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    IAS 16 Questions

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    Mauhammad Najam
    The document provides information about the assets of a company as of June 30, 2000 including cost, accumulated depreciation, and depreciation rates. It notes adjustments including additions, disposals, and destroyed assets that need to be accounted for to calculate depreciation for the year ended June 30, 2000. The answer calculates depreciation for each asset category and the total depreciation for the year as Rs. 25.9435 million after adjusting for the noted events.

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    IAS 16 Questions

    Uploaded by

    Mauhammad Najam
    550 views2 pages
    The document provides information about the assets of a company as of June 30, 2000 including cost, accumulated depreciation, and depreciation rates. It notes adjustments including additions, disposals, and destroyed assets that need to be accounted for to calculate depreciation for the year ended June 30, 2000. The answer calculates depreciation for each asset category and the total depreciation for the year as Rs. 25.9435 million after adjusting for the noted events.

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    Practice queation ias16

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    The document provides information about the assets of a company as of June 30, 2000 including cost, accumulated depreciation, and depreciation rates. It notes adjustments including additions, disposals, and destroyed assets that need to be accounted for to calculate depreciation for the year ended June 30, 2000. The answer calculates depreciation for each asset category and the total depreciation for the year as Rs. 25.9435 million after adjusting for the noted events.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    550 views2 pages

    IAS 16 Questions

    Uploaded by

    Mauhammad Najam
    The document provides information about the assets of a company as of June 30, 2000 including cost, accumulated depreciation, and depreciation rates. It notes adjustments including additions, disposals, and destroyed assets that need to be accounted for to calculate depreciation for the year ended June 30, 2000. The answer calculates depreciation for each asset category and the total depreciation for the year as Rs. 25.9435 million after adjusting for the noted events.

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    of 2

    IAS 16 Question 11

    QUESTION 11 – IAS 16 PPE (ICAP C6 AUTUMN 2001 Q6)

    Following are the assets of a company as on June 30, 2000:

    Accumulated Rate of
    Particulars Cost
    Depreciation Depreciation
    (Rs. in million) (%)
    Land 78.000 ---
    Factory building 167.000 68.523 10
    Machinery 265.000 108.735 10
    Factory Equipment 0.900 0.369 10
    Office Equipment 0.800 0.328 10
    Vehicles 4.600 2.931 20
    Computers and Accessories 2.300 0.944 10

    (a) One of the vehicles costing Rs. 600,000 included in cost purchased on 1 August, 1998
    totally destroyed in accident on July 01, 1999. Insurance was not covered.
    (b) Machinery included additions at the beginning of the year of Rs.35 million.
    (c) An old machinery purchased on 1 September, 1996 amounting to Rs.30 million which was
    sold at beginning of the year ended 30 June, 2000 for Rs.18 million credited to machinery
    account.
    (d) The company uses reducing balance method. The depreciation for the year has not been
    charged yet.

    Required:
    Calculate depreciation for the year ended as on 30 June, 2000 after adjustment of above.
    (10 marks)

    Page 1 of 2 (kashifadeel.com)
    IAS 16 Question 11

    ANSWER 11 – IAS 16 PPE (ICAP C6 AUTUMN 2001 Q6)

    Depreciation on Rs. m
    Land (not to be depreciated) Nil
    Factory building Rs.[167 – 68.523] x 10% 9.8477
    Machinery Rs.[(265 + 18 error – 30 disposal) – (108.735 – 7.725 disposal w1)] x 10% 15.1990
    Factory equipment Rs.[0.900 – 0.369] x 10% 0.0531
    Office equipment Rs.[0.800 – 0.328] x 10% 0.0472
    Vehicles Rs.[4.60 – 0.6 disposal) – (2.931 – 0.11 disposal w2) x 20% 0.2358
    Computer etc Rs.[2.3 – 0.944] x 10% 0.1356
    Total depreciation 25.9435

    W1 – Accumulated depreciation – Machinery disposed

    Cost 30
    1997 Depreciation 10% x 10/12 2.5
    Carrying amount 1997 27.5
    1998 Depreciation 10% 2.75
    Carrying amount 1998 24.75
    1999 Depreciation 10% 2.475
    Carrying amount 1999 22.275
    Rs. 2.5+2.75+2.475 = Rs. 7.725

    W2 – Accumulated depreciation – Vehicles disposed


    Rs. 0.600 x 20% x 11/12 = Rs. 0.11

    Page 2 of 2 (kashifadeel.com)

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