Microsoft Word CUOIKY Studocu is not sponsored or endorsed by any college or university Cuoiky Ôn Thi Cuối Kỳ Chuẩn Mực Báo Cáo Tài Chính Quốc Tế 1 nguyên lí kế toán (Trường Đại học Công nghiệp Thành[.]
lOMoARcPSD|12489013 Cuoiky - Ôn Thi Cuối Kỳ Chuẩn Mực Báo Cáo Tài Chính Quốc Tế ngun lí kế tốn (Trường Đại học Cơng nghiệp Thành phố Hồ Chí Minh) Studocu is not sponsored or endorsed by any college or university Downloaded by Ph??ng Hồi (sacsua1109@gmail.com) lOMoARcPSD|12489013 Ơn thi cuối kỳ Chuẩn Mực Báo Cáo Tài Chính Quốc Tế IAS : Inventory 1/ Scope Từ TK 151 – 158 Ngoại trừ : + Work in progress : Contruction Contracts + Biological assets 2/ Definition - Held for sales - In the process of production - Materials and supplies 3/ Measurement Lower : *Cost of inventory = Cost of purchase + Cost of conversion + Other cost + Cost of purchase = Purchase price + Import duties + Other taxes + Other cost – Trade volume rebates + Cost of conversion = Direct cost + Indirect cost *Net realizable value = Estimated selling price – Estimated cost of completion – Cost to make the sell 4/ Cost formula Cost of sales = Opening inventory + Purchase – Purchase return –Closing inventory 1/ $60,500 Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 2/ $40,000 A retailer buys a good priced at $500 per unit However, the supplier awards the retailer a 20 percent discount on orders of 100 units or more The retailer buys 100 units in a single order Require: Compute the cost of goods ? 3/ $200 4/ $19,054.55 5/ $148,600 6/ FIFO : $4,836 ; CWA : $4,809 LIFO : $4,794 ; MWA : $4,824 Calculate The profit , Selling price = $9/unit Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 7/ $15,050 8/ $319,540 9/ $6,300 10/ $49,400 The inventory value for the financial statements of MBC Inc for the ended 30 June 2016 was based on a inventory count on July 2016, which gave a total inventory value of $85,300 Between 30 June and July 2017, the following transactions tool place Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 Purchase of goods $50,400, sale of goods (mark up on cost at 15%) 14,950, goods returned by MBC Inc to supplier 1,500 Which figure should be included in the financial statements for inventories at 30 June 2017 11/ A 12/ $161,801 13/ $11,500 Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 IAS 16 : Property, Plant and Equiment 1/ Scope : Nhà , xe , máy móc thiết bị, đất Ngoại trừ nhà , đất đem cho thuê 2/ Definition - Held for use in the production or supply of goods or services , for rental to others, or for administrative purposes - Will benefit the entity during more than one accounting period 3/ Initial recognition **Cost of PPE = Purchase price + Directly attributable costs + Estimated cost of dismantling and removing the item and restoring the site - Purchase price = Purchase price + Import duties + Non-refundable purchase tax – Trade discount / rebates - Directly attributable costs : + Cost of site preparation + Delivery and handling cost + Installation and assembly cost + Professional fees + Cost of testing 4/ Subsequent measurement : Đo lường giá trị TK 211 sau mua : - The cost model : Mơ hình giá gốc - The revaluation model : Mơ hình đánh giá lại a) Depreciation : Khấu hao - Straight - line ( Depreciation = Dr : Depreciation expense ) Cr : Accumulated depreciation - Depreciation based on hours Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 Depreciation = - Depreciation based on units Depreciation = - Partial – year depreciation Depreciation = Years ( ) x Number of hours / years ( ) x Number of units / years ( ) Purchase 1/1/20X0 Purchase 1/6/20X0 - Double – declining balance Depreciation = x Straight-line rate x Carrying amount at beginning of year Straight-line rate = ( / Useful life ) x 100% Carrying amount = Cost – Total depreciation - Change useful life b) The revaluation method : Đánh giá lại TK 211 Initial revaluation : Đánh giá lại Năm - Increase ( Tăng giá ) Dr : Asset Cr : Other comprehensive income – gain on revaluation - Decrease ( Giảm giá ) Dr : P/L – Loss on revaluation Cr : Asset Subsequent revaluation : Đánh giá lại Năm 2,3,4 … Trường hợp : Năm tăng giá , Năm giảm giá 1/ Purchase a land , cost = $60,000 31/12/20X1 : Fair value = $68,000 Dr Land : $8,000 Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 Cr Other comprehensive income – gain on revaluation : $8,000 2/ Year : Fair value = $32,000 Dr Other comprehensive income – loss on revaluation : $8,000 Dr P/L – loss on revaluation : $28,000 Cr Land : $36,000 Trường hợp : Năm giảm giá , Năm tăng giá 1/ Purchase a land , cost = $100,000 31/12/20X1 : Fair value = $ 97,000 Dr P/L – loss on revaluation : $3,000 Cr Land : $3,000 2/ Year : Fair value = $129,000 Dr Land : $32,000 Cr P/L – gain on revaluation : $3,000 Cr Other comprehensive income – gain on revaluation : $29,000 - Đánh giá lại có khấu hao “GROSS UP METHOD” 1/ Purchase building , cost = 200,000 , useful life of five years After two years , Fair value = 300,000 Depreciation = ( 200,000 – ) / = $40,000 / year Cost Depreciation Carrying amount Current 200,000 80,000 120,000 Adjust 300,000 120,000 180,000 Revaluation 500,000 200,000 300,000 Dr Building : $300,000 Cr Accumulated depreciation : $120,000 Cr Other comprehensive income – gain on revaluation : $180,000 2/ Purchase machine , cost = 400,000 , useful life of eight years After three years , Fair value = 750,000 Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 Depreciation = ( 400,000 – ) / = $50,000 / year Cost Depreciation Carrying amount Current 400,000 150,000 250,000 Adjust 800,000 300,000 500,000 Revaluation 1,200,000 450,000 750,000 Dr Building : $800,000 Cr Accumulated depreciation : $300,000 Cr Other comprehensive income – gain on revaluation : $500,000 3/ Purchase machine , cost = 600,000 , useful life of ten years After four years , Fair value = 300,000 Depreciation = ( 600,000 – ) / 10 = $60,000 Cost Depreciation Carrying amount Current 600,000 240,000 360,000 Adjust 100,000 40,000 60,000 Revaluation 500,000 200,000 300,000 Dr Accumulated depreciation : $40,000 Dr P/L – Loss on revaluation : $60,000 Cr Machine : $100,000 “NET UP METHOD” 1/ Purchase building , cost = 200,000 , useful life of five years After two years , Fair value = 300,000 Cost Depreciation Carrying amount Current 200,000 80,000 120,000 Adjust 180,000 Dr Accumulated depreciation : $80,000 Cr Building : $80,000 Dr Building : $180,000 Cr Other comprehensive income – gain on revaluation : $180,000 Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) Revaluation 300,000 lOMoARcPSD|12489013 2/ Purchase building , cost = 1,500,000 , useful life of ten year After three years , Fair value = 560,000 a) Gross up method b) Net up method ** Gross up method Depreciation = ( 1,500,000 – ) / 10 = $150,000 / year Current 1,500,000 450,000 1,050,000 Cost Depreciation Carrying amount Adjust 700,000 210,000 490,000 Revaluation 800,000 240,000 560,000 Dr Accumulated depreciation : $210,000 Dr P/L – Loss on revaluation : $490,000 Cr Buildings : $700,000 ** Net up method Depreciation = ( 1,500,000 – ) / 10 = $150,000 / year Current 1,500,000 450,000 1,050,000 Cost Depreciation Carrying amount Adjust 490,000 Revaluation 560,000 Dr Accumulated depreciation : $450,000 Cr Buildings : $450,000 Dr P/L – Loss on revaluation : $490,000 Cr Buildings : $490,000 3/ Purchase Machine , cost = 330,000 , useful life of ten year After three years , Fair value = 490,000 a) Gross up method b) Net up method Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 ** Gross up method Depreciation = ( 330,000 – ) / 10 = $33,000 /year Cost Depreciation Carrying amount Current 330,000 99,000 231,000 Adjust 370,000 111,000 259,000 Revaluation 700,000 210,000 490,000 Dr Machine : $370,000 Cr Accumulated depreciation : $111,000 Cr Other comprehensive income – Gain on revaluation : $259,000 ** Net up method Depreciation = ( 330,000 – ) / 10 = $33,000 /year Cost Depreciation Carrying amount Current 330,000 99,000 231,000 Adjust Revaluation 259,000 490,000 Dr Accumulated depreciation : $99,000 Cr Machine : $99,000 Dr Machine : $259,000 Cr Other comprehensive income – Gain on revaluation : $259,000 5/ Derecognition : Khơng cịn ghi nhận TS Asset disposal : Bán TS ( TK 211 ) 1/ Vào 1/1/2011 , Purchase a Machine , cost = $12,000 , useful life of six years Residual value = , Straight – line depreciation At the end of four year , the asset was sold for $5,000 1/1/2011 : Dr Machine : $12,000 Cr Account payable : $12,000 Depreciation = ( 12,000 – ) / = $2,000 31/12/2011 , 31/12/2012, 31/12/2013 Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 Dr Depreciation expenses : $2,000 Cr Accumulated depreciation : $2,000 31/12/2014 : Dr Depreciation expenses : $2,000 Cr Accumulated depreciation : $2,000 Dr Account receivable : $5,000 Dr Accumulated depreciation : $8,000 Cr Machinery : $12,000 Cr Gain on asset disposal : $1,000 1/ $75,100 Calculate the cost of computers 2/ $100,000 / $150,000 / $62,500 Useful life : years Calculate depreciation is Straight – line , Based on hours , Based on unit 3/ Calculate depreciation ( Straight – line ) Taj Mahal Milling Co., a calendar-year entity, acquired a machine on June 1, 2013, that cost €40,000 with an estimated useful life of four years and a €2,500 salvage value 4/ Calculate depreciation ( Double – declining balance ) Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 Taj Mahal Milling Co., a calendar-year entity, acquired a machine on Octorber 1, 2013, that cost €100,000 with an estimated useful life of five years and a €2,000 salvage value 5/ An asset with a cost of €100,000 was originally estimated to have a productive life of 10 years The straightline method is used, and there was no residual value anticipated After years, management revises its estimate of useful life to a total of years Require: Calculate the depreciation after the useful life is changed (from year to year 6) 6/ An asset with a cost of €420,000 was originally estimated to have a productive life of 14 years The straight-line method was no residual value anticipated After years, management revises its estimate of useful life to a total of 10 years Require: Calculate the depreciation after the useful life is changed (from year to end) 7/ Journalize transaction , using Gross up method Without depreciation Assume Henan Corporation (HC) acquired a plot of land with a cost of €100,000 After one year the land is appraised as having a current fair value of €110,000 8/ Journalize transaction , using Gross up method With depreciation Konin Corporation owns buildings with a cost of €200,000 and estimated useful life of five years Accordingly, depreciation of €40,000 per year is anticipated After two years, Konin obtains market information suggesting that a current fair value of the buildings is €300,000 and decided to write the buildings up to a fair value of €300,000 9/ Jounrnalize transaction , using Gross up method With depreciation Konin Corporation owns buildings with a cost of €200,000 and estimated useful life of five years Accordingly, depreciation of €40,000 per year is anticipated After two years, Konin obtains market information suggesting that a current fair value of the buildings is €300,000 and decided to write the buildings up to a fair value of €300,000 Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 10/ On January 1, 2011, Zara Corp acquired a machine at a cost of €12,000; it had an estimated life of six years, no residual value, and was expected to provide a level pattern of utility to the entity Thus, straight-line depreciation in the amount of €2,000 was charged to operations At the end of four years, the asset was sold for €5,000 Accounting was done on a historical cost basis Require: Journalize the transactions, assume that Zara Corp use the cost method 11/ $306,400 12/ $273,600 13/ $3,945 14/ $16,000 Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 15/ $11,640 16/ $(2,875) 17/ $1,000 Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 18/ $11,640 19/ Downloaded by Ph??ng Hoài (sacsua1109@gmail.com) lOMoARcPSD|12489013 Downloaded by Ph??ng Hoài (sacsua1109@gmail.com)