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Session 9 Non-current assets

Main contents:

1.Basic concepts of non-current assets

2.Depreciation of non-current asset

3.Disposal of non-current asset

4.Revaluation of non-current asset

9.1 Non-current assets

Non-current assets are distinguished from current assets by the following characteristics: they are

- Long-term in nature

- Not normally acquired for resale

- Could be tangible or intangible

- Used to generate income directly or indirectly for a business

- Not normally liquid assets (i.e.not easily and quickly converted into cash without a significant loss in value.)

●Capital and revenue expenditure

Capital expenditure:

- Expenditure on the acquisition of non-current assets required for use in the business, not for resale.

- Expenditure on existing NCA aimed at increasing their earning capacity.

- Long-term in nature: the business intends to receive the benefits of the expenditure over a long period of time.

Revenue expenditure:

- Expenditure on current assets

- Expenditure relating to running the business ( such as administration costs.)

- Expenditure on maintaining the earning capacity of NCA e.g.repairs and renewals.

●Non-current registers

A record of the NCA held by a business.These form part of the internal control system of an organization.

Details held may include:

- Cost

- Date of purchase

- Description of asset

- Serial/reference number

- Location of asset

- Depreciation method

- Expected useful life

- Net book value

●Acquisition of a non-current asset

Initial cost:

- The cost of a NCA is any amount incurred to acquire the asset and bring it into

working condition.

- All non-current assets must initially recognized at cost.

Cost = purchase price

- Trade discount

- Rebates

+ Direct cost (Delivery cost, Legal)

Delivery cost is the cost that bringing it into working condition for

Its intended use

Initial costs excludes: admin costs

General overheads

Abnormal costs

Any costs incurred after asset is ready for use

e.g.Excludes: revenue expenditure such as

●Repairs

●Renewals

●Repainting

Subsequent expenditure:

Can only be recorded as part of the cost (or capitalized), if it enhances the benefits of the asset, i.e.increases the revenues capable of being generated by the asset.

The correct entry to record the double entry is:

Dr.Non-current asset

Cr.Cash/ Bank/ Payables

A separate cost account should be kept for each category of non-current asset, e.g.motor cars, fixture and fittings

Example:

Bilbo Baggins started a business providing limousine taxi services on 1 January 20x5.In the year to 31 December he incurred the following costs:

$

Office premises 250,000

Legal fees associated with purchase of office 10,000

Cost of materials and labour to paint office in 300

Bilbo’s favourite colour, purple

Mercedez E series estate cars 116,000

Number plates for cars 　210

Delivery charge for cars 180

Road licence fee for cars 480

Drivers’ wages for first year of operation 　60,000

Blank taxi receipts printed with Bilbo 　450

Baggin’s business name and number

What amounts should be capitalized as “ Land and buildings” and “ Motor vehicles”?

Land and 　Motor

Buildings Vehicles

$ 　$

A. 260,000 116,390

B. 250,000 116,870

C. 250,300 116,390

D. 260,300 116,870

Solution:

The correct answer is A

Land and buildings

$

Office premises 250,000

Legal fees 10,000

260,000

●The cost of the purple paint does not form part of the cost of the office and so should not be capitalized.Instead it should be taken to the income statement as a revenue expense.

Motor vehicles

$

3 Mercedes E series 116,000

Number plates 210

Delivery charges 180

116,390

- The number plates are one-off charges which form part of the purchase price of any car.

- The road licence fee, drivers’ wages and receipts are ongoing expenses, incurred every year.They cannot be capitalized, but should be taken to the income statement as expenses.

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