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Fac3701 Assigment 1 semester 2 2022
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FAC3701 Assignment 1 semester 2 2022 The Document contains Assignment 1 questions together with solutions Distinction guaranteed
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EXPERT ACADEMY ROAD TO SUCCESSFAC3701
ASSIGNMENT
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FAC3701
ASSIGNMENT 1
SEMESTER 2 - 2022
(689640)
, a) Prepare all the general journal entries to correctly record
the relevant transactions in additional information (4) in
the accounting records of Van Riebeeck Ltd for the year
ended 28 February 2022.
b) Calculate the deferred tax balances in the statement of
financial position of Van Riebeeck Ltd for both the years
ended 28 February 2021 and 28 February 2022, using the
statement of financial position approach, according to
the requirements of IAS 12, Income taxes. Indicate if the
balance is a deferred tax asset or deferred tax liability.
c) Calculate the current tax expense in the statement of
profit or loss and other comprehensive income of Van
Riebeeck Ltd for the year ended 28 February 2022,
according to the requirements of IAS 12, Income taxes.
The movement in temporary differences in the current
tax calculation should be calculated using the statement
of financial position approach.
d) Disclose the income tax expense note, excluding the tax
rate reconciliation, in the notes to the annual financial
statements of Van Riebeeck Ltd for the year ended 28
February 2022, according to the requirements of IAS 12,
Income taxes.
No accounting policy notes are required.
Comparative amounts are not required.
e) Disclose all relevant items relating to the dividends
declared in additional information (5) in the statement
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