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Amazing group had Property, Plant & Equipment (PP&E) with a book value of Rs. 35,00,000 on 31st December 2019. The balance in Revaluation Surplus on that date was Rs. 3,00,000. As part of their practice of revaluing the assets on yearly basis, another revaluation was carried out on 31st December 2019. Evaluate the impact of Revaluation if the Fair Value as a result of Revaluation done on 31st December 2019 was (a) Rs. 37,00,000 (b) Rs. 31,00,000. Also, give the journal entries.?
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Amazing group had Property, Plant & Equipment (PP&E) with a book value...
And Equipment (PPE) with a net book value of $500,000 as of December 31, 2019. During 2020, they purchased additional PPE worth $200,000 and disposed of old PPE with a net book value of $50,000. They also incurred repair and maintenance expenses of $20,000 related to the PPE during 2020.
To calculate the net book value of PPE as of December 31, 2020, we need to add the cost of new PPE purchased during the year, deduct the cost of disposed PPE and deduct the repair and maintenance expenses incurred during the year.
Net book value of PPE as of December 31, 2020 = (Net book value of PPE as of December 31, 2019) + (Cost of new PPE purchased during the year) - (Cost of disposed PPE) - (Repair and maintenance expenses incurred during the year)
= ($500,000) + ($200,000) - ($50,000) - ($20,000)
= $630,000
Therefore, the net book value of PPE as of December 31, 2020, for Amazing group is $630,000.
To calculate the net book value of PPE as of December 31, 2020, we need to add the cost of new PPE purchased during the year, deduct the cost of disposed PPE and deduct the repair and maintenance expenses incurred during the year.
Net book value of PPE as of December 31, 2020 = (Net book value of PPE as of December 31, 2019) + (Cost of new PPE purchased during the year) - (Cost of disposed PPE) - (Repair and maintenance expenses incurred during the year)
= ($500,000) + ($200,000) - ($50,000) - ($20,000)
= $630,000
Therefore, the net book value of PPE as of December 31, 2020, for Amazing group is $630,000.
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Amazing group had Property, Plant & Equipment (PP&E) with a book value...
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Amazing group had Property, Plant & Equipment (PP&E) with a book value of Rs. 35,00,000 on 31st December 2019. The balance in Revaluation Surplus on that date was Rs. 3,00,000. As part of their practice of revaluing the assets on yearly basis, another revaluation was carried out on 31st December 2019. Evaluate the impact of Revaluation if the Fair Value as a result of Revaluation done on 31st December 2019 was (a) Rs. 37,00,000 (b) Rs. 31,00,000. Also, give the journal entries.?
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Amazing group had Property, Plant & Equipment (PP&E) with a book value of Rs. 35,00,000 on 31st December 2019. The balance in Revaluation Surplus on that date was Rs. 3,00,000. As part of their practice of revaluing the assets on yearly basis, another revaluation was carried out on 31st December 2019. Evaluate the impact of Revaluation if the Fair Value as a result of Revaluation done on 31st December 2019 was (a) Rs. 37,00,000 (b) Rs. 31,00,000. Also, give the journal entries.? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Amazing group had Property, Plant & Equipment (PP&E) with a book value of Rs. 35,00,000 on 31st December 2019. The balance in Revaluation Surplus on that date was Rs. 3,00,000. As part of their practice of revaluing the assets on yearly basis, another revaluation was carried out on 31st December 2019. Evaluate the impact of Revaluation if the Fair Value as a result of Revaluation done on 31st December 2019 was (a) Rs. 37,00,000 (b) Rs. 31,00,000. Also, give the journal entries.? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Amazing group had Property, Plant & Equipment (PP&E) with a book value of Rs. 35,00,000 on 31st December 2019. The balance in Revaluation Surplus on that date was Rs. 3,00,000. As part of their practice of revaluing the assets on yearly basis, another revaluation was carried out on 31st December 2019. Evaluate the impact of Revaluation if the Fair Value as a result of Revaluation done on 31st December 2019 was (a) Rs. 37,00,000 (b) Rs. 31,00,000. Also, give the journal entries.?.
Amazing group had Property, Plant & Equipment (PP&E) with a book value of Rs. 35,00,000 on 31st December 2019. The balance in Revaluation Surplus on that date was Rs. 3,00,000. As part of their practice of revaluing the assets on yearly basis, another revaluation was carried out on 31st December 2019. Evaluate the impact of Revaluation if the Fair Value as a result of Revaluation done on 31st December 2019 was (a) Rs. 37,00,000 (b) Rs. 31,00,000. Also, give the journal entries.? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Amazing group had Property, Plant & Equipment (PP&E) with a book value of Rs. 35,00,000 on 31st December 2019. The balance in Revaluation Surplus on that date was Rs. 3,00,000. As part of their practice of revaluing the assets on yearly basis, another revaluation was carried out on 31st December 2019. Evaluate the impact of Revaluation if the Fair Value as a result of Revaluation done on 31st December 2019 was (a) Rs. 37,00,000 (b) Rs. 31,00,000. Also, give the journal entries.? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Amazing group had Property, Plant & Equipment (PP&E) with a book value of Rs. 35,00,000 on 31st December 2019. The balance in Revaluation Surplus on that date was Rs. 3,00,000. As part of their practice of revaluing the assets on yearly basis, another revaluation was carried out on 31st December 2019. Evaluate the impact of Revaluation if the Fair Value as a result of Revaluation done on 31st December 2019 was (a) Rs. 37,00,000 (b) Rs. 31,00,000. Also, give the journal entries.?.
Solutions for Amazing group had Property, Plant & Equipment (PP&E) with a book value of Rs. 35,00,000 on 31st December 2019. The balance in Revaluation Surplus on that date was Rs. 3,00,000. As part of their practice of revaluing the assets on yearly basis, another revaluation was carried out on 31st December 2019. Evaluate the impact of Revaluation if the Fair Value as a result of Revaluation done on 31st December 2019 was (a) Rs. 37,00,000 (b) Rs. 31,00,000. Also, give the journal entries.? in English & in Hindi are available as part of our courses for CA Foundation.
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Amazing group had Property, Plant & Equipment (PP&E) with a book value of Rs. 35,00,000 on 31st December 2019. The balance in Revaluation Surplus on that date was Rs. 3,00,000. As part of their practice of revaluing the assets on yearly basis, another revaluation was carried out on 31st December 2019. Evaluate the impact of Revaluation if the Fair Value as a result of Revaluation done on 31st December 2019 was (a) Rs. 37,00,000 (b) Rs. 31,00,000. Also, give the journal entries.?, a detailed solution for Amazing group had Property, Plant & Equipment (PP&E) with a book value of Rs. 35,00,000 on 31st December 2019. The balance in Revaluation Surplus on that date was Rs. 3,00,000. As part of their practice of revaluing the assets on yearly basis, another revaluation was carried out on 31st December 2019. Evaluate the impact of Revaluation if the Fair Value as a result of Revaluation done on 31st December 2019 was (a) Rs. 37,00,000 (b) Rs. 31,00,000. Also, give the journal entries.? has been provided alongside types of Amazing group had Property, Plant & Equipment (PP&E) with a book value of Rs. 35,00,000 on 31st December 2019. The balance in Revaluation Surplus on that date was Rs. 3,00,000. As part of their practice of revaluing the assets on yearly basis, another revaluation was carried out on 31st December 2019. Evaluate the impact of Revaluation if the Fair Value as a result of Revaluation done on 31st December 2019 was (a) Rs. 37,00,000 (b) Rs. 31,00,000. Also, give the journal entries.? theory, EduRev gives you an
ample number of questions to practice Amazing group had Property, Plant & Equipment (PP&E) with a book value of Rs. 35,00,000 on 31st December 2019. The balance in Revaluation Surplus on that date was Rs. 3,00,000. As part of their practice of revaluing the assets on yearly basis, another revaluation was carried out on 31st December 2019. Evaluate the impact of Revaluation if the Fair Value as a result of Revaluation done on 31st December 2019 was (a) Rs. 37,00,000 (b) Rs. 31,00,000. Also, give the journal entries.? tests, examples and also practice CA Foundation tests.
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