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Journal entryIntermediateVariant — group VG.IAS38.000302Published

Question · Cost of a separately acquired intangible asset

The Medisol clinic pays 95,000 in cash for imported medical imaging software, together with 1,900 of import duties that it will not be able to recover. A consultant, who charges 3,100 payable the following month, checks that the images display correctly before first use. Record the acquisition.

Software price (paid in cash)
95,000
Non-refundable import duties (paid in cash)
1,900
Testing fees (payable)
3,100
Your answer
  1. Line 1

    Account Intangible assets — imaging software

  2. Line 2

    Account Cash — price and duties paid

  3. Line 3

    Account Payable to the consultant

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