$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket?
Book Your Assignment at The Lowest Price
Now!
Students Who Viewed This Also Studied
ACBP6211 Accounting
Questions:
Question 1 (Marks: 20)
Beacon Limited has approached you to provide accounting services to their company. On 1 July 2017 Beacon Limited acquired two Buildings. Building 12 South Road and Building 20 North Road. Building 12 South Road will be used as Beacon Limited’s head offices while Building 20 North Road has been purchased with the intention to lease out and earn rental income.
The building on 20 North Road, cost R1 700 000 to construct. Beacon also incurred the following
costs on 1 July 2017 – abnormal wastage costs of R50 000, transaction costs of R10 000 and legal costs of R120 000. This building is expected to have a useful life of 25 years. On 31 May 2018, a recognised independent valuer has assessed the fair value of this property to be R2 000 000.
The building on 12 South Road was purchased for R1 500 000. Beacon Limited depreciates buildings at 10% p.a. on the straight-line method. No residual value anticipated.
The accounting policy of Beacon Ltd is to measure investment property using the fair value model.
Q.1.1 Explain briefly why the Building on 20 North Road will be classified as an investment property. (1)
Q.1.2 Calculate the cost of the investment property to be recognised in the books of Beacon Ltd on 1 July 2017. (4)
Q.1.3 Prepare the journal entries to record all transactions relating to the capitalisation of both buildings in the books of Beacon Ltd for the year ended 31 May 2018. Narrations are required as marks will be allocated to these. (14)
Q.1.4 How would your answer to Q.1.3 above change if Beacon Ltd used the cost model to measure investment property?
Question 2 (Marks: 20)
Print First (Pty) Ltd is a printing company based in La Lucia. Print First (Pty) Ltd owns many industrial printing machines. One of these machines, Printex 350 was purchased on 1 January 2010 at a cost of R750 000. At that time, it was expected that Printex 350 would have a useful life of 20 years and a residual value of nil. Due to updates in technology in recent years, Print First customers require advanced printing techniques. This has resulted in a drastic decline in terms of Printex 350’s usage. On 1 January 2017, Print First management has revised the remaining useful life of Printex 350 to 4 years. At the same date, management calculated the following net cash inflows from Printex 350 for the next 3 years: A discount rate of 10% is applicable.
On 31 December 2017, the market selling price Printex 350 was R250 000. Estimated costs to sell would be R15 000.
Q.2.1 According to IAS36, when is an asset considered to be impaired? (2)
Q.2.2 Calculate the impairment loss that should be recognised by Print First Ltd on 31 December 2017. (15)
Q.2.3 Print First (Pty) has identified the impairment to Printex 350 as a material impairment loss. What information regarding the impairment should Print First (Pty) Ltd disclose in their financial statements? (3)
The Independent Institute of Education 2018 The Independent Institute of Education (Pty) Ltd 2018 Page 4 of 4
Question 3 (Marks: 20)
Sabr Ltd is a company that manufactures drones. The financial year end is 30 June.
Software Sabr Ltd has a designated research and development team. The team performs research and development on a continuous basis to ensure that their products continue to satisfy their customer needs. In the last year, the research and development team have been developing new software called “System 360” to improve the functionality of the drones. In respect of this software, R160 000 has been capitalised in the previous financial year. Current year expenditure consists of:
Research salaries R 50 000
Development salaries R250 000
Staff training on new software R 28 500
The development was completed on 1 January 2017. Development costs are amortised on a straight-line basis at 15% per annum with no residual.
Other intangible assets
Sabr Ltd purchased the following assets on 1 March 2017:
Trademark Patent
Cost(R) 950 000 240 000
Useful life 20 years 15 years
Residual value(R) nil R100 000
Q.3.1 According to IAS38, when can development costs qualify for recognition as intangible assets? (5)
Q.3.2 Prepare the journal entry to record the amortisation on “System 360” as at 30 June 2017. Narrations are not required. (5)
Q.3.3 Prepare the intangible asset note to the annual financial statements of Sabr Ltd for the year ended 30 June 2017. Comparative figures are not required. Round all amounts to the nearest rand.
ACBP6211 Accounting
Answer in Detail
Solved by qualified expert
Get Access to This Answer
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.
Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.
Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.
Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.
21 More Pages to Come in This Document. Get access to the complete answer.
MyAssignmenthelp.com is the cheapest assignment help provider in Australia. Despite providing affordable essay assignment help, we never compromise on the quality of delivered papers. Our essay homework help services come with quality and plagiarism guarantee. Hence, students receive premier quality essay help solutions. This makes us one of most reliable yet affordable essay writing companies in Australia. Our popular services include MBA essay writing services, law essay help English essay help, etc.
More ACBP6211 ACBP6211 Accounting: Questions & Answers
Management Accounting
Table of contents Required: Executive Summary, Introduction and Conclusion. I am attaching other contents file attached to this description so you can create those 3 required contents based on the information given. Thanks Executive summary: Your executive summary should be concise. At the minimum, …
View Answer
Corporate Accounting
There was no acquisition of plant and equipment during the year.The tax rate as at 30 June 2018 and 30 June 2019 was 30 per centRequired:a) Calculate the amount of each of ShouldBeMyOwnWork Ltd’s temporary differences, ifany, at 30 June 2018, and state whether it is deductible or taxableb) Wha …
View Answer
Management
1. ‘Classification of liabilities is based on the same principles as the classification of assets.’ Do you agree with this? Why or why not?2. ‘Classification of liabilities as current or non-current is not that important. The mo …
View Answer
Accounting
1. With reference to the above statement describe what you understand by the accounting concepts mentioned and provide examples from your selected annual report. 2. Discuss the problems of tax effect accounting addressed in the above statement in the context of the present AASB / IASB st …
View Answer
Content Removal Request
If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the
content removal request.
Choose Our Best Expert to Help You
Asa Prince
I was a professor of engineering associated with the University of Warwick
460 – Completed Orders
Hire Me
Jaida Patrick
scholar at Michigan State University, acquiring my doctorate degree on Paediatrics.
950 – Completed Orders
Hire Me
R. Baker
MSc with Specialization in Electrical Engineering
2019 – Completed Orders
Hire Me
Still in Two Minds? The Proof is in Numbers!
33845 Genuine Reviews With a Rating of 4.9/5.
Physics
Home Work: 4 Pages, Deadline:
11 days
Excellent customer service! Really helpful!! Wanted assignment done in 8days and they managed to complete it within 1 day! And was a excellent standar …
User ID: 8***25 United Kingdom, Great Britain
Statistics
Programming: 12 Pages, Deadline:
19 days
I passed sucessfully thank you very much for your helpI really appreciate it…Continue doing your good work
User ID: 5***27 United Kingdom, Great Britain
Maths
Course Work: 2 Pages, Deadline:
9 days
This assignment was completed as per instructions. All questions were answered neatly etc.
User ID: 2***50 Kitchener, Canada
Management
Thesis: 7.2 Pages, Deadline:
4 days
I was impressed with the services and hope to use them again, just what I wanted at the right time.
User ID: 8***95 United Kingdom, Great Britain
Marketing
Case Study: 6.4 Pages, Deadline:
2 days
Will wait for the lecturer remarks. I have just submitted the work. I hope it is standard since I am using the service for the first time. Impressed w …
User ID: 6***78 United Kingdom, South Africa
Assignment
Essay: 3 Pages, Deadline:
5 days
I always take help from myassignmenthelp. I have no regrets as every time they provide high quality help and they provide good discounts as well.
User ID: 1***63 Longford, Australia
Operations
Assignment: 3 Pages, Deadline:
8 days
Good job, I am happy with the amazing services and completed work given. Thank you very much for helping me receive a good mark. Will definitely work …
User ID: 2***91 Kuala Lumpur, Malaysia
English
Thesis: 3 Pages, Deadline:
2 days
The most satisfying essay I’ve ever received. It covers all parts that I’ve mentioned at the beginning. Thanks a lot pal
User ID: 3***95 United Kingdom, Great Britain
Biology
Essay: 3 Pages, Deadline:
8 days
Followed the instructions and the assignment was done well before the due date. Thank you
User ID: 7***23 United Kingdom, Canada
Civil Law
Thesis: 2 Pages, Deadline:
4 days
Always get good grades when they do my work. Keep up the good work. I will be telling my friends about it
User ID: 5***99 Raleigh, United States
Management
Assignment: 3 Pages, Deadline:
23 days
Good assignment and good support.It is important to review plagiarism and grammer
User ID: 3***11 Raleigh, Qatar
Finance
Assignment: 1 Page, Deadline:
3 days
This PowerPoint presentation is well-done. It fits well with this finance course and the individual did an excellent job. Thank you so much!
User ID: 8***35 Saint Louis, United States
Marketing
Assignment: 11.2 Pages, Deadline:
5 days
Good job done. The assignment is well written, can get higher grade if can provide more in-depth analysis on the topic
User ID: 8***66 Saint Louis, Hong Kong
Marketing
Home Work: 11 Pages, Deadline:
4 days
Overall well written essay, excellent and complete writing in one day, and the Expert prompt reply on comments
User ID: 8***66 Saint Louis, Hong Kong
HRM
Case Study: 8 Pages, Deadline:
6 days
Thanks for your effort. I appreciate it. I have grated 60, which is enough to pass.
User ID: 8***12 Dublin, Ireland
Finance
Home Work: 4 Pages, Deadline:
7 days
The excel formulas were perfect. But the explanation regarding the recommendation was subpar.
User ID: 5***90 Dublin, United States
Physics
Home Work: 1 Page, Deadline:
2 days
Wonderful as always! Very professional and knowledgeable! I love this experts work and always use them when it comes to Physics.
User ID: 6***06 Atlanta, United States
Healthcare
Assignment: 8 Pages, Deadline:
4 days
Really appreciate this work which help me to get 8.9 out of 10. i would like to express thanks to expert.
User ID: 5***91 Atlanta, Malaysia
Healthcare
Assignment: 12 Pages, Deadline:
7 days
Good work . it was help me lots. i got 6.5 out of 10 which is good score for me.
User ID: 5***91 Atlanta, Malaysia
Assignment
Essay: 5 Pages, Deadline:
3 days
amazing results, received a High grade thank you very much, appreciate the help. Can’t wait to have more assignments so you guys can help me.
User ID: 5***22 Atlanta, Switzerland
Physics
Home Work: 4 Pages, Deadline:
11 days
Excellent customer service! Really helpful!! Wanted assignment done in 8days and they managed to complete it within 1 day! And was a excellent standar …
User ID: 8***25 United Kingdom, Great Britain
Statistics
Programming: 12 Pages, Deadline:
19 days
I passed sucessfully thank you very much for your helpI really appreciate it…Continue doing your good work
User ID: 5***27 United Kingdom, Great Britain
Maths
Course Work: 2 Pages, Deadline:
9 days
This assignment was completed as per instructions. All questions were answered neatly etc.
User ID: 2***50 Kitchener, Canada
Management
Thesis: 7.2 Pages, Deadline:
4 days
I was impressed with the services and hope to use them again, just what I wanted at the right time.
User ID: 8***95 United Kingdom, Great Britain
Marketing
Case Study: 6.4 Pages, Deadline:
2 days
Will wait for the lecturer remarks. I have just submitted the work. I hope it is standard since I am using the service for the first time. Impressed w …
User ID: 6***78 United Kingdom, South Africa
Assignment
Essay: 3 Pages, Deadline:
5 days
I always take help from myassignmenthelp. I have no regrets as every time they provide high quality help and they provide good discounts as well.
User ID: 1***63 Longford, Australia
Operations
Assignment: 3 Pages, Deadline:
8 days
Good job, I am happy with the amazing services and completed work given. Thank you very much for helping me receive a good mark. Will definitely work …
User ID: 2***91 Kuala Lumpur, Malaysia
English
Thesis: 3 Pages, Deadline:
2 days
The most satisfying essay I’ve ever received. It covers all parts that I’ve mentioned at the beginning. Thanks a lot pal
User ID: 3***95 United Kingdom, Great Britain
Biology
Essay: 3 Pages, Deadline:
8 days
Followed the instructions and the assignment was done well before the due date. Thank you
User ID: 7***23 United Kingdom, Canada
Civil Law
Thesis: 2 Pages, Deadline:
4 days
Always get good grades when they do my work. Keep up the good work. I will be telling my friends about it
User ID: 5***99 Raleigh, United States
Management
Assignment: 3 Pages, Deadline:
23 days
Good assignment and good support.It is important to review plagiarism and grammer
User ID: 3***11 Raleigh, Qatar
Finance
Assignment: 1 Page, Deadline:
3 days
This PowerPoint presentation is well-done. It fits well with this finance course and the individual did an excellent job. Thank you so much!
User ID: 8***35 Saint Louis, United States
Marketing
Assignment: 11.2 Pages, Deadline:
5 days
Good job done. The assignment is well written, can get higher grade if can provide more in-depth analysis on the topic
User ID: 8***66 Saint Louis, Hong Kong
Marketing
Home Work: 11 Pages, Deadline:
4 days
Overall well written essay, excellent and complete writing in one day, and the Expert prompt reply on comments
User ID: 8***66 Saint Louis, Hong Kong
HRM
Case Study: 8 Pages, Deadline:
6 days
Thanks for your effort. I appreciate it. I have grated 60, which is enough to pass.
User ID: 8***12 Dublin, Ireland
Finance
Home Work: 4 Pages, Deadline:
7 days
The excel formulas were perfect. But the explanation regarding the recommendation was subpar.
User ID: 5***90 Dublin, United States
Physics
Home Work: 1 Page, Deadline:
2 days
Wonderful as always! Very professional and knowledgeable! I love this experts work and always use them when it comes to Physics.
User ID: 6***06 Atlanta, United States
Healthcare
Assignment: 8 Pages, Deadline:
4 days
Really appreciate this work which help me to get 8.9 out of 10. i would like to express thanks to expert.
User ID: 5***91 Atlanta, Malaysia
Healthcare
Assignment: 12 Pages, Deadline:
7 days
Good work . it was help me lots. i got 6.5 out of 10 which is good score for me.
User ID: 5***91 Atlanta, Malaysia
Assignment
Essay: 5 Pages, Deadline:
3 days
amazing results, received a High grade thank you very much, appreciate the help. Can’t wait to have more assignments so you guys can help me.
User ID: 5***22 Atlanta, Switzerland
