MGT401 Financial Accounting II GDB Solution Spring 2014

Scenario:

HXN Ltd. – a textile manufacturing firm located in Karachi has the policy to recognize its fixed assets (tangible) initially at cost and subsequently at cost less accumulated depreciation and impairment losses. Depreciation on the fixed assets is charged appropriately to write off the cost over estimated useful life of the assets.

In the

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financial year 2013-14, the company decided to revalue its plant assets. The data regarding this revaluation is as follows:

Gross Carrying Amount (Rs.)

Accumulated Depreciation (Rs.)

Net Carrying Amount (Rs.)

Revalued Amount (Rs.)

Plant

7,460,000

230,000

7,230,000

9,950,000

Machinery

2,350,000

440,000

1,910,000

3,050,000

Requirement:

Determine the revalued gross carrying amount, revalued accumulated depreciation, revalued net carrying amount and revaluation surplus supporting necessary workings, where necessary.

Solution:

Calculation For Plant: Revalued gross carrying amount = Gross Carrying Amount* Revalued Amount/Net Carrying Amount = 7460000 * 9950000 / 7230000 = 10266528.35 Revalued Accumulated Depreciation = Accumulated depreciation* Revalued Amount/Net Carrying Amount = 230000 * 9950000 / 7230000 = 316528.35 Revalued net carrying Amount = Revalued gross carrying amount – Revalued Accumulated Depreciation = 10266528.35 – 316528.35 = 9950000 Revaluation surplus = Revalued net carrying amount – Old Net Carrying Amount = 9950000 – 7230000 =2720000 Calculation For Machinery: Revalued gross carrying amount = Gross Carrying Amount* Revalued Amount/Net Carrying Amount = 2350000 * 3050000 / 1910000 = 3752617.8 Accumulated depreciation = Accumulated depreciation* Revalued Amount/Net Carrying Amount = 440000 * 3050000 / 1910000 = 702617.8 Revalued net carrying amount = Revalued gross carrying amount – Revalued Accumulated Depreciation = 3752617.8 – 702617.8 = 3050000 Revaluation surplus = Revalued net carrying amount – Old Net Carrying Amount =3050000 – 2350000 =700000

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