Corporate Reporting (ACC2CRE)<\/p>\n
Case Study (5 Marks)
\nImpairment of Assets
\nGroup Assignment
\nGroup Members (Max 4)<\/p>\n
1. The assignment is a compulsory group assignment and is worth 5% of the total marks of the subject.
\n2. The group should be comprised of four (4) students. It is the responsibility of students to form the groups. Only one copy of the group assignment must be submitted on behalf of the group by one of the group members. Students must make sure that the completed Assignment Declaration form is attached including students\u00e2\u20ac\u2122 details (students\u00e2\u20ac\u2122 names and IDs) with the assignment.
\n3. You must keep a copy of your assignment (in hard copy form) until you receive the marked original back. If your assignment is lost and you fail to provide us with a copy of the assignment when requested, we will assume the assignment was not written and the penalties for late assignment will be applied.
\n4. The assignment must be presented in a professional manner (word processed).
\n5. Submissions must be properly referenced (refer to the University Style Guide).
\n6. Plagiarism is a serious matter; all students involved will be referred to the University\u00e2\u20ac\u2122s appropriate authority.
\n7. Late submission will incur a penalty of one mark per day including the weekend. Late submission must be lodged with Course Coordinator only.
\n8. Application for extensions must be lodged with the Course Coordinator before due date in writing for granting an extension (medical problems etc.).
\n9. Assignment must be submitted through the LMS.
\nNote 1: Word limit for the Question is 500.<\/p>\n
\u00e2\u20ac\u0192<\/p>\n
Spear Ltd reported the following information in its statement of financial position at 30 June 2016:<\/p>\n
Plant $650 000
\nAccumulated depreciation \u00e2\u20ac\u201c plant (150 000)
\nIntangible assets 300 000
\nAccumulated amortisation (100 000)
\nLand 300 000
\nTotal non-current assets 1 000 000
\nCash 50 000
\nInventories 180 000
\nTotal current assets 230 000
\nTotal assets $1 230 000
\nLiabilities 150 000
\nNet assets $1 080 000<\/p>\n
At 30 June 2016, Spear Ltd analysed the internal and external sources of information that would indicate deterioration in the worth of its assets. It determined that there were indications of impairment.<\/p>\n
Spear Ltd calculated the recoverable amount of the assets to be $980 000.<\/p>\n
Required<\/p>\n
1. Calculate impairment loss;
\n2. Determine net carrying amount;
\n3. Provide the journal entry for any impairment loss at 30 June 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"
Corporate Reporting (ACC2CRE) Case Study (5 Marks) Impairment of Assets Group Assignment Group Members (Max 4) 1. The assignment is a compulsory group assignment and is worth 5% of the total marks of the subject. 2. The group should be Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-237609","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/237609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=237609"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/237609\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=237609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=237609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=237609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}