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FAC3701 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 23 August 2024
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FAC3701 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 23 August 2024
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F, AC3701 Assignment 1 (COMPLETE ANSWERS) Semes
ter 2 2024 - DUE 23 August 2024 ; 100% T
RUSTED Complet
TopStyle Ltd is a manufacturer and retailer of smartphone
accessories. TopStyle Ltd was incorporated on 1 July 2021. The
profit before tax for the year ended 30 June 2023 amounted to
R2 800 000, after taking into account the information below: 1.
Administration building The administration building was
acquired on 1 October 2021 at a cost of R1 500 000 and on this
date, it was available for use, as intended by management.
Depreciation on the administration building is written off over
its estimated useful life of 15 years according to the straight-line
method. A residual value of Rnil was allocated to the
administration building. The SA Revenue Service does not allow
a tax allowance on the administration building. No other
administration buildings were acquired or sold during the year.
On 20 December 2021 TopStyle Ltd made a payment of R80 000
to an independent security company, for security services to be
rendered at the administration building for the period from 1
January 2022 to 31 December 2022. The directors of TopStyle
Ltd decided to employ their own full time security staff from 1
January 2023. TopStyle Ltd paid security fees of R30 000 to their
own security staff for the period 1 January 2023 to 30 June
2023. 2. Delivery vehicles The directors of TopStyle Ltd decided
to replace the old delivery vehicles, used to distribute their
smartphone accessories, with hybrid delivery vehicles to
decrease their operating costs. On 1 January 2023 the old
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