Groomers took delivery of a machine on 1 May 2015. The invoice shows the following: USD Model XY54 124,760 Delivery 1,250 Installation 3,750 Maintenance 1 May 2015 – 30 April 2016 2,400 What is the cost of the machine in accordance with IAS 16 Property, Plant and Equipment?
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1 .Silur buys and restores items of exclusive vintage jewellery. At 31 May 2015, there were three items in inventory as follows: Necklace Bracelet Pendant USD USD USD Purchase cost 12,000 31,000 45,000 Expected selling price 25,000 38,000 53,000 Restoration costs to date 6,000 5,000 2,000 Further costs before sale 2,000 3,000 1,000 What was the total value of Silur’s inventory at 31 May 2015?
A USD88,000 B USD100,000 C USD106,000 D USD107,000
2 .According to IAS 2 “Inventories”, which of the following costs should be included in valuing the inventories of a manufacturing company?(1) Carriage inwards(2) Carriage outwards(3) Depreciation of factory plant(4) General administrative overheads
A 1 and 3 only B 1, 2 and 4 only C 2 and 3 only D 2, 3 and 4 only
3 .Which of the following costs should be included in valuing inventories of finished goods held by a manufacturing company, according to IAS 2 “Inventories”?(1) Carriage inwards.(2) Carriage outwards.(3) Depreciation of factory plant.(4) Accounts department costs relating to wages for production employees.
A 1 and 4 only B 2 and 3 only C 1, 3 and 4 only D 2, 3 and 4 only
4 .Which of the following should be recognised as an asset under IAS 16 “Property, Plant and Equipment”?
A The cost of repainting a building B The replacement of broken windows in a building C The purchase of a car by a car dealer for re-sale D Legal fees incurred on the purchase of a building
5 .On 1 January 2015 a company purchased some plant. The invoice showed: USD Cost of plant 48,000 Delivery to factory 400 One year warranty covering breakdown during 2015 800 ——— 49,200 ——— Modifications to the factory building costing USD2,200 were necessary to enable the plant to be installed.What amount should be capitalised for the plant in the company’s records in accordance with IAS 16 “Property, Plant and Equipment”?
A USD48,000 B USD48,400 C USD50,600 D USD51,400
7 .At 31 December 2015 Cutie owned a building that had cost USD800,000 on 1 January 2006. It was being depreciated at 2% per year.On 31 December 2015 a revaluation to USD1,000,000 was recognised. At this date the building had a remaining useful life of 40 years.Which of the following pairs of figures correctly reflects the effects of the revaluation?
A Depreciation charge for year ending 31 December 2016: USD25,000;Revaluation surplus as at 31 December 2015: USD200,000 B Depreciation charge for year ending 31 December 2016: USD25,000;Revaluation surplus as at 31 December 2015: USD360,000 C Depreciation charge for year ending 31 December 2016: US...
8 .Resol owns three properties which are revalued at each reporting date. Relevant information on 30 November 2015 is as follows: Head office Warehouse Factory Carrying amount USD700,000 USD400,000 USD1,200,000 Market value USD740,000 USD405,000 USD1,100,000 At 1 December 2014, equity included a revaluation surplus of USD294,000 which comprised the following: Head office Warehouse Factory USD186,000 USD68,000 USD40,000 What amount of revaluation surplus should appear in Resol’s statement of financial position at 30 November 2015?
A USD254,000 B USD294,000 C USD299,000 D USD339,000
9 .During the year, Clonadde made a profit on the sale of a machine and recognised a surplus on the revaluation of a building.Which of the following is correct?
A Both the profit and the surplus are recognised gains B Both the profit and the surplus are realised gains C Only the sale of the machine is a recognised gain D Only the increase in value of the building is a recognised gain
10 .At 1 May 2015, Bloxden had a revaluation surplus of USD1,257,000 in respect of the revaluation of its head office.During the year to 30 April 2016, the value of the head office was increased by a further USD82,000. In the same period, the value of the company’s factory fell by USD90,000.What amount of revaluation surplus should appear in Bloxden’s statement of financial position at 30 April 2016?
A USD1,167,000 B USD1,249,000 C USD1,257,000 D USD1,339,000
