FAC3703 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 7 September 2024
FAC3703 Assignment 1 (ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED Course Specific Financial Reporting (FAC3703) Institution University Of South Africa (Unisa) Book DESCRIPTIVE ACCOUNTING IFRS FO...
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, FAC3701 Assignment 1 (COMPLETE ANSWERS)
Semester 2 2024 - DUE 23 August 2024 ; 100% TRUSTED
Complete, trusted solutions and explanations...
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
delivery vehicles were sold for R320 000. The old delivery
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