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MGT401 Financial Accounting II Assignment No 01 Spring 2019 Solution & Discussion Due Date: 24-05-2019

MGT401 Financial Accounting II Assignment No 01 Spring 2019 Solution & Discussion Due Date: 24-05-2019

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Replies to This Discussion

Thank you very much sir its a tough subject i need your guidance

confusion confusion confusion, Bilal sab finally what you should suggest. Kindly reply i am waiting for your positive & kind response

According to IAS 16 the components of cost include

Purchase price, less trade discount or rebate

Import duties

Other non-refundable taxes

Cost of site preparation

Initial delivery and handling costs

Installation costs

Testing

Professional fees (architects, engineers)

Administration and other costs (incurred on the construction / development of the assets)

Borrowing costs

 The following costs will not be part of the cost of property, plant and equipment unless they can be attributed directly to the asset’s acquisition, or bringing it into its working condition.

Administration and other general overhead costs

Start-up and similar pre-production costs

Initial operating losses before the asset reaches planned performance

According to IAS 16 Advertising and sales promotion cost cannot be capitalized

Question no 1

1500000-200000+20000+100000=Rs.1420000 to be capitalized

Sir thanks a lot and what about second only 1million spenton legal cost copyright will captalized?

Question no 2

only 10 million will be capitalized because it is the legal cost of acquiring the copyright as per fourth schedule of companies ordinance 1984

Question no 2

According to IAS 38 advertising cost is charged to profit and loss Account as incurred

Bilal Sab thank you very much

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