Solution of MGT401 Assignment No. 01 Fall 2012

On Wed, Nov 28, 2012 at 6:15 PM, virtualians <irfankhan0044@gmail.com> wrote:

Asslam.o.alaikum

Dear students Complete Solution of MGT401 Assignment No. 01 Semester Fall 2012 has posted 

1. Determine the Plant Cost of MPL' books as per ISA 16.

Answer:

Plant Cost of MPL' Books As per ISA 16.
Particulars	Amount Rs.	Amount Rs.	Amount Rs.
Purchase Cost		149340
Delivery Cost	4221
Installation Cost	6579
Cost of Testing	5000
Less: Net Proceed	-500
Net Testing Cost		4500
Discount P.Value		1700
Net Plant Cost			166340

02- Prepare Depreciation Schedule of Plant For 8 Years.

Answer:

Depreciation Value: Cost – Residual Value = 166340 – 7000= 19918
Use full Life 8

Years	Plant Cost	Depreciation	Accumulated Depreciation	Carrying Cost
2003	166340	19918	19918	146422
2004	166340	19918	39836	126504
2005	166340	19918	59754	106586
2006	166340	19918	79672	86668
2007	166340	19918	99590	66750
2008	166340	19918	119508	46832
2009	166340	19918	139426	26914
2010	166340	19918	159344	6996

1. Calculate the Amount Rs. of Profit or Loss on Disposal of the Plant.

Answer:

Profit or Loss on Disposal of Plant = Sale Price of Plant – Carrying Cost of Plant
= 10000 - 6996
Profit on Sale of Plant = Rs.3004

Thanks and Regards

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