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DFL 365 69,601 3PPE PART A: The following scenario relates to questions 1 & 2. Doctor's Friends Ltd (DFL.) supplies services and equipment to medical doctors. DFL purchased three freehold properties on 1 June 2019. Details of the purchases are as follows: Property Alpha Beta Cee $'ooo $'ooo $'ooo 1,695 Purchase cost: Building 750 Purchase cost: Land 250 60 ? Agent's commission, fees and tax 30 15 15 Administrative costs 1,770 795 260 10 50 years $'ooo Estimated useful life of buildings 50 years 25 years $'ooo $'ooo Fair value at 31 May 2020 1,800 780 280 That is Administrative costs are indirectly attributable costs allocated to each property based on estimated costs of the time spent in finding the properties Alpha and Beta. A Property Alpha is an office building on three floors to be used for administrative'bus purpose. 4013 Property Beta is a flat which has been entirely occupied on a short-term rent by Katy Lam, DFL's senior manager, since the date of purchase on 1 June 2019. Property Cee is a piece of land not currently in use. DFL has been advised that the land could become more valuable if, as expected, the government authority changes its planning policies for the area. Therefore, DFL intends to continue to hold the land for its potential investment value. LP. DFL's accounting policy is to hold the property, plant and equipment under the cost model and investment property under the fair value model. b Required 3. Q1: Discuss the classification and accounting treatment of Properties Alpha, Beta and Cee at the acquisition date and determine the cost to be recognised on 1 June 2014 2019 in accordance with reference to HKFRS. (15 marks) Q2: Prepare an extracts of Properties Alpha, Beta and Cee separately for the year ended 31 May 2020 in the statement of financial position and statement of profit or loss of DFL. (10 marks) SEP. ,31 20w PILI