1.2 Balloon (Pty) Ltd acquired new technology that will revolutionise its current manufacturing process on 31...

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1.2 Balloon (Pty) Ltd acquired new technology that will revolutionise its current manufacturing process on 31 May 2022. The cost of the new technology is as follows: Purchase price of technology R800 000 Discount (5% of purchase price) ??? R10 000 R25 000 R10 000 Testing of the new process Staff training in operating the new process Operating losses while plant stood idle Required: Calculate the initial recognition cost of the intangible asset. Show all calculations. (5) On 1 May 2022, Fox CC sold a gadget to a customer. The advertised selling price of the gadget (including VAT) is R3 450. All customers are provided normal credit terms of 30 days. On 15 May 2022, the customer paid R3 000 to Fox CC in full and final settlement of the amount owed. The settlement amount comprises: VAT of R450 Trade discount of R150 Volume rebate of R100 Prompt settlement discount of R200 . Required: Calculate the revenue that would arise, and that should be recognised, from this transaction. (6) Show all calculations. 1.2 Balloon (Pty) Ltd acquired new technology that will revolutionise its current manufacturing process on 31 May 2022. The cost of the new technology is as follows: Purchase price of technology R800 000 Discount (5% of purchase price) ??? R10 000 R25 000 R10 000 Testing of the new process Staff training in operating the new process Operating losses while plant stood idle Required: Calculate the initial recognition cost of the intangible asset. Show all calculations. (5) On 1 May 2022, Fox CC sold a gadget to a customer. The advertised selling price of the gadget (including VAT) is R3 450. All customers are provided normal credit terms of 30 days. On 15 May 2022, the customer paid R3 000 to Fox CC in full and final settlement of the amount owed. The settlement amount comprises: VAT of R450 Trade discount of R150 Volume rebate of R100 Prompt settlement discount of R200 . Required: Calculate the revenue that would arise, and that should be recognised, from this transaction. (6) Show all calculations.

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