Financial Accounting

NON-CURRENT ASSETS DISCLOSURE On the 31 December 20.3 the following Balances, amongst others, appeared in the accounting records of Bruno Traders. NS Land and Buildings 500 000 Accumulated depreciation: buildings (31 December 20.3) 4 000 Furniture at cost 100 000 Accumulated Depreciation: Furniture (31 December 20.3) 40 000 Vehicles at cost 250 000 Accumulated depreciation: Vehicles (31 December 20.3) 80 000 Brand names 31/12/20.3 200 000 Accumulated amortisation 13/12/20.3 16 000 Accumulated depreciation: Brand Names (31 December 20.3) 40 000 Financial Assets as at 31/12/20.3 60 000 Goodwill 31/12/20.3 800 000 Accumulated amortisation 64 000 Additional information 1. Depreciation is written off on buildings at 2% per year on cost, on furniture at 10% per year on cost, and on vehicles at 20% year on the carrying amount. 2. Land and buildings were purchased on 1 January 20.2 for N$ 500 000 and the buildings are situated on erf 2020, Ferndale. The value of the buildings on date of purchase was N$200 000. 3. On 31 March 20.4 furniture costing N$22 800 and with accumulated depreciation of N$12 000 as at 31 December 20.3, was sold for N$ 6 840 4 . On 30 September 20.4 a new vehicle was purchased for N$ 45 600. 5. Financial assets were re-measured at N$ 70 000 during the year. 6. Goodwill has a lifespan of 25 years 7. Intangible assets are initially recognised at cost price and are stated cost less accumulated amortisation. All intangible assets have a lifespan of 25 years. Required: Prepare the extracted statement of financial position as at 31 December 20.4 for non-current assets as at 31 December 20.4 and also disclose the notes for non-current assets to comply with the requirements of LAS 1 and IFRS and the Companies Act 73 of 2008