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Q2. The Pathology Lab purchased Long term assets on 1" July 2017. The lab closes its account on 30 June. It is lab policy to revalue its long term asset every year. It is also lab policy to transfer maximum revaluation increase up to 10,00,000 to revaluation reserve against any single Asset Any revaluation surplus above this amount will be charged to profit and loss account. However the lab does not place any restriction on charging revaluation decrease to revaluation reserve At Cat PKR full in Vars Cregulator 7.500,00 30 Analyer 3.500,000 15 Centrifuge Box 9,000/MO. 10 On 15 July 2018 as a result of an independent valuation the assets were valued as below Fair value PAR Chagua 2,125.00 Analyser 9,433,333 Centrifuge flere.600.000 On 15 July 2019 as a result of an independent valuation the assets were valued as below Assel Pair value PAR Chapter 044737 Analyer X399534 Centrifuge Bes X.133333 n1"July 2020 as a result of an independent valuation the assets were valued as below Fair value PKK Coagulatur1059707 Analyzer 19.716.454 Centrifuge Box 6.616.667 Required Record the evaluation, depreciation and profit and loss entries in consolidated methods and treating all three assets in a single entry. Draw Up the following account in consolidated methods and treating all three assets in a single Ledger 11 Assets ) Revaluation Surplus Profit and Loss Depreciation Q2. The Pathology Lab purchased Long term assets on 1" July2017. The lab closes its account on 30 June. It is lab policy to revalue its long term asset every year. It is also lab policy to transfer maximum revaluation increase up to 10,00,000. to revaluation reserve against any single Asset Any revaluation surplus above this amount will be charged to profit and loss account. However the lab does not place any restriction on charging revaluation decrease to revaluation reserve Cart PKR U life in an Coagular 7.500.000 20 Analyer 1.500.000 Centrifuge 2,000.000 30 On 1" July 2018 as a result of an independent valuation the assets were valued as below Asset Fairva PKR Coagulator 2,12500 Anar Catrifuge Bes_000 On 15 July 2019 as a result of an independent valuation the assets were valued as below Art Pair value PKR Congelator 2:06.737 Asal 8.399.524 Asset n 15 July 2020 as a result of an independent valuation the assets were valued as below Fair value PKR Ceagal 10,97 Aanher) N.716.454 Centrifuge Bex 8.616667 Required Record the Revaluation, depreciation and profit and loss entries in consolidated methods and treating all three assets in a single entry Draw Up the following account in consolidated methods and treating all three assets in a single Ledger 1 Assets Revaluation Surplus Profit and Loss Depreciation Q2.The Pathology Lab purchased Long term assets on 1st July 2017. The lab closes its account on 30th June. It is lab policy to revalue its long term asset every year. It is also lab policy to transfer maximum revaluation increase up to 10,00,000. to revaluation reserve against any single Asset . Any revaluation surplus above this amount will be charged to profit and loss account. However the lab does not place any restriction on charging revaluation decrease to revaluation reserve Asset Cost PKR Useful life in Years Coagulator 7,500,000 20 Analyzer 8,500,000 15 Centrifuge Box 9,000,000. 10 On 1st July 2018 as a result of an independent valuation the assets were valued as below Asset Fair value PKR Coagulator 9,125,000 Analyzer 9,433,333 Centrifuge Box 9,600,000 On 15 July 2019 as a result of an independent valuation the assets were valued as below Asset Fair value PKR Coagulator 8,044,737. Analyzer 8,359,524 Centrifuge Box 8,133,333. n 1st July 2020 as a result of an independent valuation the assets were valued as below Asset Fair value PKR Coagulator 10,597,807 Analyzer 9,716,484 Centrifuge Box 8,616,667 Required a) Record the Revaluation, depreciation and profit and loss entries in consolidated methods and treating all three assets in a single entry. b) Draw Up the following account in consolidated methods and treating all three assets in a single Ledger 1) Assets 1) Revaluation Surplus III) Profit and Loss Depreciation Q2. The Pathology Lab purchased Long term assets on 1" July 2017. The lab closes its account on 30 June. It is lab policy to revalue its long term asset every year. It is also lab policy to transfer maximum revaluation increase up to 10,00,000 to revaluation reserve against any single Asset Any revaluation surplus above this amount will be charged to profit and loss account. However the lab does not place any restriction on charging revaluation decrease to revaluation reserve At Cat PKR full in Vars Cregulator 7.500,00 30 Analyer 3.500,000 15 Centrifuge Box 9,000/MO. 10 On 15 July 2018 as a result of an independent valuation the assets were valued as below Fair value PAR Chagua 2,125.00 Analyser 9,433,333 Centrifuge flere.600.000 On 15 July 2019 as a result of an independent valuation the assets were valued as below Assel Pair value PAR Chapter 044737 Analyer X399534 Centrifuge Bes X.133333 n1"July 2020 as a result of an independent valuation the assets were valued as below Fair value PKK Coagulatur1059707 Analyzer 19.716.454 Centrifuge Box 6.616.667 Required Record the evaluation, depreciation and profit and loss entries in consolidated methods and treating all three assets in a single entry. Draw Up the following account in consolidated methods and treating all three assets in a single Ledger 11 Assets ) Revaluation Surplus Profit and Loss Depreciation Q2. The Pathology Lab purchased Long term assets on 1" July2017. The lab closes its account on 30 June. It is lab policy to revalue its long term asset every year. It is also lab policy to transfer maximum revaluation increase up to 10,00,000. to revaluation reserve against any single Asset Any revaluation surplus above this amount will be charged to profit and loss account. However the lab does not place any restriction on charging revaluation decrease to revaluation reserve Cart PKR U life in an Coagular 7.500.000 20 Analyer 1.500.000 Centrifuge 2,000.000 30 On 1" July 2018 as a result of an independent valuation the assets were valued as below Asset Fairva PKR Coagulator 2,12500 Anar Catrifuge Bes_000 On 15 July 2019 as a result of an independent valuation the assets were valued as below Art Pair value PKR Congelator 2:06.737 Asal 8.399.524 Asset n 15 July 2020 as a result of an independent valuation the assets were valued as below Fair value PKR Ceagal 10,97 Aanher) N.716.454 Centrifuge Bex 8.616667 Required Record the Revaluation, depreciation and profit and loss entries in consolidated methods and treating all three assets in a single entry Draw Up the following account in consolidated methods and treating all three assets in a single Ledger 1 Assets Revaluation Surplus Profit and Loss Depreciation Q2.The Pathology Lab purchased Long term assets on 1st July 2017. The lab closes its account on 30th June. It is lab policy to revalue its long term asset every year. It is also lab policy to transfer maximum revaluation increase up to 10,00,000. to revaluation reserve against any single Asset . Any revaluation surplus above this amount will be charged to profit and loss account. However the lab does not place any restriction on charging revaluation decrease to revaluation reserve Asset Cost PKR Useful life in Years Coagulator 7,500,000 20 Analyzer 8,500,000 15 Centrifuge Box 9,000,000. 10 On 1st July 2018 as a result of an independent valuation the assets were valued as below Asset Fair value PKR Coagulator 9,125,000 Analyzer 9,433,333 Centrifuge Box 9,600,000 On 15 July 2019 as a result of an independent valuation the assets were valued as below Asset Fair value PKR Coagulator 8,044,737. Analyzer 8,359,524 Centrifuge Box 8,133,333. n 1st July 2020 as a result of an independent valuation the assets were valued as below Asset Fair value PKR Coagulator 10,597,807 Analyzer 9,716,484 Centrifuge Box 8,616,667 Required a) Record the Revaluation, depreciation and profit and loss entries in consolidated methods and treating all three assets in a single entry. b) Draw Up the following account in consolidated methods and treating all three assets in a single Ledger 1) Assets 1) Revaluation Surplus III) Profit and Loss Depreciation
