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On 1 January 2017 Ronda Bhd succeeded in acquiring a licence to operate bus services from Segamat to Kuala Lumpur from the Ministry of Transport, Malaysia. The licence worth RM5,000,000 with a finite useful life of 10 years. On 1 January 2019 due to high demand for such service the Ministry of Transport issued two more licences to other bus operators to operate bus services from Segamat to Kuala Lumpur. As at 1 January 2019, the licence has the present value of estimated future cash flow of RM3,000,000 and fair value less cost to sell of RM2,500,000 respectively. The remaining useful life of the licence was restated to be another 4 years. Financial year end on 31 December every year.
Required:
Problem i. Explain the accounting treatment for the licence for the year ended 31 December 2017.
Problem ii. Compute the impairment loss (if any) for the licence on 1 January 2019.
Problem iii. Prepare journal entries to record the impairment loss on 1 January 2019.
Problem iv. Prepare the extract of Statement of profit or loss for the year ended 31 December 2019 and Statement of financial position on that date. Show necessary workings.
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