PRACTICE QUESTIONS IAS 16. Q.

1 Cost of the plant 80000 Residual value Useful life 10000 5 yrs

Required : depreciation expence for the 3rd year. And accumulated depreciation at the end of 3rd year.using reducing balance method.

Q.2. Cost of the building 200000 Residual value Useful life Requird: a) Profit or loss on sale if the building was sold in 3rd year for 120000. b) Journal entries for disposal Q.3. Cost of the building 400000 on 1st jan 2000 Residual value 40000 20000 5 yrs

Depreciation rate is 20% straight Building was revalued on 31st dec 2005 at 500000 Required pass journal entry for the above revaluation process. Q.4 Cost of the building 200000 on 1st jan 2000 Residual value 40000

Depreciation rate is 20% straight Building was revalued on 31st dec 2005 at 50000

Required pass journal entry for the above revaluation process Q.5 Cost of the building 200000 on 1st jan 2002 Residual value Revaluation 40000 80000.

Depreciation rate is 20% straight Building was revalued on 31st dec 2005 at 50000 Required pass journal entry for the above revaluation process