User Account

All Pages

Discuss the measurement of the building in parit permai

Assignment Help Financial Accounting
Reference no: EM132579808

On 1 January 2016, Sun & Moon Bhd decided to sell a building in Parit Permai. The building was acquired on 1 January 2010 at the costs of RM10,000,000 with an estimated useful life of 20 years. The building was not being used and made vacant since 1 January 2017. However, only on 1 January 2018, Sun & Moon Bhd engaged a property agent to market the building. The fair value of the building as at that date was RM3,100,000. The market conditions indicated a sale within 12 months is highly probable and the price offered is considered reasonable.

Question 1: Describe the classification of the building in Parit Permai based on the relevant Malaysian Financial Reporting Standard.

a) The building is classified as a property, plant and equipment on 1 January 2018. As at that date, the building is not available for immediate sale and the sale is not highly probable.

b) The building is classified as a non-current asset held for sale on 1 January 2016. As at that date, the building is available for immediate sale and the sale is highly probable.

c) The building is classified as a non-current asset held for sale on 1 January 2018. As at that date, the building is available for immediate sale and the sale is highly probable.

d) The building is classified as a non-current asset held for sale on 1 January 2017. As at that date, the building is available for immediate sale and the sale is highly probable.

Question 2: Discuss the measurement of the building in Parit Permai based on the relevant Malaysian Financial Reporting Standard.

a) The building is initially measured at the cost. The building will be revalued based on the fair value on 1 January 2018.

b) The building is initially measured at the cost. On 1 January 2016, the building is measured at the lower of carrying amount and fair value less cost to sell.

c) The building is initially measured at the cost. On 1 January 2018, the building is measured at the lower of carrying amount and fair value less cost to sell.

d) The building is initially measured at the cost. On 1 January 2017, the building is measured at the lower of carrying amount and fair value less cost to sell.

Question 3: Indicate the impairment loss (if any) of the building to be recognized in the Statement of Profit or Loss.

a) RM3,000,000

b) RM3,900,000

c) RM100,000

d) RM2,900,000

Reference no: EM132579808

Questions Cloud

BAMG1207 Principles of Management Assignment : BAMG1207 Principles of Management Assignment Help and Solution - Higher College Of Technology, Oman - Assessment Writing Service
Summarize accounts that will be reported on gdc statement : Summarize the accounts and amounts (excluding cash) that will be reported on GDC's statement of financial position as at December 31, 20X6
Risk management plan is comprised of set of procedures : Risk management plan is comprised of a set of procedures that are brought into execution whenever things go out of proportion in an industry expectedly
Explain the results in terms of time value of money : Create a chart summarizing the details of the investment for both Larry and Beth. Explain the results in terms of time value of money.
Discuss the measurement of the building in parit permai : Discuss the measurement of the building in Parit Permai based on the relevant Malaysian Financial Reporting Standard. Indicate the impairment loss
Describe potential social and cultural influences : Identify at least 10 behaviors in which you engage that are due to conformity or obedience. Strive to identify less obvious examples that will allow.
Illustrate journal entry for the transaction as at december : Illustrate journal entry for the above transaction as at 31 December 2019.Indicate the gain or loss on foreign exchange as at 31 December 2019.
Annual Review-Jim performance issues : Explain how you will address Jim's recent performance issues.
Compute the effects of change in inventory valuation method : Compute the Effects of change in inventory valuation method from FIFO to Weighted Average on the beginning balance of Retained Earnings.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd