FAC3703 - Specific Financial Reporting ASSIGNMENT 2 -SEMESTER 1 OF 2018.
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FAC3703 - Specific Financial Reporting (FAC3703)
Institution
University Of South Africa
FAC3703 - Specific Financial Reporting ASSIGNMENT 2 -SEMESTER 1 OF 2018.
ENZO LTD
NOTES FOR THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE
2017
1. Profit before tax
Profit before tax is shown after taking the following into account:
2017
R
Income
Finance Income (calculation 4) 79 966
...
fac3703 specific financial reporting assignment 2 semes
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University of South Africa
FAC3703 - Specific Financial Reporting (FAC3703)
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FAC3703 ASSIGNMENT 2 – SEMESTER 1 OF
2018
ENZO LTD
NOTES FOR THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE
2017
1. Profit before tax
Profit before tax is shown after taking the following into account:
2017
R
Income
Finance Income (calculation 4) 79 966
Expenses
Finance cost (300 000 ∗ 2 ∗ 9%) 54 000
2. Net Investment in finance leases
2.1. Reconciliation of net investment in finance leases:
2017
R
Opening balance 1 129 727
New leases entered into -
Repayments of Capital (128 048 + 133 166) (261 214)
Effect of lease modification -
Closing Balance 868 513
2.2. Maturity analysis of future finance lease instalments receivable at
reporting date
2018 2019 2020
R R R
Undiscounted lease payments (173 200 ∗ 2) 346 400a 346 400a 346 400b
Unearned Finance Income (58 244)c (34 750)d (10 340)e
Net Investment in the lease 288 156 311 650 336 060
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