FAC2601 UPDATED LATEST 2022
Exam Pack.
PART A
DILATA LTD
NOTES FOR THE YEAR ENDED 30 JUNE 2020
1. Property, plant and equipment
The land and buildings were revalued by an independent sworn appraiser
Calculations
Buildings
Cost at 1 June 2019 = 2 400 000
Accumulated depreciation at 1 June ...
DILATA LTD
NOTES FOR THE YEAR ENDED 30 JUNE 2020
1. Property, plant and equipment
The land and buildings were revalued by an independent sworn appraiser
Calculations
Buildings
Cost at 1 June 2019 = 2 400 000
Accumulated depreciation at 1 June 2019
June 2018 = 2 400 000 x 2% x 6/12 = 24 000
June 2019 = 2 400 000 x 2% = 48 000
Total = 48 000 + 24 000 = 72 000
Additions during the year
Depreciation to be capitalised = 20% x 1 920 000 x 4/12 = 128 000
Total addittions = 150 000 + 450 000 + 128 000 = 728 000
Depreciation for the year
2 400 000 x 2% = 48 000
, 728 000 x 2% x 7/12 = 8 493
Total = 48 000 + 8 493 = 56 493
Machinery and Equipment
Depreciation for the year = 20% x 1 920 000 x 8/12 = 256 000
Vehicles
Cost at 1 June 2019 = 645 715 + 205 715 – 336 000 = 515 430
Disposal = 205 715 – 95 715 – 24 000 =86 000
Depreciation during the year
On disposed vehicle = 20% x R205 715 x 7/12 = 24 000
Remaining vehicles = 20% x (515 430 – 205 715) = 61 943
New vehicle = 20% x 336 000 x 5/12 = 28 000
Total = 24 000+ 61 943 + 28 000 = 113 943
Accumulated depreciation 30 June 2020 = 235 715 + 113 943 - 95 715 – 24 000
PART B
STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2020
Mannenberg Ltd
NOTES FOR THE YEAR ENDED 31 December 2020
2. Investment property
, UNIVERSITY EXAMINATIONS
January/February 2021
FAC2601
FINANCIAL ACCOUNTING FOR COMPANIES
100 Marks
Duration 2 Hours
This paper consists of 8 pages.
Instructions:
Download this paper as soon as it has been accessed.
Remember to complete and adhere to the Honesty Declaration.
Please upload submission in PDF-format, single file not larger than 20Mb before the expiry of the due
time.
THIS PAPER CONSISTS OF EIGHT (8) PAGES
PLEASE NOTE:
1. This paper consists of THREE (3) questions.
2. All questions must be answered.
3. Basic calculations, where applicable, must be shown.
4. Ensure that you are handed the correct examination answer book (blue for accounting) by the
invigilator (only applicable for venue based exams).
5. Each question attempted must be commenced on a new (separate) page.
6. PROPOSED TIMETABLE: (Avoid deviating from this as far as possible.)
Question Time in
No Subject Marks minutes
1 Multiple choice questions 10 12
2 Statement of Financial Position and Statement of Profit or Loss
and other Comprehensive Income with relevant notes 50 60
3 Profit calculation and Statement of Changes in Equity 40 48
TOTAL 100 120
[TURN OVER]
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 LOVELY01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.00. You're not tied to anything after your purchase.
