Carrying Amount – NBC Institute

FR – Nov 2018 – L2 – SC – Q6a and Q6b – Property, Plant, and Equipment (IAS 16)

Calculate costs of various intangible assets and their carrying amounts as at December 31, 2017.

Question

Intangibles assets by their nature do not exist physically under IAS 38 Intangible assets. The
following information on initial cost of intangibles asset were extracted from the Notes to the
financial statements of Igbo-hood Limited, a film production company on January 1, 2017:

Additional Information:

(i)

(ii) Intangible assets are to be amortised on a straight line basis.

Required:
a. Calculate the costs of the following intangible assets:
i. Market based
ii. Customer related
i. Artistic related
iv. Contract based
v. Technology based

b. Calculate the carrying amounts of the following intangibles assets as at December 31, 2017
i. Quick books and SAGE
ii. Trade marks
iii. Plays
iv. Franchise

Answer

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Tags: Amortization, Carrying Amount, Customer-Related, Intangible Assets, Market-Based, Technology-Based
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)
Series: NOV 2018

FA – May 2023 – L1 – SB – Q6b – Accounting for Property, Plant, and Equipment (IAS 16)

Calculation of gain or loss on disposal and recording the acquisition and disposal of cars in ledger accounts.

Question

The carrying amount of ten cars used by Bayo Limited on January 1, 2017, was N12,000,000 and the accumulated depreciation was N3,200,000. On January 2, 2017, the entity bought a new car costing N2,000,000. The dealer accepted a car owned by the entity in part exchange at a value of N160,000. The car originally cost N1,200,000 and its accumulated depreciation was N1,080,000.

i. Calculate the gain or loss on disposal of the old car. (4 Marks)

ii. Show how the purchase of the new car and the disposal of the old car will be recorded in the ledger accounts of Bayo Limited. (8 Marks)

Answer

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Tags: Asset Disposal, Carrying Amount, Plant and Equipment (PPE), Property
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: MAY 2023

FA – May 2024 – L1 – SA – Q4 – Accounting for Property, Plant, and Equipment (IAS 16)

Calculates the carrying amount of motor vehicles.

Question

A company has several motor cars that are accounted for as non-current assets. As at April 1, Year 2, the cost of the cars was ₦300,000, and the accumulated depreciation was ₦160,000. What is the carrying amount of the motor cars as at April 1, Year 2?

Answer

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Tags: Carrying Amount, Depreciation, Non-current Assets
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: MAY 2024

FR – Nov 2018 – L2 – SC – Q6a and Q6b – Property, Plant, and Equipment (IAS 16)

Calculate costs of various intangible assets and their carrying amounts as at December 31, 2017.

Question

Additional Information:

(i)

(ii) Intangible assets are to be amortised on a straight line basis.

Required:
a. Calculate the costs of the following intangible assets:
i. Market based
ii. Customer related
i. Artistic related
iv. Contract based
v. Technology based

b. Calculate the carrying amounts of the following intangibles assets as at December 31, 2017
i. Quick books and SAGE
ii. Trade marks
iii. Plays
iv. Franchise

Answer

Find Related Questions by Tags, levels, etc.

Tags: Amortization, Carrying Amount, Customer-Related, Intangible Assets, Market-Based, Technology-Based
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)
Series: NOV 2018

FA – May 2023 – L1 – SB – Q6b – Accounting for Property, Plant, and Equipment (IAS 16)

Calculation of gain or loss on disposal and recording the acquisition and disposal of cars in ledger accounts.

Question

i. Calculate the gain or loss on disposal of the old car. (4 Marks)

ii. Show how the purchase of the new car and the disposal of the old car will be recorded in the ledger accounts of Bayo Limited. (8 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Disposal, Carrying Amount, Plant and Equipment (PPE), Property
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: MAY 2023

FA – May 2024 – L1 – SA – Q4 – Accounting for Property, Plant, and Equipment (IAS 16)

Calculates the carrying amount of motor vehicles.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Carrying Amount, Depreciation, Non-current Assets
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: MAY 2024

Question Tag: Carrying Amount

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FR – Nov 2018 – L2 – SC – Q6a and Q6b – Property, Plant, and Equipment (IAS 16)

Calculate costs of various intangible assets and their carrying amounts as at December 31, 2017.

FA – May 2023 – L1 – SB – Q6b – Accounting for Property, Plant, and Equipment (IAS 16)

Calculation of gain or loss on disposal and recording the acquisition and disposal of cars in ledger accounts.

FA – May 2024 – L1 – SA – Q4 – Accounting for Property, Plant, and Equipment (IAS 16)

Calculates the carrying amount of motor vehicles.

FR – Nov 2018 – L2 – SC – Q6a and Q6b – Property, Plant, and Equipment (IAS 16)

Calculate costs of various intangible assets and their carrying amounts as at December 31, 2017.

FA – May 2023 – L1 – SB – Q6b – Accounting for Property, Plant, and Equipment (IAS 16)

Calculation of gain or loss on disposal and recording the acquisition and disposal of cars in ledger accounts.

FA – May 2024 – L1 – SA – Q4 – Accounting for Property, Plant, and Equipment (IAS 16)

Calculates the carrying amount of motor vehicles.

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FR – Nov 2018 – L2 – SC – Q6a and Q6b – Property, Plant, and Equipment (IAS 16)

Calculate costs of various intangible assets and their carrying amounts as at December 31, 2017.

You're reporting an error for "FR – Nov 2018 – L2 – SC – Q6a and Q6b – Property, Plant, and Equipment (IAS 16)"

FA – May 2023 – L1 – SB – Q6b – Accounting for Property, Plant, and Equipment (IAS 16)

Calculation of gain or loss on disposal and recording the acquisition and disposal of cars in ledger accounts.

You're reporting an error for "FA – May 2023 – L1 – SB – Q6b – Accounting for Property, Plant, and Equipment (IAS 16)"

FA – May 2024 – L1 – SA – Q4 – Accounting for Property, Plant, and Equipment (IAS 16)

Calculates the carrying amount of motor vehicles.

You're reporting an error for "FA – May 2024 – L1 – SA – Q4 – Accounting for Property, Plant, and Equipment (IAS 16)"

FR – Nov 2018 – L2 – SC – Q6a and Q6b – Property, Plant, and Equipment (IAS 16)

Calculate costs of various intangible assets and their carrying amounts as at December 31, 2017.

You're reporting an error for "FR – Nov 2018 – L2 – SC – Q6a and Q6b – Property, Plant, and Equipment (IAS 16)"

FA – May 2023 – L1 – SB – Q6b – Accounting for Property, Plant, and Equipment (IAS 16)

Calculation of gain or loss on disposal and recording the acquisition and disposal of cars in ledger accounts.

You're reporting an error for "FA – May 2023 – L1 – SB – Q6b – Accounting for Property, Plant, and Equipment (IAS 16)"

FA – May 2024 – L1 – SA – Q4 – Accounting for Property, Plant, and Equipment (IAS 16)

Calculates the carrying amount of motor vehicles.

You're reporting an error for "FA – May 2024 – L1 – SA – Q4 – Accounting for Property, Plant, and Equipment (IAS 16)"

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