03.31 දිනෙන් අවසන් වූ වර්ෂය සඳහා ආදායම් ප්‍රකාශය. 2024.03.31 දිනට මූල්‍ය තත්ත්ව ප්‍රකාශ

The motor vehicle was purchased on 2021.04.01 for Rs. 1,000,000 and sold on 2023.04.01. The depreciation rate is 25% per annum. The financial year ends on March 31.
Depreciation for the year ended 2022.03.31:

$$1,000,000 \times 25\% = 250,000 \text{ LKR}$$

Depreciation for the year ended 2023.03.31:

$$1,000,000 \times 25\% = 250,000 \text{ LKR}$$

Total accumulated depreciation as at 2023.03.31 (date of sale):

$$250,000 + 250,000 = 500,000 \text{ LKR}$$

Book value of motor vehicle as at 2023.03.31:

$$\text{Cost} - \text{Accumulated Depreciation} = 1,000,000 - 500,000 = 500,000 \text{ LKR}$$

Sale price of motor vehicle: Rs. 700,000.
Gain on sale:

$$\text{Sale Price} - \text{Book Value} = 700,000 - 500,000 = 200,000 \text{ LKR}$$

This gain should be recognized in the Income Statement. The problem states the proceeds were recorded in the sales account, so an adjustment is needed to remove 700,000 from sales and add 200,000 as gain on sale.

The accumulated depreciation figures from the partial Statement of Financial Position are given in thousands of LKR. We will convert them to LKR for consistency.
Accumulated Depreciation as at 2023.03.31: 2,600 (i.e., 2,600,000 LKR).
Accumulated Depreciation as at 2024.03.31: 3,100 (i.e., 3,100,000 LKR).
Accumulated depreciation of the motor vehicle sold (from Step 1): 500,000 LKR.

Depreciation expense for the year ended 2024.03.31 is calculated as:

$$\text{Closing Acc. Dep.} - (\text{Opening Acc. Dep.} - \text{Acc. Dep. of assets sold})$$ $$3,100,000 - (2,600,000 - 500,000) = 3,100,000 - 2,100,000 = 1,000,000 \text{ LKR}$$

This depreciation expense will be recorded in the Income Statement.

Based on the available information, only the gain on sale and depreciation expense can be determined for the Income Statement.

$$\textbf{C/S Super Sale (Pvt) Ltd.} \\ \textbf{Income Statement (Extract)} \\ \textbf{For the year ended 31 March 2024}$$ $$\begin{array}{l r} \hline \text{Other Income} & \text{LKR} \\ \quad \text{Gain on Sale of Motor Vehicle} & 200,000 \\ \text{Expenses} & \\ \quad \text{Depreciation Expense} & (1,000,000) \\ \hline \end{array}$$

Note: A full Income Statement cannot be prepared due to missing information on revenue and other expenses.

The problem provides the cost and accumulated depreciation of Property, Plant and Equipment (PPE) for 2024. These values are in thousands of LKR.

Cost of PPE as at 2024.03.31: 13,500 (i.e., 13,500,000 LKR).
Accumulated Depreciation as at 2024.03.31: 3,100 (i.e., 3,100,000 LKR).

$$\textbf{C/S Super Sale (Pvt) Ltd.} \\ \textbf{Statement of Financial Position (Extract)} \\ \textbf{As at 31 March 2024}$$ $$\begin{array}{l r} \hline \textbf{Assets} & \text{LKR} \\ \textbf{Non-Current Assets} & \\ \quad \text{Property, Plant and Equipment} & \\ \quad \quad \text{Cost} & 13,500,000 \\ \quad \quad \text{Less: Accumulated Depreciation} & (3,100,000) \\ \quad \quad \text{Net Book Value} & \boxed{\textbf{10,400,000}} \\ \hline \end{array}$$

Note: A full Statement of Financial Position cannot be prepared due to missing information on other assets (e.g., fixed deposit), liabilities (e.g., bank loan amount), and equity.