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FAC3702 Assignment 1 (DETAILED ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED $2.77
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FAC3702 Assignment 1 (DETAILED ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED
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  • DESCRIPTIVE ACCOUNTING IFRS FOCUS

FAC3702 Assignment 1 (DETAILED ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED Answers, guidelines, workings and references .. Question 1 (50 marks - 75 minutes) KassiLam Limited (“KassiLam”) was founded by two Soweto born young entrepreneurs...

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  • September 2, 2024
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FAC3702
Assignment 1 Semester 2 2024
Unique #:
Due Date: 3 September 2024



Detailed solutions, explanations, workings
and references.

+27 81 278 3372

, a. PROPERTY, PLANT, AND EQUIPMENT NOTE FOR KASSILAM LIMITED

Land (R) Plant (R) Machinery (R) Block of Flats (R)
Carrying Amount at 1 January 2023 2,499,000 77,700,000 - 3,890,000
Cost 2,290,000 88,000,000 - 3,750,000
Accumulated Depreciation - (10,300,000) - (140,000)


Additions - 7,500,000 4,447,309 -
Revaluation Surplus/(Deficit) (109,000) - - 230,000
Depreciation - (6,700,000) (105,645) (75,000)
Disposals - - - -


Carrying Amount at 31 December 2023 2,390,000 70,700,000 4,341,664 4,045,000
Gross Carrying Amount 2,390,000 95,500,000 4,447,309 4,120,000
Accumulated Depreciation - (24,800,000) (105,645) (75,000)




CALCULATIONS

1. Land (Limpopo and Eastern Cape)

• Limpopo Land:
o Cost: R1,050,000
o Valuation at 31 Dec 2022: R1,199,000
o Valuation at 31 Dec 2023: R1,140,000
o Revaluation Deficit for 2023: R1,140,000 - R1,199,000 =
(R59,000)
• Eastern Cape Land:
o Cost: R1,240,000
o Valuation at 31 Dec 2022: R1,300,000
o Valuation at 31 Dec 2023: R1,250,000
o Revaluation Deficit for 2023: R1,250,000 - R1,300,000 =
(R50,000)
Total Revaluation Deficit: R59,000 + R50,000 = R109,000



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