Exam (elaborations)
Fac2601 Assignment 2 semester 2 2022
- Course
- Institution
Fac260 Assignment 02 Semester 2 2022 Distinction Guranteed Workings and explanation
[Show more]
Seller
Follow
ExpertAcademy
Reviews received
Content preview
- Financial Accounting For Companies Assessment 2QUIZ
, Question 1
Answer saved
Marked out of 2.00
Part A (20 marks)
QUESTIONS 1 - 10 USE THE BELOW
INFORMATION:
The following balances were extracted
from the accounting records of
Stimela Ltd as at 31 December 2022:
Debit/
(Credit)
R
Land at 5 000
cost.............................................................................................. 000
Buildings at
cost....................................................................................... ?
Plant and machinery at cost (1 Jan 4 750
2022)................................................... 000
Furniture and equipment at cost (1 Jan 485
2022)............................................. 000
Accumulated Depreciation
- Plant and machinery (1 Jan
2022).......................................................... ?
- Furniture and equipment (1 Jan (285
2022).................................................... 000)
10% Long-term (1 085
loan.................................................................................. 000)
Trade and other 833
receivables...................................................................... 500
Inventories............................................................................................... ?
Additional information:
1. Inventories
Stimela Ltd had an opening balance of
inventory worth R930 000. During the
current nancial year, purchases worth
R850 000 of inventory were made. The
cost of sales of Lion Ltd relating to sold
inventory amounted to R970 000.
2. The following information regarding
property, plant and equipment is
available:
2.1 Stimela Ltd purchased land on 1
January 2020 for R5 000 000.
Construction of a building on the land
commenced on 1 March 2022 and was
completed on 31 July 2022. The
following direct costs relating to the
erection of the building were incurred:
- Labour R985 000
- Material R2 500 000
The land and buildings were situated in
Johannesburg, plot 100.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExpertAcademy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.84. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now