Tag (SQ): Revaluation

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FR – L2 – Q67 – Presentation of Financial Statements

Prepare Wenchi Exports' profit/loss statement and financial position for 20X4 using trial balance, with adjustments for inventory, patents, revaluation, bad debts, and tax.

Question

The trial balance of Wenchi Exports Limited at 31 December 20X4 is as follows.

	GH₵ in million
	Dr	Cr
Patent rights	60
Work-in-progress, 1 January 20X4	125
Buildings at cost	300
Ordinary share capital		600
Revenue		1,740
Staff costs	260
Accumulated depreciation on buildings, 1 January 20X4		60
Inventories of finished games, 1 January 20X4	155
Consultancy fees	44
Directors’ salaries	360
Computers at cost	50
Accumulated depreciation on computers, 1 January 20X4		20
Dividends paid	125
Cash	440
Receivables	420
Trade payables		294
Sundry expenses	94
Accumulated profits, 1 January 20X4		279
	2,633	2,633

The following information is also relevant.
(1) Closing inventories of finished games are valued at GH₵180 million. Work in progress has increased to GH₵140 million.
(2) The patent rights relate to a computer program with a three-year lifespan.
(3) On 1 January 20X4 buildings were revalued to GH₵360 million. This has not yet been reflected in the accounts. Computers are depreciated over five years. Buildings are now to be depreciated over 30 years.
(4) An allowance for bad debts (irrecoverable debts) of 5% is to be created.
(5) There is an estimated bill for current tax of GH₵120 million which has not yet been recognised.

Required
Prepare a statement of profit or loss (analysing expenses by nature) for the year ended 31 December 20X4 and a statement of financial position as at that date.

Answer

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Tags: Amortisation, Bad Debts, Depreciation, Inventory Valuation, Revaluation, Statement of Financial Position, Statement of profit or loss, Tax Provision, Trial Balance
Level: Level 2

Topic: Presentation of Financial Statements (IAS 1)

FR – L2 – Q64 – Revenue from Contracts with Customers

Recalculate AX Ltd's profit for the year ended 31 March 20X9, adjusting for sale or return, depreciation, fraud, and tax.

Question

AX LTD
Below is the summarised draft statement of financial position of AX Ltd, a company listed on the West Africa Stock Exchange, as at 31 March, 20X9:

Non-current assets
Property at valuation (land GH₵20,000; buildings GH₵165,000) (note ii)	185,000
Plant (note ii)	180,500
Financial assets at fair value through profit or loss at 1 April 20X8 (note iii)	12,500
	378,000
Current assets
Inventory	84,000
Trade receivables (note iv)	52,200
Bank	3,800
	140,000
Total assets	518,000

Equity and Liabilities
Equity
Stated capital	290,000
Capital surplus	12,300
Income surplus
– At 1 April 20X8	96,700
– For the year ended 31 March 20X9	12,300
	109,000
	411,300
Non-current liabilities
Deferred tax – at 1 April 20X8 (note v)	19,200
Current liabilities	81,800
	101,000
Total equity and liabilities	518,000

The following information is relevant:
(i) AX Ltd’s statement of profit or loss includes GH₵8million of revenue for credit sales made on a “sale or return” basis. At 31 March 20X9, customers who had not paid for the goods, had the right to return GH₵2.6million of them. AX Ltd applied a mark-up on cost of 30% on all these sales. In the past, AX Ltd’s customers have sometimes returned goods under this type of agreement.
(ii) The non-current assets have not been depreciated for the year ended 31 March 20X9. AX Ltd has a policy of revaluing its land and buildings at the end of each accounting year. The values in the above statement of financial position as at 1 April 20X8 when the building had a remaining life of 15 years. A qualified surveyor has valued the land and buildings at 31 March 20X9 at GH₵180million. Plant is depreciated at 20% on the reducing balance basis.
(iii) The financial assets at fair value through profit or loss are held in a fund whose value changes directly in proportion to a specified market index. At 1 April 20X8 the relevant index was 1,200 and at 31 March 20X9 it was 1,296.
(iv) In late March 20X9 the directors of AX Ltd discovered a material fraud perpetrated by the company’s credit controller that had been continuing for some time. Investigations revealed that a total of GH₵4 million of the trade receivables as shown in the statement of financial position at 31 March 20X9 had in fact been paid and the money had been stolen by the credit controller. An analysis revealed that GH₵1.5 million had been stolen in the year to 31 March 20X8 with the rest being stolen in the current year. AX Ltd is not insured for this loss and it cannot be recovered from the credit controller, nor is it deductible for tax purpose.
(v) During the year, the company’s taxable temporary differences increased by GH₵10 million of which GH₵6 million related to the revaluation of the property. The deferred tax relating to the remainder of the increase in the income tax rate is 20%.
(vi) The above figures do not include the estimated provision for income tax on the profit for the year ended 31 March 20X9. After allowing for any adjustments required in terms (i) to (iv), the directors have estimated the provision of GH₵11.4 million (this is in addition to the deferred tax effects of item (v).
(vii) During the year, dividends of GH₵15.5 million were paid. These have been correctly accounted for in the above statement of financial position.

Required:
Taking into account any adjustments required by items (i) to (vii) above:
(a) Prepare a statement showing the recalculation of AX Ltd’s profit for the year ended 31 March 20X9; and

(b) Redraft the statement of financial position of AX Ltd as at 31 March 20X9.

Answer

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Tags: Deferred Tax, Depreciation, Financial Position, Fraud, Inventory, Revaluation, Trade Receivables
Level: Level 2

Topic: Inventory Accounting

FR – L2 – Q52 – Financial Reporting Standards and Their Applications

Calculate deferred tax liability for Francisca Ltd for 20X4, considering depreciation, interest, development costs, and revaluation, and show where changes are charged/credited.

Question

On 30 June 20X3 Francisca Ltd had a credit balance on its deferred tax account of GH¢1,340,600 all in respect of the difference between depreciation and capital allowances.

During the year ended 30 June 20X4 the following transactions took place.

(1) GH¢45 million was charged against profit in respect of depreciation. The tax computation showed capital allowances of GH¢50 million.

(2) Interest receivable of GH¢50,000 was reflected in profit for the period. However, only GH¢45,000 of interest was actually received during the year. Interest is not taxed until it is received.

(3) Interest payable of GH¢32,000 was treated as an expense for the period. However, only GH¢28,000 of interest was actually paid during the year. Interest is not an allowable expense for tax purposes until it is paid.

(4) During the year Francisca Ltd incurred development costs of GH¢500,600, which it has capitalised. Development costs are an allowable expense for tax purposes in the period in which they are paid.

(5) Land and buildings with a carrying amount of GH¢4,900,500 were revalued to GH¢6 million.

The tax rate is 30%. Francisca Ltd has a right of offset between its deferred tax liabilities and its deferred tax assets.

Required

Calculate the deferred tax liability on 30 June 20X4. Show where the increase or decrease in the liability in the year would be charged or credited.

Answer

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Tags: Deferred Tax, Development Costs, Financial Position, IAS 12, Interest Payable, Interest Receivable, Revaluation, Tax Computation, Temporary Differences
Level: Level 2

Topic: Financial Reporting Standards and Their Applications

FR – L2 – Q35 – Financial Reporting Standards and Their Applications

Explain accounting treatment for revalued properties of Peak Limited, including depreciation and impairment for the year ended 31 March 20X4.

Question

Peak Limited conducts its activities from two properties, a main office in the centre and a property in the rural area where staff training is conducted. Both properties were acquired on 1 April 20X1 and had estimated lives of 25 years with no residual value. The company has a policy of carrying its land and buildings at current values. However, until recently property prices had changed for some years. On 1 October 20X3 the properties were revalued by a firm of surveyors. Details of this and the original costs are:

Land	Main office	Training premises
Cost 1 April 20X1	500	300
Valuation 1 October 20X3	700	350
Buildings	Main office	Training premises
Cost 1 April 20X1	1,200	900
Valuation 1 October 20X3	1,350	600

Required
Show the effect of the above transactions on the statement of profit or loss and statement of financial position of Peak Limited for the year ended 31 March 20X4.

Answer

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Tags: Depreciation, Financial Statements, IAS 16, Impairment, Non-current Assets, Profit or Loss, Property Valuation, Revaluation, Revaluation Reserve
Level: Level 2

Topic: Financial Reporting Standards and Their Applications

FR – L2 – Q34 – Impairment of Assets

Calculate the impact of impairment, revaluation, and sale of three machines on profit or loss, OCI, and revaluation reserve for Chantelle (Ghana) Ltd in Year 7.

Question

The following is relevant to three tangible non-current assets held by Chantelle (Ghana) Ltd.

Machine 1 was purchased on 1 January Year 1 for GH¢420,000. It had an estimated residual value of GH¢50,000 and a useful life of ten years and was being depreciated on a straight-line basis. On 1 January Year 6 Chantelle (Ghana) Ltd revalued this machine to GH¢275,000 and reassessed its total useful life as fifteen years. On 1 January Year 7 an impairment review showed machine 1’s recoverable amount to be GH¢100,000 and its remaining useful life to be five years.

Machine 2 was purchased on 1 January Year 1 for GH¢500,000. It had an estimated residual value of GH¢60,000 and a useful life of ten years and was being depreciated on a straight-line basis. On 1 January Year 7 this machine was classified as held for sale, at which time its fair value was estimated at GH¢200,000 and costs to sell at GH¢5,000. On 31 March Year 7 the machine was sold for GH¢210,000.

Machine 3 was purchased on 1 January Year 1 for GH¢600,000. In Year 1 depreciation of GH¢30,000 was charged. On 1 January Year 2 this machine was revalued to GH¢800,000 and its remaining useful life assessed as eight years. On 1 January Year 7 this machine was classified as held for sale, at which time, its fair value was estimated at GH¢550,000 and costs to sell at GH¢5,000. On 31 March Year 7 the machine was sold for GH¢550,000.

Tax is at the rate of 30%.

Required
For each machine show the effect of the above on profit or loss, other comprehensive income and revaluation reserve of Chantelle (Ghana) Ltd in Year 7. You should also show the brought forward balance on the revaluation reserve (at 1 January Year 7) in respect of machines 1 and 3.

Answer

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Tags: Depreciation, Held for Sale, IAS 36, IFRS 5, Impairment, Non-current Assets, Other Comprehensive Income, Profit or Loss, Revaluation, Revaluation Reserve
Level: Level 2

Topic: Impairment of Assets

FR – L2 – Q28 – Borrowing Costs

Explain IAS 23 requirements for capitalising borrowing costs and calculate the cost of a manufactured asset for Ramsay Ltd.

Question

Roonwood Ltd has recently finished building a new item of plant for its own use. The item is a press for use in the manufacture of industrial diamonds. Roonwood Ltd commenced construction of the asset on 1st April 20X2 and completed it on 1st April 20X4.

1st January 20X2, Roonwood Ltd took out a loan to finance the construction of the asset. Interest is charged on the loan at the rate of 5% per annum. The annual interest must be paid in four equal instalments at the end of each quarter. Roonwood Ltd capitalises interest on manufactured assets in accordance with the rules in IAS 23 Borrowing Costs.

The costs (excluding finance costs) of manufacturing the asset were GH¢28 million.

Required

(a). State the IAS 23 requirements on the capitalisation of borrowing costs, calculate the cost of the asset on initial recognition and explain the amount of borrowing cost capitalised.

(b). The press comprises two significant parts, the hydraulic system and the ‘frame.’ The hydraulic system has a three year life and the ‘frame’ has an eight year life. Roonwood Ltd depreciates plant on a straight line basis. The cost of the hydraulic system is 30% of the total cost of manufacture.

Roonwood Ltd uses the IAS 16 revaluation model in accounting for diamond presses and revalues these assets on an annual basis.

Revaluation surpluses or deficits are apportioned between the hydraulic system and the ‘frame’ on the basis of their year-end book values before the revaluation.

Required

Explain the IAS 16 requirements on accounting for significant parts of property, plant and equipment and show the accounting treatment of the diamond press in the financial statements for the financial years ending:

(i) 31st March 20X5 (assume that the press has a fair value of GH¢21 million)

(ii) 31st March 20X6 (assume that the press has a fair value of GH¢19.6 million).

Answer

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Tags: Depreciation, Diamond Press, IAS 16, Revaluation, Significant Parts
Level: Level 2

Topic: Financial Reporting Standards and Their Applications

FR – L2 – Q25 – Financial Reporting Standards and Their Applications

Disclose non-current asset movements for FAMCO LTD under IAS 16, including revaluation, depreciation, and disposals for 20X4.

Question

FAMCO LTD
FAMCO LTD had the following tangible non-current assets at 31 December 20X3.

	Cost	Depreciation	Carrying amount
	GH¢000	GH¢000	GH¢000
Land	500	–	500
Buildings	400	80	320
Plant and machinery	1,613	458	1,155
Fixtures and fittings	390	140	250
Assets under construction	91	–	91
	2,994	678	2,316

In the year ended 31 December 20X4 the following transactions occur.
(1) Further costs of GH¢53,000 are incurred on buildings being constructed by the company. A building costing GH¢100,000 is completed during the year.
(2) A deposit of GH¢20,000 is paid for a new computer system which is undelivered at the year end.
(3) Additions to plant are GH¢154,000.
(4) Additions to fixtures, excluding the deposit on the new computer system, are GH¢40,000.
(5) The following assets are sold.

	Cost	Depreciation b/f	Proceeds
	GH¢000	GH¢000	GH¢000
Plant	277	195	86
Fixtures	41	31	2

(6) Land and buildings were revalued at 1 January 20X4 to GH¢1,500,000, of which land is worth GH¢900,000. The revaluation was performed by Messrs Jackson & Co, Chartered Surveyors, on the basis of existing use value on the open market.
(7) The useful economic life of the buildings is unchanged. The buildings were purchased ten years before the revaluation.
(8) Depreciation is provided on all assets in use at the year end at the following rates.
Buildings 2% per annum straight line
Plant 20% per annum straight line
Fixtures 25% per annum reducing balance

Required
Show the disclosure under IAS 16 in relation to non-current assets in the notes to the published accounts for the year ended 31 December 20X4.

Answer

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Tags: Asset Valuation, Cost Model, Depreciation, Financial Statements, IAS 16, Inventory, Non-current Assets, Property Plant and Equipment, Revaluation, Revaluation Model
Level: Level 2

Topic: Financial Reporting Standards and Their Applications

FR – L2 – Q24 – Property, Plant and Equipment

Explain the effect of revising the useful life of a lathe on depreciation for 20X4.

Question

Moderna Solutions Limited has carried out a review of its non-current assets.
(a) A lathe was purchased 6 years ago for GH¢150,000. The plant had an estimated useful life of twelve years and a residual value of zero. Depreciation is charged on the straight line basis. On 1 January 20X4, when the asset’s carrying amount is GH¢75,000, the directors decide that the asset’s total useful life is only ten years.

Required:
Explain the effects of these changes on the depreciation for the year to 31 December 20X4.

(b) A grinder was purchased on 1 January 20X1 for GH¢100,000. The plant had an estimated useful life of ten years and a residual value of zero. Depreciation is charged on the straight line basis. On 1 January 20X4, when the asset’s carrying amount is GH¢70,000, the directors decide that it would be more appropriate to depreciate this asset using the sum of digits approach. The remaining useful life is unchanged.

Required:
Explain the effects of these changes on the depreciation for the year to 31 December 20X4.

(c) The company purchased a property some years ago for GH¢1,000,000. This was being depreciated over its life on a straight line basis. On 1 January 20X4, when the carrying amount is GH¢480,000 and twenty-four years of the useful life are remaining, the property is revalued to GH¢1,500,000. This revised value is being incorporated into the accounts.

Required:
Explain the effects of these changes on the depreciation for the year to 31 December 20X4.

Answer

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Tags: Depreciation, IAS 16, Property Plant and Equipment, Revaluation, Revaluation Reserve
Level: Level 2

Topic: Financial Reporting Standards and Their Applications

FR – L2 – Q23 – Financial Reporting Standards and Their Applications

Prepare PPE analysis for Crest Ltd for 20X4, including revaluation, disposal, and depreciation method change.

Question

The following is an extract from the financial statements of Crest Ltd on 31 December 20X3.

Property, plant and equipment

	Land and buildings GH₵	Plant and equipment GH₵	Computer equipment GH₵	Total GH₵
Cost
On 31 December 20X3	1,500,000	340,500	617,800	2,458,300
Accumulated depreciation
On 31 December 20X3	600,000	125,900	505,800	1,231,700
Carrying amount
On 31 December 20X3	900,000	214,600	112,000	1,226,600

Accounting policies
Depreciation
Depreciation is provided at the following rates.
On land and buildings: 2% per annum straight line on buildings only
On plant and equipment: 25% reducing balance
On computers: 33.33% per annum straight line

During 20X4 the following transactions took place.
(1) On 31 December the land and buildings were revalued to GH₵1,750,000. Of this amount, GH₵650,000 related to the land (which had originally cost GH₵500,000). The remaining useful life of the buildings was assessed as 40 years.
(2) A machine which had cost GH₵80,000 and had accumulated depreciation of GH₵57,000 at the start of the year was sold for GH₵25,000 in the first week of the year.
(3) A new machine was purchased on 31 March 20X4. The following costs were incurred:
Purchase price, before discount, inclusive of reclaimable sales tax of GH₵3,000: 20,000
Discount: 1,000
Delivery costs: 500
Installation costs: 750
Interest on loan taken out to finance the purchase: 300
(4) On 1 January it was decided to change the method of providing depreciation on computer equipment from the existing method to 40% reducing balance.

Required
Produce the analysis of property, plant and equipment as it would appear in the notes to the financial statements of Crest Ltd for the year ended 31 December 20X4.

Answer

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Tags: Accounting policies, Asset Valuation, Cost Basis, Depreciation, Disposals, Financial Statements, IAS 16, Non-current Assets, Property Plant and Equipment, Revaluation
Level: Level 2

Topic: Financial Reporting Standards and Their Applications

FR – L2 – Q21 – Property, Plant, and Equipment

Calculate machinery costs, premises costs, depreciation, disposal loss, and revaluation reserve for various transactions.

Question

21 SUNDRY QUESTIONS

1 A company purchased some heavy machinery. The invoice for the machinery showed the following items:

GH₵000
Cost of machinery	46,000
Cost of delivery	900
Cost of 12-month warranty on the machinery	1,600
Total amount payable	48,500

In addition, the company incurred GH₵3.4 million in making modifications to its factory so that the heavy machinery could be installed.
What should be the cost of the machinery in the company’s machinery account in the ledger?

2 A business acquired new premises at a cost of GH₵400 million on 1 January 20X5. In the period to the year end of 31 March 20X5 the following further costs were incurred.

	GH₵000
Costs of initial adaptation of the building	12,000
Legal costs relating to the purchase	2,500
Monthly cleaning contract	3,400
Cost of air conditioning unit necessary for machinery to be used	2,800
Cost of machinery	12,300

What amount should appear as the cost of premises in the company’s statement of financial position at 31 March 20X5?

3 The plant and machinery account for a company for the year ended 30 June 20X5 is as follows.

Plant and machinery account

20X4		GH₵000		GH₵000
1 July	Balance	960,000	31 March	Transfer to disposal account
31 Dec	Cash: purchase of machines	200,000	30 June	Balance
		1,160,000

The company’s policy is to charge depreciation on plant and machinery at 25% each year on the straight-line basis, with proportionate charges in the year of acquisition and the year of disposal. None of the assets held at 1 July 20X4 was more than three years old.
What is the charge for depreciation of plant and machinery for the year ended 30 June 20X5?

4 A motor car was purchased in May 20X2 for GH₵7.8 million. The accounting policy is depreciation at 20% straight line on the cost of the assets in use at the year end. The car was traded in for a replacement vehicle purchased in July 20X5 with the agreed part exchange value being GH₵2.4 million. The company’s year-end is 31 December.
What was the profit or loss on disposal?

5 A business purchased some land and buildings on 1 January 20X1 for GH₵800 million (land GH₵250 million and buildings GH₵550 million). The buildings are to be depreciated over a period of 50 years.
On 1 January 20X5 the land and buildings were revalued to GH₵1,500 million (land GH₵400 million and buildings GH₵1,100 million). At this date the buildings were believed to have a remaining useful life of 40 years.
What is the original depreciation charge for the buildings and the revised charge from 1 January 20X5?

6 A business purchased land for GH₵250 million and buildings for GH₵400 million on 1 January 20X1. The buildings were to be depreciated over a period of 50 years. On 1 January 20X5 the land was revalued to GH₵520 million and the buildings were revalued at GH₵750 million.
What amount is to be taken to the revaluation reserve on 1 January 20X5?

Answer

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Tags: and Equipment, Depreciation, Inventory Valuation, Machinery Costs, Plant, Property, Revaluation
Level: Level 2

Topic: Financial Reporting Standards and Their Applications

Tag (SQ): Revaluation

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FR – L2 – Q67 – Presentation of Financial Statements

Prepare Wenchi Exports' profit/loss statement and financial position for 20X4 using trial balance, with adjustments for inventory, patents, revaluation, bad debts, and tax.

FR – L2 – Q64 – Revenue from Contracts with Customers

Recalculate AX Ltd's profit for the year ended 31 March 20X9, adjusting for sale or return, depreciation, fraud, and tax.

FR – L2 – Q52 – Financial Reporting Standards and Their Applications

Calculate deferred tax liability for Francisca Ltd for 20X4, considering depreciation, interest, development costs, and revaluation, and show where changes are charged/credited.

FR – L2 – Q35 – Financial Reporting Standards and Their Applications

Explain accounting treatment for revalued properties of Peak Limited, including depreciation and impairment for the year ended 31 March 20X4.

FR – L2 – Q34 – Impairment of Assets

Calculate the impact of impairment, revaluation, and sale of three machines on profit or loss, OCI, and revaluation reserve for Chantelle (Ghana) Ltd in Year 7.

FR – L2 – Q28 – Borrowing Costs

Explain IAS 23 requirements for capitalising borrowing costs and calculate the cost of a manufactured asset for Ramsay Ltd.

FR – L2 – Q25 – Financial Reporting Standards and Their Applications

Disclose non-current asset movements for FAMCO LTD under IAS 16, including revaluation, depreciation, and disposals for 20X4.

FR – L2 – Q24 – Property, Plant and Equipment

Explain the effect of revising the useful life of a lathe on depreciation for 20X4.

FR – L2 – Q23 – Financial Reporting Standards and Their Applications

Prepare PPE analysis for Crest Ltd for 20X4, including revaluation, disposal, and depreciation method change.

FR – L2 – Q21 – Property, Plant, and Equipment

Calculate machinery costs, premises costs, depreciation, disposal loss, and revaluation reserve for various transactions.

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FR – L2 – Q67 – Presentation of Financial Statements

Prepare Wenchi Exports' profit/loss statement and financial position for 20X4 using trial balance, with adjustments for inventory, patents, revaluation, bad debts, and tax.

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FR – L2 – Q64 – Revenue from Contracts with Customers

Recalculate AX Ltd's profit for the year ended 31 March 20X9, adjusting for sale or return, depreciation, fraud, and tax.

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FR – L2 – Q52 – Financial Reporting Standards and Their Applications

Calculate deferred tax liability for Francisca Ltd for 20X4, considering depreciation, interest, development costs, and revaluation, and show where changes are charged/credited.

You're reporting an error for "FR – L2 – Q52 – Financial Reporting Standards and Their Applications"

FR – L2 – Q35 – Financial Reporting Standards and Their Applications

Explain accounting treatment for revalued properties of Peak Limited, including depreciation and impairment for the year ended 31 March 20X4.

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FR – L2 – Q34 – Impairment of Assets

Calculate the impact of impairment, revaluation, and sale of three machines on profit or loss, OCI, and revaluation reserve for Chantelle (Ghana) Ltd in Year 7.

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FR – L2 – Q28 – Borrowing Costs

Explain IAS 23 requirements for capitalising borrowing costs and calculate the cost of a manufactured asset for Ramsay Ltd.

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FR – L2 – Q25 – Financial Reporting Standards and Their Applications

Disclose non-current asset movements for FAMCO LTD under IAS 16, including revaluation, depreciation, and disposals for 20X4.

You're reporting an error for "FR – L2 – Q25 – Financial Reporting Standards and Their Applications"

FR – L2 – Q24 – Property, Plant and Equipment

Explain the effect of revising the useful life of a lathe on depreciation for 20X4.

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FR – L2 – Q23 – Financial Reporting Standards and Their Applications

Prepare PPE analysis for Crest Ltd for 20X4, including revaluation, disposal, and depreciation method change.

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FR – L2 – Q21 – Property, Plant, and Equipment

Calculate machinery costs, premises costs, depreciation, disposal loss, and revaluation reserve for various transactions.

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