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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 (PP&E) of $10 million on January 1st, 2020. During the year, they purchased additional PP&E worth $5 million and disposed of PP&E worth $2 million. They also incurred maintenance expenses of $1 million on their existing PP&E. Calculate the net PP&E balance of Amazing group at the end of the year.
To calculate the net PP&E balance, we need to add the cost of PP&E purchased during the year to the beginning balance and subtract the cost of PP&E disposed of during the year and the maintenance expenses incurred.
Beginning PP&E balance: $10 million
PP&E purchased during the year: $5 million
PP&E disposed of during the year: $2 million
Maintenance expenses incurred: $1 million
Net PP&E balance = Beginning balance + Purchases - Disposals - Maintenance
Net PP&E balance = $10 million + $5 million - $2 million - $1 million
Net PP&E balance = $12 million
Therefore, the net PP&E balance of Amazing group at the end of the year is $12 million.
To calculate the net PP&E balance, we need to add the cost of PP&E purchased during the year to the beginning balance and subtract the cost of PP&E disposed of during the year and the maintenance expenses incurred.
Beginning PP&E balance: $10 million
PP&E purchased during the year: $5 million
PP&E disposed of during the year: $2 million
Maintenance expenses incurred: $1 million
Net PP&E balance = Beginning balance + Purchases - Disposals - Maintenance
Net PP&E balance = $10 million + $5 million - $2 million - $1 million
Net PP&E balance = $12 million
Therefore, the net PP&E balance of Amazing group at the end of the year is $12 million.
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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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