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ﺍﻟﺒﺎﺏ ﺍﻟﺴﺎﺑﻊ
ﻧﻬﺎﻳﺔ ﺍﻟﺳﻧﺔ t ﻗﺳﻁ ﺍﻻﺳﺗﻬﻼﻙ ﺧﻼﻝ ﺍﻟﻘﻳﻣﺔ ﺍﻟﺩﻓﺗﺭﻳﺔ ﻋﻧﺩ ﻧﻬﺎﻳﺔ
ﺍﻟﺳﻧﺔ Dt ﺍﻟﺳﻧﺔ)(BVt
0 ‐ 5000$
1 900$ 4100$
2 900$ 3200$
3 900$ 2300$
4 900$ 1400$
5 900$ 500$
-2ﺣﺳﺎﺏ ﺍﻗﺳﺎﻁ ﺍﻻﺳﺗﻬﻼﻙ ﺑﻁﺭﻳﻘﺔ ﺍﻟﻧﺳﺑﺔ ﺍﻟﻣﺋﻭﻳﺔ
ﻫﺫﻩ ﺍﻟﻁﺭﻳﻘﺔ ﺗﻔﺗﺭﺽ ﺍﻥ ﻗﺳﻁ ﺍﻻﺳﺗﻬﻼﻙ ﺧﻼﻝ ﺳﻧﺔ ﻣﺣﺩﺩﺓ ﻣﻥ ﻋﻣﺭ ﺍﻻﺻﻝ ﻋﺑﺎﺭﺓ ﻋﻥ ﻧﺳﺑﺔ
ﺛﺎﺑﺗﺔ ﻣﻥ ﺍﻟﻘﻳﻣﺔ ﺍﻟﺩﻓﺗﺭﻳﺔ ﻟﺫﻟﻙ ﺍﻻﺻﻝ ﻋﻧﺩ ﺑﺩﺍﻳﺔ ﺗﻠﻙ ﺍﻟﺳﻧﺔ
ﻭﻫﺫﻩ ﺍﻟﻧﺳﺑﺔ ﺗﺗﺭﺍﻭﺡ ﻣﺎﺑﻳﻥ ﺍﻟﺻﻔﺭ ﻭﺍﻟﻭﺍﺣﺩ ﺍﻟﺻﺣﻳﺢ
ﻗﺳﻁ ﺍﻻﺳﺗﻬﻼﻙ
Dt=αB0(1‐α)t‐1
ﺍﻟﻘﻳﻣﺔ ﺍﻟﺩﻓﺗﺭﻳﺔ ﻟﻼﺻﻝ
BVt=B0(1‐α)t
0<α<1
ﻟﻠﻣﺛﺎﻝ ﺍﻟﺳﺎﺑﻖ ﺍﺣﺳﺏ ﺍﻗﺳﺎﻁ ﺍﻻﺳﺗﻬﻼﻙ ﻭﻛﺫﻟﻙ ﺍﻟﻘﻳﻣﺔ ﺍﻟﺩﻓﺗﺭﻳﺔ ﻟﻬﺎ ﻋﻧﺩ ﻧﻬﺎﻳﺔ ﻛﻝ ﺳﻧﺔ ﻣﻥ ﺳﻧﻭﺍﺕ
ﻋﻣﺭﻫﺎ ﺍﻟﺧﻣﺱ ﻣﺳﺗﺧﺩﻣﺎ ﻁﺭﻳﻘﺔ ﺍﻟﻧﺳﺑﺔ ﺍﻟﻣﺋﻭﻳﺔ ﻋﻧﺩﻣﺎ .α=0.2
ﺍﻟﺣﻝ
Dt=αB0(1‐α)t‐1
D1=0.2*5000(1‐0.2)0=1000$
D2=0.2*5000(1‐0.2)2‐1=800$
D3,D4,D5….
BVt=B0(1‐α)t
BV1=5000(1‐0.2)1=4000$
BV2=5000(1‐0.2)2=3200$
BV3,BV4,BV5
ﻧﻬﺎﺳﺔ ﺍﻟﺳﻧﺔ ﻗﺳﻁ ﺍﻻﺳﺗﻬﻼﻙ ﺧﻼﻝ ﺍﻟﺳﻧﺔ ﺍﻟﻘﻳﻣﺔ ﺍﻟﺩﻓﺗﺭﻳﺔ ﻋﻧﺩ ﻧﻬﺎﻳﺔ ﻛﻝ ﺳﻧﺔ
Dt=αB0(1‐α)t‐1 BVt=B0(1‐α)t
0 - 5000
1 1000 4000
2 800 3200
3 640 2560
4 512 2048
5 409.6 1638.4
ﺍﻟﻣﻼﺣﻅ ﺍﻥ ﻗﻳﻣﺔ ﺍﻻﻧﻘﺎﺫ ﺗﺧﺗﻠﻑ ﻛﺛﻳﺭﺍ ﻋﻥ ﺍﻟﻘﻳﻣﺔ ﺍﻟﻣﻘﺩﺭﺓ ﺧﻼﻓﺎ ﻟﻣﺎ ﺟﺎء ﻓﻲ ﻁﺭﻳﻘﺔ ﺍﻟﺧﻁ ﺍﻟﻣﺳﺗﻘﻳﻡ ﺣﻳﺙ ﺍﻥ
ﻗﻳﻣﺔ ﺍﻻﻧﻘﺎﺫ ﺗﺩﺧﻝ ﻣﺳﺑﻘﺎ ﻓﻲ ﺣﺳﺎﺏ ﺍﻟﻘﻳﻣﺔ ﺍﻟﻣﺳﺗﻬﻠﻛﺔ ﻭﺫﻟﻙ ﺗﻛﻭﻥ ﻗﻳﻣﺔ ﺍﻻﻧﻘﺎﺫ ﻓﻲ ﻧﻬﺎﻳﺔ ﻋﻣﺭ ﺍﻻﺻﻝ
ﻣﺳﺎﻭﻳﺔ ﺗﻣﺎﻣﺎ ﻟﻘﻳﻣﺔ ﺍﻻﻧﻘﺎﺫ ﺍﻟﻣﻘﺩﺭﺓ
-3ﺣﺳﺎﺏ ﺍﻗﺳﺎﻁ ﺍﻻﺳﺗﻬﻼﻙ ﺑﻁﺭﻳﻘﺔ ﺍﻟﻣﻌﺩﻝ ﺍﻟﻣﺿﺎﻋﻑ
= αﺩﺍﺋﻣﺎ ﺍﻻ ﺍﺫﺍ ﺫﻛﺭ ﺧﻼﻑ ﺫﻟﻙ.
Dt=αB0(1‐α)t‐1
BVt=B0(1‐α)t
ﻣﺛﺎﻝ
ﻗﺎﻣﺕ ﻋﻳﺎﺩﺓ ﻟﻌﻼﺝ ﺍﻻﺳﻧﺎﻥ ﺑﺗﺭﻛﻳﺏ ﻣﻧﻅﻭﻣﺔ ﻣﺗﻛﺎﻣﻠﺔ ﻟﻠﻣﺣﺎﻓﻅﺔ ﻋﻠﻰ ﺍﺳﺗﻣﺭﺍﺭ ﺍﻟﻁﺎﻗﺔ ﺍﻟﻛﻬﺭﺑﺎﺋﻳﺔ ﻟﺗﻐﺫﻳﺔ ﺍﻟﻌﻳﺎﺩﺓ
ﺑﺎﻟﻛﻬﺭﺑﺎء ﻋﻧﺩ ﺍﻧﻘﻁﺎﻋﻪ ﻣﻥ ﺍﻟﺷﺑﻛﺔ ﺍﻟﻌﺎﻣﺔ ﻓﻛﺎﻧﺕ ﺍﻟﺗﻛﺎﻟﻳﻑ ﺍﻻﺑﺗﺩﺍﺋﻳﺔ ﻟﻠﻣﻧﻅﻭﻣﺔ $20,000ﻭﻗﺩﺭ ﺍﻟﻌﻣﺭ
ﺍﻟﺗﺷﻐﻳﻠﻲ ﻟﻠﻣﻧﻅﻭﻣﺔ ﺑﺎﺭﺑﻊ ﺳﻧﻭﺍﺕ ﻭﻗﻳﻣﺔ ﺍﻻﻧﻘﺎﺫ ﺑﻣﺑﻠﻎ $1000ﺍﺣﺳﺏ ﺑﻁﺭﻳﻘﺔ ﺍﻟﻣﻌﺩﻝ ﺍﻟﻣﺿﺎﻋﻑ ﺍﻗﺳﺎﻁ
ﺍﻻﺳﺗﻬﻼﻙ ﻭﺍﻟﻘﻳﻣﺔ ﺍﻟﺩﻓﺗﺭﻳﺔ ﻟﻠﻣﻧﻅﻭﻣﺔ ﺧﻼﻝ ﻋﻣﺭﻫﺎ ﺍﻟﺗﺷﻐﻳﻠﻲ.
ﺍﻟﺣﻝ
α = = =0.5
Dt=αB0(1‐α)t‐1 ….. D1=0.5*20,000 (1‐0.5)1‐1=10,000$
BVt=B0(1‐α)t……BV1=20,000(1‐0.5)1=10,000$
=120,000‐(66,000)=$54,000
ﺍﻟﻣﺑﻠﻎ ﺍﻟ ُﻣﻌﻁﻲ ﺍﻛﺑﺭ ﻣﻥ ﻗﻳﻣﺗﻬﺎ ﺍﻟﺩﻓﺗﺭﻳﺔ ﻟﺫﺍ ﻳُﻧﺻﺢ ﺑﺑﻳﻌﻬﺎ
Or
ﺍﻟﺳﻧﺔ =CFBT DT TI Tax ﺍﻟﺳﻧﺔ =CFBT Dt TI Tax
GI‐EX =αB0(1‐α)t‐1 =GI‐EX‐Dt =.35*TI GI‐EX 50,000 0 =GI‐EX‐D =.35*TI
5
0 50,000 ‐ ‐ ‐ 0 50,000 - ‐ ‐
1 20,000 20,000 0 0 1 20,000 10,000 10,000 3,500
2 20,000 12,000 8,000 2,800 2 20,000 10,000 10,000 3,500
3 20,000 7,200 12,800 4,480 3 20,000 10,000 10,000 3,500
4 20,000 4,320 15,680 5,488 4 20,000 10,000 10,000 3,500
5 20,000 2,592 17,408 6,093 5 20,000 10,000 10,000 3,500
ﺍﻟﻣﺟﻣﻭﻉ 46,112 18,861 ﺍﻟﻣﺟﻣﻭﻉ 50,000 17,500
ﺣﺳﺎﺏ ﺍﻟﻣﻛﺎﻓﻲء ﺍﻟﺣﺎﺿﺭ ﻟﻼﻗﺳﺎﻁ ﺍﻟﺿﺭﻳﺑﻳﺔ ﻓﻲ ﻛﻝ ﺣﺎﻟﺔ
-1ﻁﺭﻳﻘﺔ ﺍﻟﺧﻁ ﺍﻟﻣﺳﺗﻘﻳﻡ
PW=3500(P/A,8%,5)=13,974.45$
-2ﻁﺭﻳﻘﺔ ﺍﻟﻣﻌﺩﻝ ﺍﻟﻣﺿﺎﻋﻑ
)PW=2800(P/F,8%,2)+4480 (P/F,8%,3)+5488 (P/F,8%,4)+6093 (P/F,8%,5
=14,137$
ﺗﻌﺗﺯﻡ ﺍﺣﺩ ﺍﻟﻣﺅﺳﺳﺎﺕ ﺍﻟﺻﻧﺎﻋﻳﺔ ﺗﺭﻛﻳﺏ ﺧﻁ ﺟﺩﻳﺩ ﺑﺎﺣﺩ ﻣﺅﺳﺳﺎﺗﻬﺎ ﺑﺭﺃﺱ ﻣﺎﻝ $100,000ﺣﻳﺙ ﻗﺩﺭﺕ
ﺍﻟﻌﺎﺋﺩﺍﺕ ﺍﻟﺳﻧﻭﻳﺔ ﺑــ $40,000ﺳﻧﻭﻳﺎ ﺍﻣﺎ ﺍﻟﻣﺻﺭﻭﻓﺎﺕ ﻓﻛﺎﻥ ﻣﻘﺩﺭﺍﻫﺎ $12,000ﻭﺍﻟﻌﻣﺭ ﺍﻟﺗﻘﺩﻳﺭﻱ 8ﺳﻧﻭﺍﺕ
ﻭﻗﻳﻣﺔ ﺍﻻﻧﻘﺎﺫ ﺻﻔﺭﺍ ً .ﺍﺣﺳﺏ ﺍﻟﻣﻛﺎﻓﻲء ﺍﻟﺣﺎﺿﺭ ﻭﺍﻟﻣﻛﺎﻓﻲء ﺍﻟﺳﻧﻭﻱ ﻟﻠﻣﺷﺭﻭﻉ ﺑﻌﺩ ﺍﺳﺗﻘﻁﺎﻉ ﺿﺭﻳﺑﺔ ﺍﻟﺩﺧﻝ ﺍﻟﺗﻲ
ﻳﺑﻠﻎ ﻣﻌﺩﻟﻬﺎ ﺍﻟﻔﻌﻠﻲ ﺍﻟﺳﻧﻭﻱ ،%34ﺍﺫﺍ ﻛﺎﻧﺕ ﺍﻟﻣﺅﺳﺳﺔ ﺗﻌﺗﻣﺩ ﻣﻌﺩﻝ ﺭﺑﺢ ﻣﺭﺗﺟﻲ ﺍﺩﻧﻰ ﻣﻘﺩﺍﺭﻩ ،%10ﻭﻁﺭﻳﻘﺔ
ﺍﻟﺧﻁ ﺍﻟﻣﺳﺗﻘﻳﻡ ﻓﻲ ﺍﺳﺗﻬﻼﻙ ﺍﺻﻭﻟﻬﺎ،ﺍﻋﺭﺽ ﺍﻟﻧﺗﺎﺋﺞ ﻓﻲ ﺟﺩﻭﻝ.
=Dt = ﺍﻟﺳﻧﺔ =CFBT Dt TI Tax =CFAT
=GI‐EX 100,000 0 =GI‐EX‐D =0.34*TI CFBT‐TAX
=12,500 40,000‐12,000 8
0 100,000 ‐ ‐ ‐ 100,000
1 28,000 12,500 15,500 5,270 22,730
2 28,000 12,500 15,500 5,270 22,730
3 28,000 12,500 15,500 5,270 22,730
4 28,000 12,500 15,500 5,270 22,730
5 28,000 12,500 15,500 5,270 22,730
6 28,000 12,500 15,500 5,270 22,730
7 28,000 12,500 15,500 5,270 22,730
8 28,000 12,500 15,500 5,270 22,730
ﺣﺳﺎﺏ ﺍﻟﻣﻛﺎﻓﻲء ﺍﻟﺣﺎﺿﺭ ﻟﻠﻣﺷﺭﻭﻉ ﺑﻌﺩ ﺍﺳﺗﻘﻁﺎﻉ ﺍﻟﺿﺭﻳﺑﺔ
)PW=‐100,000+A(P/A,10%,8
)=‐100,000+22,730(5.3349
=21,262.3$
ﺣﺳﺎﺏ ﺍﻟﻣﻛﺎﻓﻲء ﺍﻟﺳﻧﻭﻱ ﺑﻌﺩ ﺍﺳﺗﻘﻁﺎﻉ ﺍﻟﺿﺭﻳﺑﺔ
AW=‐100,000(A/P,10%,8)+22,730
=3990$
………………………..
)AW=PW(A/P,10%,8
)= 21,262.2(0.1874
=3984.5$