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  5. FAC2601 - Financial Accounting And Reporting

Exam (elaborations)

fac2601 assesssment 3 expected solutions due 11 October 2023 10pm
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  • Course
  • FAC2601 - Financial Accounting And Reporting
  • Institution
  • University Of South Africa (Unisa)

This document contains fac2601 assesssment 3 expected solutions due 11 October2023 10pm. using it as a guide will help you structure your solutiion correctly

Last document update: 1 year ago

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Document information

  • May 17, 2023
  • October 11, 2023
  • 6
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fac2601
  • fac2601 assesssment 3 due 17 june 2023 10pm

Written for

  • University of South Africa (Unisa)
  • FAC2601 - Financial Accounting And Reporting
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statement of profit or loss and other
comprehensive income of Impala Ltd for
the financial year ended 28 February
2022




statement of profit or loss and other comprehensive
income of Brakes Ltd for the financial year ended 28 February 2022




Revenue(8140000+200000-0.135*200000) 8,313,000.00
Cost of sales -4,987,800.00
Gross profit 3,325,200.00
Other operating income 76,000.00
Distribution costs -26,000.00
Administrative expenses -2,077,000.00
Other operating expense(890000-
-964,000.00
6000+80000)
Finance costs -48,442.00
Profit before tax 285,758.00
Income tax expense -95,000.00
Profit for the year 190,758.00

, Other comprehensive income for the year
Fair value adjustment on financial assets
at fair value through other comprehensive
Income
Revaluation Surplus(900000-500000) 400,000.00
Total comprehensive income for the year 590,758.00



Workings

Operating Lease
Lease payments first 6 months(6*2000) 12,000.00
Lease paymentssecond 6 months(6*3000) 18,000.00
First year lease payments 30,000.00
Lease payments for the last 2 years(4000*24) 96,000.00
126,000.00
Equalised lease payments per month
3,500.00
(126000/36)
equalised Lease payments for the
42,000.00
year(3500*12)
Lease payments made (4000*12) 48,000.00
Prepaid lease payments 6,000.00



Right of use asset
PMT 132,000.00
1/yr 12.1104
P/yr 1
*P/yr 4
PV 400,000.00

Interest @
Amortisation Schedule Pmt Principal Closing balance
12.1104%
2021 400,000.00
2022 132000 83,558.40 48,441.60 316,441.60
2023 132000 93,677.66 38,322.34 222,763.94
2024 132000 105,022.40 26,977.60 117,741.55

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