Get 20% Off + $20 Signup Bonus ! Limited Time, Hurry !
Get 20% Off + $20 Signup Bonus ! Limited Time, Hurry !
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
loader
Add File

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Stuck on Your Question?

Get 24x7 live help from our Top Tutors. All subjects covered.

loader
250 words

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Students Who Viewed This Also Studied

3 Pages
Nursing assignment

The health issue or case study my assessment task is addressing – placed in bold font and centred. It is important to do this, as it informs the reader (assessor) of your topic and focus – ...

Type

Thesis

Subject

7 Pages
Business research project

The project is concerned with the preparation of a research project to gain hands on experience of the application of marketing research into practice. Students will have collect data based on researc ...

Type

Dissertation

Subject

5 Pages
Electrical lab report

A tra*sdu**r is x d*viee that cha*ges th* fufin *f a mes.$l:rand {th* quantity t* b* m*asxr*d) iat* an ele*trica"i *hang*. In this lvay t*firp*rature, dirpfae*ment* pr*u*ur*, srr*.i:t humitiity ete ...

Type

Thesis

Subject

4 Pages
Business Management

You are a newly appointed manager for a ‘Fast Food Restaurant Chain’ which is located in Dubai, UAE. 1. As a manager, how might you search for innovation opportunities existing in Dubai?2. ...

Type

Essays

Subject

Accounting

Question

Answered

 

Wonderful Shoes Ltd is the holding company of Pretty Shoes Ltd (PSL) and Smart Shoes Ltd (SSL).  At the recent board meeting on 30 June 2014, the management decided to dispose of the entire operation of PSL as a going concern to an independent third party.  The assets of PSL at 31 December 2014 as presented in the consolidated financial statements are as follows:

 

                                                                                                                                    $000

Goodwill                                                                                                                     4,800

Intangible assets                                                                                              25,000

Property, plant and equipment                                                            96,600

Investment properties                                                                         33,200

Inventories                                                                                                      13,000

Accounts receivables                                                                          12,000

Bank overdraft                                                                                                (4,000)

                                                                                                                                    180,600

 

The management estimates that the intangible assets had a fair value of 27,500,000 and the accounts receivable is 80% recoverable.

 

Taking into consideration the range of price offered by the potential buyer, the management also estimates that the fair value less costs to sell the group of assets of PSL amounts to $170,000,000.

 

Required:

 

With reference to HKFRS 5 Non-current assets held for sale and discontinued operations:

 

a.       Explain and calculate the impairment loss to be made to each of the assets of PSL upon classification of disposal group as held for sale.  (7 marks).

 

b.      Based on your calculations in part (a), prepare journal entries with narrative to record the adjustment to individual asset account.  (5 marks)

 

c.       Show how the assets and liabilities associated with the retailing business will appear in the statement of financial position as at 31 December 2014.  (3 marks)

 

d.      If the sale of PSL is sold on 1 December 2014, explain how the operating results of PSL should be presented in the statement of profit or loss for the year ended 31 December 2014.  (5 marks)

 

 

e.       Discuss whether separate disclosure of ‘Non-current assets held for sale’ information is useful for investors’ decision-making.  (5 marks)

Accounting

Answer in Detail

Solved by qualified expert

Get Access to This Answer

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

52 More Pages to Come in This Document. Get access to the complete answer.

MyAssignmenthelp.com boasts highly qualified and experienced coursework experts who know the art of writing best quality coursework assignments on any given topic. With a decade experience in this industry, we have become one of the most recognized coursework help services providers in USA. Our coursework writing services include essay writing help, dissertation writing services, term paper writing help, case study help, etc. Our experts are well acquainted with all types of coursework assignments and help students with writing any type of coursework assignment effortless. This is why numerous students prefer to buy coursework online from us.

More Accounting: Questions & Answers

Q

Nursing assignment

The health issue or case study my assessment task is addressing – placed in bold font and centred. It is important to do this, as it informs the reader (assessor) of your topic and focus – never leave them to guess. Explain ...

View Answer
Q

Business research project

The project is concerned with the preparation of a research project to gain hands on experience of the application of marketing research into practice. Students will have collect data based on research questions relating to a specific research topic. Each student will be responsible for analyzing th ...

View Answer
Q

Electrical lab report

A tra*sdu**r is x d*viee that cha*ges th* fufin *f a mes.$l:rand {th* quantity t* b* m*asxr*d) iat* an ele*trica"i *hang*. In this lvay t*firp*rature, dirpfae*ment* pr*u*ur*, srr*.i:t humitiity ete ean all be r$essured *l**trirally. *his all*ws ail ttre advautagcs *f cl*elri**l praeessing and tra ...

View Answer
Q

Business Management

You are a newly appointed manager for a ‘Fast Food Restaurant Chain’ which is located in Dubai, UAE. 1. As a manager, how might you search for innovation opportunities existing in Dubai?2. Evaluate the set of entrepreneurial skills required to your business.3. Determine the challenges an ...

View Answer

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the content removal request.

Choose Our Best Expert to Help You

5% Cashback

On APP - grab it while it lasts!

Download app now (or) Scan the QR code

*Offer eligible for first 3 orders ordered through app!

screener
ribbon
callback request mobile
Have any Query?