Question 6

BBA VII AND Co Limited's financial position statement for year 2020 is showing Deferred tax liability of Rs. 360 Million and Current tax liability of Rs. 150 Million. Similarly, deferred tax amount of Rs. 420 Million and current tax liability of Rs. 170 Million is declared in Year 2021. Current year tax expense in the statement of Profit & loss for year ended June 30, 2021 is showing Rs. 280 Million. How much tax was paid during July 01, 2020 till Jun 30, 2021.

(4 Points)

200 Million

250 Million

320 Million

190 Million

On 1 July 2019, BBA (pvt) Ltd borrowed Rs. 5 Million for one year, for finance the construction of a new Plant & Machinery. The interest rate on the loan is 6% and is payable on maturity of the loan. Construction work started immediately from 1 July 2019. The asset was available for use on 30 June 2020 having a construction cost of Rs. 6 Million. What is the carrying amount of the Plant & Machinery in BBA (pvt) Ltd's statement of financial position as at 30 June 2020?

Rs. 6 Million

Rs. 6.1 Million

Rs. 6.2 Million

Rs. 6.23 Million

Building purchased = $ 2 million ; using straight line depreciation

Estimated life = 20 years Used years by building = 5 years Selling cost of building = $ 1 million Cost incurred = $ 50,000 or $ 0.05 million PV of net cash flows the building = $ 1.2 milliom

Do journal entries for impairment gain/loss with amount

Two Trucks were purchased on the 1st July 2017 at a cost of Rs. 20 million. It is being depreciated over 10 years. The company decided to use the revaluation model for valuing Trucks in 2020 and at the 30th June 2020, the Trucks were valued at Rs. 22 million by a professional valuer.

Revaluation Gain/(Loss) as on 30th June 2020 would be ___________.

Single choice.

(1 Point)

Gain of Rs. 8.6 Million

Loss of Rs. 8.2 Million

Gain of Rs. 22 Million

Loss of Rs. 10 Million