Professional Documents
Culture Documents
Solution
Answer-1
(a)
Panto Limited
Statement of Financial Position (Extracts only) 0.5
Liabilities
Non- current liabilities
Obligation under lease 1,212,739 0.5
Current liabilities
Current portion of obligation under lease (W-2) 219,727 1
Interest payable (100,273 (W-2) x 9/12) 75,205 1
Panto Limited
Statement of Comprehensive income (Extracts only)
For the year ended 31 March 2020 All figures in Rs.
(W-1) Calculation of PV of LP
= 25,000*+ [320,000 x (1+7%)-1 + 384,000 x (1+7%)-2 + 460,800 x (1+7%)-3 + 552,960 x (1+7%)-4+0
= 1,457,466 1
(W-1.1)
Cost of Right of use
P.V of L.P 1,457,466
I.D.C 12,000
1,469,466 0.5
Page 1
CAF-05 Assessment -1
Solution
(b)
Mime Limited
Statement of Financial Position (Extracts only) 0.5
As at 30 June 2020 All figures in
Rs.
30-06-2021
Assets
Non-current assets
Equipment
Cost 1,900,000
Less: Accumulated Depreciation
(1,900,000-150,000)/10 + (21,000/4)= (180,250) 1,719,750 1.5
Current Assets
Rent Receivable [ 435,690 – 25,000 – 320,000] 90,690 1
(c)
Value of Right of Use As at 31-03-2020
Right to use asset 1,080,268 – (1,080,268/3 * 9/12) 810,201 1
(W-1) Calculation of PV of LP
= Down payment +P.V of Rentals + P.V of Guaranteed Residual Value
= 25000*+ [320,000 x (1+7%)-1 + 384,000 x (1+7%)-2 + (460,800 + 40,000) x (1+7%)-3 +0
= 1,068,268 1
Page 2
CAF-05 Assessment -1
Solution
Answer-2
Farmer Ltd.
Statement of Comprehensive Income (Extracts)
For the year ended December 31, 2018
Rs.000 1
Income:
Gain due to fair value increase of biological asset (1,350 + 1,200) 2,550 0.5
Rs.000
(W-1) Fair Value Increase
Opening at 1 January 2018 (210,000 x 40) 8,400 0.75
Purchase (75,000 x 30) 2,250 0.75
Answer-3
1. (a), (b) 1
& (d)
2. (b) (W-1) 2.5
Rs. in million
Statement of Comprehensive Income (Extracts)
Expenses:
Depreciation expense (normal lease) (145.28/6 x 6/12) 12.10
Interest expense (normal lease) (17.43 (W-3) x 6/12) 8.72
20.82
(W-2) Calculation of PV of Lease payment as at 01 Jan 2019
Present value = {60 x [1- (1 + 0.12)-4]}
0.12
= 182.24 x (1.12)-2
= 145.28
(W-3)
Date Installment Principal Interest Balance
1/1/19 145.28
31/12/19 - - 17.43 162.71
3. (a), (c) 1.5
& (d)
Page 3