2. An extract from the SFOP of Ace Itd showed the following as at 30 June...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
2. An extract from the SFOP of Ace Itd showed the following as at 30 June 2019: Rs'000 PPE at cost 3,600 Accumulated Depreciation (540) 3,060 Notes: (i) The company uses straight line method of depreciation (ii) The rate of depreciation is 2.5% per annum (ii) On 1st April 2020, PPE is revalued to Rs3.325millions Show how the revaluation will be accounted in the Financial statements of Ace Itd as at the year ended 30th June 2020. (10 marks) 2. An extract from the SFOP of Ace Itd showed the following as at 30 June 2019: Rs'000 PPE at cost 3,600 Accumulated Depreciation (540) 3,060 Notes: (i) The company uses straight line method of depreciation (ii) The rate of depreciation is 2.5% per annum (ii) On 1st April 2020, PPE is revalued to Rs3.325millions Show how the revaluation will be accounted in the Financial statements of Ace Itd as at the year ended 30th June 2020. (10 marks)
Expert Answer:
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
Posted Date:
Students also viewed these accounting questions
-
The following is an extract from the property, plant and equipment section of a balance sheet. The objective of financial statements is to provide information that is useful for decision making. As a...
-
An extract from the trial balance of Armstrong Corp. at June 30, 2016 is reproduced below: Required: Prepare in general journal format the entries that were posted, including a plausible description....
-
An extract from the trial balance of Selby Corp. at December 31, 2016 is reproduced below: Required: Prepare in general journal format the adjusting entries that were posted, including plausible...
-
Steam leaves a nozzle with a pressure of 500 kPa, a temperature of 350C, and a velocity of 250 m/s. What is the isentropic stagnation pressure and temperature?
-
Use the data in (and your solutions to) Problems and Cases 6.3 and 6.4 to determine the internal rate of return for BCI. In problem
-
Suggest a design pattern that you encounter in a category of everyday things (e.g., consumer electronics, automobiles, appliances). Briefly describe the pattern.
-
Describe the purpose of an Affirmative Action Plan.
-
Reformulate the following balance sheet and income statement for a manufacturing concern. Amounts are in millions. The firm bears a 36 percent statutory taxrate. Balance Sheet Assets Operating cash...
-
Benchmark has an optimal target capital structure consisting of a debt-to-assets ratio of 60 percent. Benchmark can raise up to $5 million in new debt at a before-tax cost of 8 percent. If more debt...
-
MedicTronix is a startup company that manufactures medical devices for use in hospital clinics. Inspired by experiences with family members who have battled cancer, MedicTronixs's founders have...
-
1.) If there are 3 representatives from Company A and 4 representatives from Company B meet. If they shake hands with everyone from a different company. How many handshakes occurred? 2.) If 3...
-
The fundamental financial governing body for finance is the Chartered Financial Institute/Analyst Association (CFAI/CFA). Group of answer choices True False
-
New construction of a particular type of real estate generally does not occur Multiple choice question. unless current property values exceed construction costs until interest rates are low enough...
-
Several investments with the same principal and annual interest rate are compared, but they each have different compounding periods. Which compounding period option would earn the lowest total...
-
When an aircraft mechanic or repairman adds or removes any item on the equipment list, he or she must change the_____to indicate the new empty weight and EWCG, and the equipment list is revised to...
-
Discuss the individuals circumstances as well as the individuals tolerance for risk, in the context of the selection of an individual investment portfolio. Balance risk and return, as well as...
-
determine the break even price for SafeBlend's fluid in 2012 for BNG. Exhibit 2 Projected Fracturing Fluid Requirements by Customer, 2010-2016-Fracking Fluid Requirements by Customer (Gallons) AOG...
-
San Carlos Bank and Trust Company uses a credit-scoring system to evaluate most consumer loans that amount to more than $2,500. The key factors used in its scoring system are found at the conclusion...
-
The following are the financial statements of the parent company Alpha plc, a subsidiary company Beta and an associate company Gamma. On 1 January 20X5 Alpha plc acquired 80% of Beta plc for...
-
Oxlag plc, a manufacturer of pharmaceutical products, has the following research and development projects on hand at 31 January 20X2: (A) A general survey into the long-term effects of its sleeping...
-
(a) A concession company, WaterAway, has completed the construction of a wastewater plant. The plant will be transferred to the public sector unconditionally after 25 years. The public sector (the...
-
There is another possible explanation for purchased goodwill appearing in a sole proprietor's statement of financial position. What do you think it might be?
-
Why do the assets need to be revalued in these cases? The business has not been sold.
-
The shown partners have always shared profits and losses in the ratio: Holt 4; Stott 2: Young 1. From 1 January the assets were to be revalued as the profit sharing ratios are to be altered soon. The...
Study smarter with the SolutionInn App