Write a report for Muttrah LLC

Write a report for Muttrah LLC - Corporate Finance

Muttrah LLC is engaged in variety of business ventures including the following:

1. Company has constructed and developed a hotel for Al Seeb LLC at the cost of Rials 500,000. Hotel is completed this year and the cost plus 20 % amount will be received by the end this year.

2. Company has a factory which due to a decline in activity is no longer required and is now being held for sale at an expected price of Rials 25,000.

3. Farming land is purchased for its investment potential for Rials 30,000. It is expected that after 4 years this land can be sold for Rials 50,000 but there is no rental income expected during this period.

4. Company has an old building which was constructed 5 years back at the cost of Rials 45,000. Building is leased to one college for Rials 5000 per year under operating lease agreement.

5. Company has constructed and developed a residential complex at the cost of Rials 900,000 two years ago. Complex is still vacant but the company is searching for the tenant.

Required:

You are required to write a report to be submitted to Muttrah LLC to advice them regarding the treatment of the above mentioned properties in their financial statements. You are required to apply IAS 40 Investment Property on the scenarios provided above and recommend the treatment for properties to the company with proper justifications.

Write a report for Muttrah LLC........

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