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    Test 6 (Sol)

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    yazdan2250

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    Test 6 (Sol)

    Uploaded by

    yazdan2250
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    4 views2 pages

    Test 6 (Sol)

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    yazdan2250

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    CAF-01: FAR1 Suggested Solution: Test 6

    Duffer Limited
    Statement of comprehensive income (extracts) Mark 0.5
    For the year ended 31 December 2019
    2019 2018 Marks
    --- Rs. in million ---
    Expenses
    Depreciation expense – Vehicle (32.00)
    (W-1) (34.00) 1
    Depreciation expense – Plant (35.00)
    (W-2) (26.25) 1
    Revaluation loss / (Revaluation loss reversal) (W-1)
    15.00 (17.00) 1
    Fair value loss – Warehouse (W-4)- (8.00) 0.5
    Incomes
    Government grant income (W-2)
    15.00 11.25 1
    Fair value gain – Warehouse (W-4)
    19.00 - 0.5
    Other comprehensive income
    Revaluation surplus - Specialized vehicle (W-1) 5.00 -
    Revaluation surplus – Warehouse (W-3) - 24.00
    Duffer Limited
    Statement of financial position (extracts)
    As on 31 December 2019
    2019 2018 Marks
    --- Rs. in million ---
    Equity and liabilities
    Equity
    Revaluation surplus - Specialized vehicle 5.00 - 0.5
    Revaluation surplus – Warehouse (W-3)
    24.00 24.00 1
    Non-current liabilities
    Deferred income - Government grant 78.75 93.75 1
    [120 - 11.25(W-2) - 15(W-2)] - 15 : [120 - 11.25(W-2)] – 15
    Current liabilities
    Deferred income - Government grant 15 15 1
    [120 / 8] : [120 / 8]

    Non current assets


    PPE: Specialized vehicle 290.00
    (W-1) 302.00 1
    PPE: Plant [280 - 26.25(W-2) - 35(W-2)] : [280 - 26.25(W-2)] 218.75 253.75 1
    Investment property: Warehouse 115.00
    (W-4) 96.00 1

    WORKINGS
    (W-1) Specialized Vehicle (Marks 1)
    Date Description Vehicle R/S P/L
    01.07.17 Cost 370.00
    31.12.17 Depreciation [(370 - 30) / 10] x 6/12 (17.00)
    31.12.17 WDV 353.00
    31.12.18 Depreciation [(370 - 30) / 10] (34.00)
    31.12.18 WDV 319.00
    31.12.18 Revaluation loss (Bal.) (17.00) (17.00)
    31.12.18 Revalued amount 302.00 (17.00)
    31.12.19 Depreciation [(302 - 30) / 8.5]: [17 / 8.5] (32.00) 2.00
    31.12.19 WDV 270.00 (15.00)
    31.12.19 Revaluation surplus (Bal.) 20.00 5.00 15.00
    31.12.19 Revalued amount 290.00 5.00 -

    Umair Sheraz Utra, ACA Page |1


    (W-2) Manufacturing plant (Marks 1)
    Plant 280.00
    Cash 280.00
    Cash 120.00
    Deferred income - Government grant 120.00
    Depreciation (280 / 8) x 9/12 26.25
    Plant 26.25
    Deferred income - Government grant 11.25
    Government grant income (120 / 8) x 9/12 11.25
    Depreciation (280 / 8) 35.00
    Plant 35.00
    Deferred income - Government grant 15.00
    Government grant income (120 / 8) 15.00
    (W-3) Warehouse – PPE (Marks 1)
    Date Description Warehouse R/S P/L
    1.1.18 WDV 80.00
    1.1.18 Revaluation surplus (Bal.) 24.00 24.00
    1.1.18 Reavalued amount 104.00 24.00
    1.1.18 Transferred to investment property (104.00) -
    1.1.18 WDV - 24.00

    (W-4) Warehouse - Investment property (Mark 1)


    1.1.18 PPE 104.00 31.12.18 P&L account (Bal.) 8.00
    31.12.18 c/d - fair value 96.00
    1.1.19 b/d 96.00
    31.12.19 P&L account (Bal.) 19.00 31.12.19 c/d - fair value 115.00

    Umair Sheraz Utra, ACA Page |2

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