Finance and Accounting Question Answer 2022

Running head: FINANCE AND ACCOUNTING
Finance and Accounting
Name of the Student
Name of the University
Author Note

1
FINANCE AND ACCOUNTING
Table of Contents
Answer to Question 1...................................................................................................................2
Answer to Question 2...................................................................................................................2
Answer to Question 3...................................................................................................................2
Answer to Question 4...................................................................................................................3
Bibliography.................................................................................................................................4

2
FINANCE AND ACCOUNTING
Answer to Question 1
a.
Particulars Amount
Carrying Value of
Buildings
$
500,000
Carrying Value of
Equipment
$
300,000
Inventory $
25,000
Land $
250,000
Receivables $
150,000
Total carrying amount $
1,225,000
Less: Value in Use $
515,000
Total Impairment Loss $
710,000
b.
Assets Carrying Amount Proportio Loss Adjusted

3
FINANCE AND ACCOUNTING
n allocated Carrying amount
Buildings $
500,000
0.41 $
289,795.
92
$
210,204.08
Equipment $
300,000
0.24 $
173,877.
55
$
126,122.45
Inventory $
25,000
0.02 $
14,489.8
0
$
10,510.20
Land $
250,000
0.20 $
144,897.
96
$
105,102.04
Receivables $
150,000
0.12 $
86,938.7
8
$
63,061.22
Totals $
1,225,000
$
1
$
710,000
$
515,000.00
c.
Date Details Debit Credit
30.6.2020 Loss on Impairment $