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hi there,
Its fine. So long u have passed..u shud be happy…u shud continue ur journey and sit for the upcoming papers….maybe u ll do better and get 80% in the upcoming papers 🙂
Original Value of Asset: $800,000
Original Acc. Depreciation: $560,000 (7 yrs)
Net Book Value at 7th year: $240,000To be revalued by $600,000
(Note the word “by”…it means to make additions of 600,000 to the current value. If the qn had said to increase the value “to 600,000” then ur answer wud have been correct. You jus misunderstood the terms “by” with “to”.)Net book Value + Revaluation = $240,000 + $600,000 = $840,000
Revalued Asset Value = $840,000
Depn Life of Asset= 5 years
Depreciation = Revalued asset value divide by useful remaining lifeDepreciation = $840,000 / 5 yrs = $168,000
hope that helps 🙂
DR: Building (Asset) $ 1,800,000
CR: Revaluation Reserve (Equity) $ 1,800,000
(Being revaluation of asset)Hiya,
Okay leme help u on this…
Revenue: $80,000
Gross Profit: $2000
Cost of Sales: ??To get cost of sales, subtract Gross Profit ($2000) from Revenue ($80,000).
i.e $80,000 – $2,000 = $78,000When inventory is overstated, it will result in Cost of Sales being understated and hence having high Gross Profit.
Adjustments
Revenue: $80,000 + $10,000 = $90,000
Cost of Sales:$78,000 + $5000= $83,000(Using the rule above, it appears that cost of sales were understated by having overstated closing inventory, so we reverse the effect hence adding $5000 back to Cost of Sales)
Revised Income Statement
Revenue: $90,000
Cost of Sales: $83,000
Gross Profit: $7,000Gross Profit % = Gross profit / total revenue x 100
$7,000 / $90,000 x 100 = 7.78%Hope that helps
Hmm, i would suggest the following:
Monday to Friday
9.30 am – 11 am- Study
11am – 11.30 am – Break
11.30 am – 1pm – Study
1pm – 2pm – Lunch Break
2pm – 3pm – Study
3pm – 3.30 pm – Break
3.30pm – 4.30 pm – Study
4.30 pm – Day OverSat – Sun – Relax Time