Plant cost as per IAS 16
Cost = Purchase cost + delivery cost + Installation cost + (cost of testing-net proceed) + discounted present value
Cost = 149,340 + 4221 + 6,579 + (5000-500)+ 1,700 = 166340



1.Prepare a depreciation schedule of plant for 8 years by following the format given below.

Solution:

Year Cost
Rs. Depreciation Accumulated depreciation Carrying value 
2003 166340 19918 19918 146422 
2004 166340 19918 39836 126504 
2005 166340 19918 59754 106586 
2006 166340 19918 79672 86668 
2007 166340 19918 99590 66750 
2008 166340 19918 119508 46832 
2009 166340 19918 139426 26914 
2010 166340 19918 159344 6996 



1.Calculate the amount of profit or loss on disposal of the plant.

Profit /loss on disposal of plant = sold price of plant – carrying value (or book value)
=10000 – 6996
= 3004 (profit)

 MGT-401 Assignment 1 Solution (28/11/2012)

ssignment No. 01
Name : Safeer Nawaz
Student Id : Mc120202403
MGT-401 : Financial Accounting II
Course : MBA

Virtual University of Pakistan



  1. Determine the Plant Cost of MPL’ books as per ISA 16.



Answer:

Plant Cost of MPL’ Books
As per ISA 16.
Particulars Amount Rs. Amount Rs. Amount Rs.
Purchase Cost 149340
Delivery Cost 4221
Installation Cost 6579
Cost of Testing 5000
Less: Net Proceed -500
Net Testing Cost 4500
Discount P.Value 1700
Net Plant Cost 166340


02- Prepare Depreciation Schedule of Plant For 8 Years.

Answer:

Depreciation Value: Cost – Residual Value 166340 – 7000= 19918
Use full Life 8


Years Plant Cost Depreciation Accumulated Depreciation Carrying Cost
2003 166340 19918 19918 146422
2004 166340 19918 39836 126504
2005 166340 19918 59754 106586
2006 166340 19918 79672 86668
2007 166340 19918 99590 66750
2008 166340 19918 119508 46832
2009 166340 19918 139426 26914
2010 166340 19918 159344 6996






  1. Calculate the Amount Rs. of Profit or Loss on Disposal of the Plant.



Answer:

Profit or Loss on Disposal of Plant = Sale Price of Plant – Carrying Cost of Plant
= 10000 - 6996
Profit on Sale of Plant = Rs.3004


Plant cost as per IAS 16



Cost = Purchase cost + delivery cost + Installation cost + cost of testing



Cost = 149,340 + 4221 + 6,579 + 5000 = 165140



Depreciable amount= (cost – residual value)

Depreciable amount= (165140– 7000)=158140/8=19768

Year


Cost

Rs.


Depreciation


Accumulated depreciation


Carrying value

2003


158140


19768


19768


138372

2010


158140


19768


158144


-4



Profit /loss on disposal of plant = sold price of plant – carrying value (or book value)

Profit /loss on disposal of plant =10000 – 4

Profit /loss on disposal of plant = 6996 (profit)

enjoy dear according to my knowledge this is 1000% correct

  1. Determine the Plant Cost of MPL’ books as per ISA 16.



Answer:

Plant Cost of MPL’ Books
As per ISA 16.
Particulars Amount Rs. Amount Rs. Amount Rs.
Purchase Cost 149340
Delivery Cost 4221
Installation Cost 6579
Cost of Testing 5000
Less: Net Proceed -500
Net Testing Cost 4500
Discount P.Value 1700
Net Plant Cost 166340


02- Prepare Depreciation Schedule of Plant For 8 Years.

Answer:

Depreciation Value: Cost – Residual Value 166340 – 7000= 19918
Use full Life 8


Years Plant Cost Depreciation Accumulated Depreciation Carrying Cost
2003 166340 19918 19918 146422
2004 166340 19918 39836 126504
2005 166340 19918 59754 106586
2006 166340 19918 79672 86668
2007 166340 19918 99590 66750
2008 166340 19918 119508 46832
2009 166340 19918 139426 26914
2010 166340 19918 159344 6996






  1. Calculate the Amount Rs. of Profit or Loss on Disposal of the Plant.



Answer:

Profit or Loss on Disposal of Plant = Sale Price of Plant – Carrying Cost of Plant
= 10000 - 6996
Profit on Sale of Plant = Rs.3004



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