Quiz F7 - SOK CHEA

The following trial balance extract relates to a property which is owned by Veeton as at 1 April 20X4

​​​ ​​​ Property at cost (20 year original life)  Dr. $12,000,000

Accumulated depreciation as at 1 April 20X4 Cr. $3,600,000

On 1 October 20X4, following a sustained increase in property prices, Veeton revalued its property to $10.8 million. What will be the depreciation charge in Veeton’s statement of profit or loss for the year ended 31 March 20X5? $_____________ ,000

Tibet acquired a new office building on 1 October 20X4. Its initial carrying amount consisted of: (amount in $000 )

Land  2,000

Building structure  10,000

Air conditioning system  4,000

The estimated lives of the building structure and air conditioning system are 25 years and 10 years respectively. When the air conditioning system is due for replacement, it is estimated that the old system will be dismantled and sold for $500,000. Depreciation is time‐apportioned where appropriate. At what amount will the office building be shown in Tibet’s statement of financial position as at 31 March 20X5?

• A $15,625,000

• B $15,250,000

• C $15,585,000

• D $15,600,000

Goodwill have carry value $1,000. company test impairment find out that value in use 800, and net selling price $900. What is the impairment of goodwill?

Yling entered into a contract to construct an asset for a customer on 1 January 20X4 which is

expected to last 24 months. The agreed price for the contract is $5 million. At 30 September

20X4, the costs incurred on the contract were $1.6 million and the estimated remaining

costs to complete were $2.4 million. On 20 September 20X4, Yling received a payment from

the customer of $1.8 million which was equal to the full amount billed. Yling calculates

contract progress using the output method, on the basis of amount billed compared to the

contract price.

 

What amount would be reported as a contract asset in Yling’s statement of financial

position as at 30 September 20X4?

$___________Million

Z entered into a five year lease agreement on 1 November 20X2, paying $10,975 per

annum, commencing on 31 October 20X3. The present value of the lease payments was

$45,000 and the interest rate implicit in the lease was 7%.

 

What is the amount to be shown within non‐current liabilities at 31 October 20X3?

• A $26,200

• B $28,802

• C $37,175

• D $36,407