Other
Fac2601 assignment 3 semester 2 2023
- Course
- Institution
- Book
Questions and answers
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Seller
Follow
samisonnkovani
Reviews received
Content preview
Brakes LtdSTATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Revenue(8 140 000+176211) 8 316 211
Cost of sales - 4 989 727
Gross profit(40%*8316211) 3 326 484
Other income(76 000+20000(2.5-2)) 86 000
Administrative expenses - 2 077 000
Distribution cost - 26 000
Other operating expenses(890 000-4000+6080-48442+80000) - 923 638
Finance cost - 48 442
Profit before tax 337 404
Income tax expense - 95 000
Profit for the year 242 404
Other comprehensive income for the year
Fair value gain (100000x(6.5-5.5) 100 000
Revaluation (900000-500000) 400 000
Total comprehensive income for the year 742 404
Calculation
1.credit sale
FV =200000 N=1 I=13.5 COMP PV =176211
2.Operating lease
2022 payment (2000 x6)+(6000*6) 48000
2023 payment (4000*12) 48000
2024 payment 48000
2025 payment (800*12) 9600
153600
5% x 153600 maintenance -7680
145920
equalised amount (145920/48) 3040
current year (3040*2) 6080
3.Finance cost
FV =0
PMT =132000
N=4
I=12,1104
COMP PV =400000
Finance cost (400 000X12.1104) =48442
Right of use asset
Deprecioatoin (400000/5) 80000
, Question 2
Still Sands Ltd
Notes to the annual financial statements for the year ended 30 June 2022
2 Property, plant and equipment
Land Buildings Machinery Furniture
R R R R
Carrying amount at 30 June 2021
Cost
accumulated depreciation
Revaluation
Additions
Disposal
Cost
accumulated depreciation
Depreciation
Carrying amount at 30 June 2022
Cost
accumulated depreciation
b) Statement of Financial Position Extract of Still Sands Ltd as at 30 June 2022
ASSETS R
Non-current Assets
Property, plant and equipment
Current Assets
Inventories 925,000
Trade and other receivables 750,000
Investments (3.5 x 20 000 + 2.5 x 12 000) 100,000
Cash and cash equivalents 550,000
Total Assets
Calculations
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 samisonnkovani. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.65. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79202 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now