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Busi Ngidi is the sole proprietor of Ngidi's Clothing Manufacturers which was renting property in an industrial park. To expand her operations, Ngidi's purchased its own property, demolish the old building, construct a new building and install new equipment.
The following costs were made available Ignore VAT implications: Equipment R Purchase price of equipment 400 000 Cost of transport and installation of equipment 70 000 Fine paid for illegal transport of equipment 10 000
Property R Purchase price of property 840 000 Legal and transfer fees 21 000 Cost of demolishing old building 30 000 Proceeds from sale of old building material 9 000 Architect's and engineers' fees 16 000 Cost of construction of new building 502 000 Problem 1: Determine which one of the following amounts represents the total capitalised cost of the asset, property.
A) R1 400 000B) R1 363 000C) R1 418 000D) R1 379 000 Problem 2: Using the information for Ngidi's Clothing Manufacturers supplied in 1.1.2 above, determine which one of the following amounts represents the total capitalised cost of the asset, equipment. A) R400 000B) R470 000C) R480 000D) R460 000
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