Require: Book entry

CHF2,000. After reviewing impairment loss, Equipment A no longer enduring future impairments Assuming a discount rate of 10%. Impairment loss and Depreciation expenses is teclassified as Other operating Expenses. 2/ On Dec 31, 2022, UEL decides to revalue the Equipment B (at cost CHF 360.000) amount by applying revaluation model, FV of machine B is now CHF360,000. This transaction is never been accounted for in the book of UEL, UEL usually net off Accumulated depreciation into Cose before revaluing (according to IAS 16.35b). This revalued amount would be used for depreciation from the year 2023 goes on. 3/ The following events occurred after 31 December 2022 but before the financial statements for the year to 31 December 2022 were authorised for issue (February 1, 2023 is the authorisation date) a/ Inventory of amount CHF 1,000,000 held at 31 December 2022 was sold to a customer with net selling price is CHF 800,000 only. Other types of inventories are high demand on the markets there is no signal of falling down in value. b/ UEL is making a claim for damages of CHF25,000 against a contractor to cover the costs of making good faulty work on a contract. The contractor had refused to make good the work because they were too busy with work on other contracts. UEL's lawyer is of the opinion that the probability of winning this claim is 85%. 4/ In January, 2022, due to Covid cases has been severely raised, UEL contacted Pfizer - one of the world's premier biopharmaceutical companies to buy the patent rights for Pfizer-BioNTech COVID-19 Vaccine production. Pfizer agreed to transfer with total costs of USD1.000.000 on credit, payment would be settled in February 2023. The patent rights expires after 10 years according to legal clause, however, based on optimistic anticipation on herd immunity, UEL only expects to make use of this Vaccine patent for 5 years from now and then dispose of this patent CHF 0.89, at year end was rights. Exchange rate at the date of transactions was USD 1 CHF 0,99. Amortisation expenses would move to Admin expenses. USD 1 5/ A claim against UEL was promoted by a client in December 2022 asking damages for a total amount of CHF 0.5 million; management of the company judged that the loss in the claim is probable (more likely than not). The company appointed its lawyers in order to discuss the claim in front of the court. The lawyers of UEL prepare a document for the board of directors that summarizes the reasons of the company and estimates a probable transaction with the client will actually probably cost about CHF 0.3 million to UEL, but the document is completed in September 2023. 6/ On November 2022, UEL entered into a contract with a loyal customer UEH to sell a goods package for CHF 200,000. The total contract price included selling goods A, services B and services C. Goods A, services B and C are distinct from each other, UEL usually sells A, B, C separately in different contract. For general customers in the market, UEL could sell each of the goods and services alone with prices as follows: Goods A - CHF190,000, Services B-CHF20,000, and Services C - CHF40,000. UEL completely transfered the control of goods package at the year end of 2022, however payments would not be received until March 2023. Cost of goods sold is totally CHF100,000 Requirements: 1. (8 marks) Apply applicable IFRS, prepare UEL - SCI, SCE, SFP for the fiscal year endir 31/12/2022 using formats available. 2. (2 marks) Based on the needs of plant expansion in Singapore, the company has to translate complete financial statements from CHF functional currency into SGD for arousing more inte of investors and creditors in Singapore. After completing financial statements, you are requin CHF2,000. After reviewing impairment loss, Equipment A no longer enduring future impairments Assuming a discount rate of 10%. Impairment loss and Depreciation expenses is teclassified as Other operating Expenses. 2/ On Dec 31, 2022, UEL decides to revalue the Equipment B (at cost CHF 360.000) amount by applying revaluation model, FV of machine B is now CHF360,000. This transaction is never been accounted for in the book of UEL, UEL usually net off Accumulated depreciation into Cose before revaluing (according to IAS 16.35b). This revalued amount would be used for depreciation from the year 2023 goes on. 3/ The following events occurred after 31 December 2022 but before the financial statements for the year to 31 December 2022 were authorised for issue (February 1, 2023 is the authorisation date) a/ Inventory of amount CHF 1,000,000 held at 31 December 2022 was sold to a customer with net selling price is CHF 800,000 only. Other types of inventories are high demand on the markets there is no signal of falling down in value. b/ UEL is making a claim for damages of CHF25,000 against a contractor to cover the costs of making good faulty work on a contract. The contractor had refused to make good the work because they were too busy with work on other contracts. UEL's lawyer is of the opinion that the probability of winning this claim is 85%. 4/ In January, 2022, due to Covid cases has been severely raised, UEL contacted Pfizer - one of the world's premier biopharmaceutical companies to buy the patent rights for Pfizer-BioNTech COVID-19 Vaccine production. Pfizer agreed to transfer with total costs of USD1.000.000 on credit, payment would be settled in February 2023. The patent rights expires after 10 years according to legal clause, however, based on optimistic anticipation on herd immunity, UEL only expects to make use of this Vaccine patent for 5 years from now and then dispose of this patent CHF 0.89, at year end was rights. Exchange rate at the date of transactions was USD 1 CHF 0,99. Amortisation expenses would move to Admin expenses. USD 1 5/ A claim against UEL was promoted by a client in December 2022 asking damages for a total amount of CHF 0.5 million; management of the company judged that the loss in the claim is probable (more likely than not). The company appointed its lawyers in order to discuss the claim in front of the court. The lawyers of UEL prepare a document for the board of directors that summarizes the reasons of the company and estimates a probable transaction with the client will actually probably cost about CHF 0.3 million to UEL, but the document is completed in September 2023. 6/ On November 2022, UEL entered into a contract with a loyal customer UEH to sell a goods package for CHF 200,000. The total contract price included selling goods A, services B and services C. Goods A, services B and C are distinct from each other, UEL usually sells A, B, C separately in different contract. For general customers in the market, UEL could sell each of the goods and services alone with prices as follows: Goods A - CHF190,000, Services B-CHF20,000, and Services C - CHF40,000. UEL completely transfered the control of goods package at the year end of 2022, however payments would not be received until March 2023. Cost of goods sold is totally CHF100,000 Requirements: 1. (8 marks) Apply applicable IFRS, prepare UEL - SCI, SCE, SFP for the fiscal year endir 31/12/2022 using formats available. 2. (2 marks) Based on the needs of plant expansion in Singapore, the company has to translate complete financial statements from CHF functional currency into SGD for arousing more inte of investors and creditors in Singapore. After completing financial statements, you are requin