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Recognise all the transactions as journal in accounting

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Reference no: EM132791393

BB (Pty) Ltd is a company in the Capricorn district. The company is in the business of manufacturing clothes. The company has a financial reporting period of 28 February. Currently the company is preparing the financial statements for the period ending 28 February 2019.
Below are independent scenarios which do not affect each other.

  • On 1 April 2015, BB (Pty) Ltd acquired a label (trademark) to use for its clothing. The label is a renowned to use for its clothing. The label is renowned internationally. The cost of label was R875 000. The estimated useful life of the trademark is 10 years. On 1 March 2017, it was estimated that the remaining useful life is 6 years. On 28 February 2019, it was determined that the recoverable amount of the trademark is R250 000 and the remaining useful life remained unchanged.

REQUIRED

Problem 1: Recognise the all the transactions above as journal in the accounting records of BB (Pty) Ltd which relate to the trademark

Reference no: EM132791393

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