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2015年ACCA考试《F3财务会计》辅导资料<14>

来源：高顿网校 2015-04-15

　　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.

　　9.2 Accounting treatment of depreciation: - a mechanism to reflect the cost of using a non-current asset

　　(i)Depreciation is charged as an expense in the profit and loss account

　　(ii)The corresponding credit is accumulated in the provision for depreciation account in the balance sheet to offset against the original cost of the fixed assets.

　　●Method of depreciation:

　　Straight-line method

　　The depreciable amount is spread evenly across the useful life of the fixed asset, resulting in same amount of depreciation charged every year.

　　Depreciation charge = Cost of asset minus residual value

　　Expected useful life of the asset

　　Residual value: the estimated disposal value of the asset at the end of its useful life.

　　Example:

　　A non-current asset costing $60,000 has an estimated life of five years and a residual life of $7,000.The annual depreciation charge using the straight line method would be calculated as follows:

　　$( 60,000 – 7,000)= $10,600 per annum

　　5 years

　　The net book value of the fixed assets would reduce each year as follows:

　　After 1 year　after 2 years　after 3 years　after 4 years　after 5 years

　　$　　　　　　 $ 　　　　　　$　　　　　　　 $ 　　　　　　$

　　Cost　　　　 60,000　　　 60,000　　　　60,000　　　　 60,000　　　　 60,000

　　Accumulated　10,600　　　 21,200　　　　31,800　　　　 42,400　　　　53,000

　　Depreciation

　　Net book value 49,400 　 38,800　　　　28,200　　　　 17,600　　　 7,000 (estimated residual value)

　　Reducing balance method

　　A fixed depreciation rate ( percentage)is applied to the fixed asset’s net book value( cost less accumulated depreciation)every year.Since net book value diminishes yearly, the depreciation charge falls every year.

　　Depreciation charge = X% x net book value

　　Net book value = Cost of an asset – accumulated depreciation

　　Asset bought/sold in the period:

　　- full year’s depreciation in the year of acquisition and none in the year of disposal

　　- monthly or pro rata，based on the exact number of months that the assets has been owned.

　　Exercise 1 :

　　Hopkins who makes up accounts to 31 December, buys a car on 1 January 20x1 for $5,000. The depreciation policy is 20% pa(每年), using the reducing balance method. What is the depreciation charge for each of the first five years?

　　Year 　20%on　　　　　 Depreciation　 Accumulated　　 Net book

　　net book value　　 charge　　　　 Dep.　　　　　 value

　　20x1 　　20% of $5,000　　 $1,000　　　 $1,000　　　　 $4,000

　　20x2　　 20% of $4,000　　　 800　　　　 1,800　　　　 3,200

　　20x3　　 20% of $3,200　　　 640　　　　 2,440　　　　 2,560

　　20x4　　 20% of $2,560　　　 512　　　　 2,952　　　　 2,048

　　20x5　　 20% of $2,048　　　 410　　　　 3,362　　　　 1,638

　　20x6　　 20% of $1,638　　　 328　　　　 3,690　　　　 1,310

　　Exercise 2:

　　The following information relates to B & S, a car repair business:

　　Machine 1　　　　　　 Machine 2

　　Cost　　　　　 $12,000　　　　　　　$8,000

　　Purchase date　1 August 20x5　　　　1 October 20x6

　　Depreciation　 20% straight line　 10% reducing balance

　　Method　　　　 pro-rata　　　　　　 pro- rata

　　What is the depreciation charge for years ended 31 December 20x5 and 31 December 20x6?

　　20x5 　　　　　　20x6

　　$　　　　　　　 $

　　A.　　 2,400　　　　　 2,600

　　B.　　 1,000 　　　　　2,600

　　C.　　 2,400　　　　　 3,200

　　D.　　 1,000　　　　　 3,200

　　Solution:

　　- for machine 1:

　　20x5: 20% x 12,000 x 5/12 = 1,000

　　20x6: 20% x 12,000= 2,400

　　- for machine 2:

　　20x6: 10% x 8,000 x 3/12=200

　　Total depreciation: 20x5: 1,000

　　20x6: 2,400 + 200 = 2,600

　　Answer: B

　　●Accounting for depreciation: - whichever method is used to calculate depreciation, the accounting remains the same:

　　Journal entry is:

　　Dr. Depreciation

　　Cr. Accumulated Depreciation ( provision for depreciation)

　　Accumulated depreciation account is cumulative, i.e. reflects all depreciations to date.

　　Cost　　　　　　　　　　　　X

　　Accumulative Depreciation (X)

　　NBV　　　　　　　　　　　　 X

　　●Consistency and subjectivity when accounting for depreciation:

　　- The following are all based on estimates made by the management of a business:

　　Depreciation method

　　Residual value

　　Useful life

　　- Different estimates would result in varying levels of depreciation, and

　　consequently, profits.

　　- It can be argued that these subjective areas could therefore result in manipulation of the accounts by management.

　　- In order to reduce the scope for such manipulation and increase consistency of treatment, IAS 16 Property, Plant and Equipment requires the following:

　　depreciation method should be reviewed at each year end and changed if the method used no longer reflects the pattern of the use of the asset.

　　residual value and useful life should be reviewed at each year end and changed if expectations differ from previous estimates.

　　Ex 3. A purchased a non-current asset for $100,000 on 1 January 20x2 and started depreciating it over 5 years. Residual value was taken as $10,000.

　　At 1 January 20x3, a review of asset lives was undertaken and the remaining useful life was estimated at 8 years. Residual value was estimated nil.

　　Calculate the depreciation charge for the year ended 31 December 20x3 and subsequent years.

　　Solution:

　　Initial depreciation charge (100,000-10,000)/5 = 18,000

　　NBV at date of charge: 100,000-18,000 = 82,000

　　New depreciation charge: 82,000/8 = 10,250

　　9.3 Disposal of fixed assets

　　●Profit or loss on disposal

　　- Proceeds (Selling price- cash or part disposal allowance)

　　Proceeds > NBV at disposal date Profit

　　- Proceeds < NBV at disposal date Loss

　　- Proceeds = NBV at disposal date Neither

　　●Disposal for cash consideration

　　Step 1. Remove the original cost of the non-current asset from the “non-current asset” account.

　　Dr. Disposal

　　Cr. Non-current asset original cost non-current asset

　　Step 2. Remove accumulated depreciation on the non-current asset from the “accumulated depreciation” account.

　　Dr. Accumulated depreciation X

　　Cr. Disposals X

　　Step 3. Record the cash proceeds

　　Dr. Cash proceeds

　　Cr. Disposal

　　●Disposal through a part exchange agreement

　　- it arises where an old asset is provided in part payment for a new one, the balance of the new asset being paid in cash.

　　- The procedure to record the transaction is very similar to the three-step process seen for a cash disposal.

　　- But there is the fourth step:

　　Step 1. Remove the original cost of the non-current asset from the “non-current asset” account.

　　Dr. Disposal X

　　Cr. Non-current asset original cost non-current asset X

　　Step 2. Remove the accumulated depreciation on the non-current asset from the “accumulated depreciation” account.

　　Dr. accumulated depreciation X

　　Cr. Disposals X

　　Step 3. Record the part exchange allowance (PEA) as proceeds

　　Dr. non-current asset (= part of the new asset) PEA

　　Cr. Disposal (= sale proceeds of the old assets) PEA

　　Step 4. Record the cash paid for the new asset

　　Dr. non-current asset cash

　　Cr. Cash

　　Again, the balance on the T account is the profit or loss on disposal.

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