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What will be the total amount capitalised

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Reference no: EM132652415

Foster has built a new factory incurring the following costs:

000

Land                             1,200

Materials                       2,400

Labour                           3,000

Architect's fees                  25

Surveyor's fees                  15

Site overheads                  300

Apportioned administrative overheads   150

Testing of fire alarms                  10

Business rates for first year                  12

                                                     7,112

Question a. What will be the total amount capitalised in respect of the factory?

Question b. List the costs that are not capitalized as assets? State the reasons why they are not capitalized as assets (Hint: refer to the asset definition and recognition)? What are the accounting treatments for those costs?

Reference no: EM132652415

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