Exam (elaborations)
FAC3762 ASSIGNMENT01 SEMESTER 1&2 OF 2021
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aaaaa[Type here] [Type here] [Type here]OVERCOMERS
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2021
FAC3762 ASSIGNMENT01 SEMESTER 1&2 OF 2021
UNIQUE NUMBER:
UNISA
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, Fac3762 Assignment 1 (2021)
(a)
To: Financial Director
From: Student
Subject: Treatment of bank balances
The favourable bank balance of Brick Ltd will be disclosed under
current assets and the overdraft will be disclosed separately under
current liabilities.
Offsetting is allowed if the following criteria are met:
- there is a legally enforceable right to set off the recognised
amount and
- there is intention to settle on a net basis
This means for offsetting to occur:
- the companies should have accounts at the same bank and
- the company with the favoura ble bank balance should
guarantee the overdraft of the other company, or
- the bank itself would offset the amounts against each other in
terms of an agreement between the two companies and the bank.
(b)
BRICK LTD GROUP
Consolidated statement of changes in equity for the year ended
30 June 2020
Share RetainedNon-
capital earningscontrolling
interest
Balance at the beginning of the year 1 500 000 2 118 644 252 367
Total comprehensive income for the year 6 277 750 320 409
Ordinary Dividends paid (496 000) (10 000)
Balance at the end of the year 1 500 000 7 900 394 571 776
1.1 [1 968 974 + 135 870 + 5 650 + 8 150] = 2 118 644
1.2 [6 598 159 - 320 409] = 6 277 750
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