Answer to Question #153514 in Accounting for nhlaphu

Question

 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.

Questions.

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

Answer 1

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