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What is classification for deferred development expenditure

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Reference no: EM132577146

TRIAL BALANCE (EXTRACT)

  • DEFERRED DEVELOPMENT EXPENDITURE RM360,000(DEBIT)

SITUATION: EVIDENCE FROM REVALUATION OF THE COMPANY'S INTANGIBLE ASSETS REVEALED THAT RM55,000 OF THE DEFERRED DEVELOPMENT EXPENDITURE WERE IMPAIRED AND NEED TO BE WRITTEN DOWN

QUESTION:-

QUESTION 1: WHAT IS JOURNAL ENTRY FOR THAT SITUATION? AND WHAT AMOUNT TO WRITTEN DOWN?

QUESTION 2: WHAT IS CLASSIFICATION FOR THE DEFERRED DEVELOPMENT EXPENDITURE UNDER STATEMENT FINANCIAL POSITION AND UNDER STATEMENT PROFIT OR LOSS? AND WHAT AMOUNT TO PUT BOTH FINANCIAL STATEMENT?

Reference no: EM132577146

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