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FAC3701 Assignment 1 Semester 1 due 1 April 2024 $2.71   Add to cart

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FAC3701 Assignment 1 Semester 1 due 1 April 2024

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FAC3701 Assignment 1 (WRITTEN) Semester 1 2024 - DUE 1 April 2024 ... 100 % TRUSTED workings, explanations and solutions. For assistance call or W.h.a.t.s.a.p.p us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 .

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  • March 12, 2024
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FAC3701
ASSIGNMENT 1 SEMESTER 1 2024

, FAC3701/101/1/2024


ASSESSMENT 01 (First semester) (30 marks)

WRITTEN ASSESSMENT
Ndlovu Jam Ltd is a company specializing in the manufacturing of various types of
jams and sauces.
The following is an extract of Ndlovu Jam Ltd’s trial balance for the year
ended 31 December 2023:
Notes Debit Credit
R R
Administration building – cost 1.1 1 500 000
Delivery vehicles – cost 1.2 1 150 000
Administration building – accumulated depreciation 1.1 150 000
Delivery vehicles – accumulated depreciation 1.2 330 000
Trade receivables 2 115 000
Profit before tax 3 962 000

Additional information
1. Property, plant and equipment
1.1 Administration building
Ndlovu Jam Ltd acquired an administration building at a cost of R1500 000 on
1 January 2022. On this date the administration building was available for use as
intended by management. The administration building has a residual value of Rnil
and is depreciated over 20 years according to the straight-line method. The
SA Revenue Service does not allow a capital allowance on the administration
building.

1.2 Delivery vehicles

On 1 January 2023 Ndlovu Jam Ltd purchased a new delivery vehicle for
R650 000. The delivery vehicle was available for use, as intended by management,
and brought into use on this date.
Ndlovu Jam Ltd sold a delivery vehicle for R550 000 at year end on
31 December 2023. The delivery vehicle was originally acquired on
1 January 2022 at a cost price of R500 000. The delivery vehicle was available for
use, as intended by management, and brought into use on this date. On the date
the delivery vehicle was sold, the accumulated depreciation amounted to
R200 000. Only the following journal entry was recorded for the sale of the delivery
vehicle in the accounting records of Ndlovu Jam Ltd for the year ended
31 December 2023:
Dr Cr
R R
Bank (SFP) 550 000
Sale of delivery vehicle (P/L) 550 000
Recording of sale of delivery vehicle


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