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...
All for this textbook (81)
Written for
University of South Africa
FAC3702
All documents for this subject (20)
Seller
Follow
tabbymwesh59
Reviews received
Content preview
[Type the company name]
FAC3702 Assignment 1
(COMPLETE ANSWERS)
Semester 2 2024 - DUE 3
September 2024
tabbymwesh59@gmail.com
Course
Distinctive Financial Reporting (FAC3702)
Institution
University Of South Africa (Unisa)
Book
DESCRIPTIVE ACCOUNTING IFRS FOCUS
FAC3702 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 3
September 2024 ; 100% TRUSTED Complete, trusted solutions and
explanations.
Question 1 (50 marks - 75 minutes) KassiLam Limited (“KassiLam”) was
founded by two Soweto born young entrepreneurs while they were in Varsity.
KassiLam specialises in WIFI installation in the townships and have expanded
to the villages. KassiLam makes money from contracts with the government
through competitive bidding. KassiLam has a 31 December year end and
prepares the financial statement in accordance with the International Financial
Reporting standards (IFRS). KassiLam qualifies as a small business (SME) in
terms of the Income tax Act of South Africa. KassiLam is preparing the
financial statement for the year ended 31 December 2023 and has the
following assets. 1. Vacant Land KassiLam’ s strategy follows that of
McDonald, which is to own as much of their property. KassiLam acquired land
in Limpopo and Eastern Cape as they are expanding their business to rural
areas. The land was purchased in July 2022 for R1 050 000 in Limpopo and
R1 240 000 in the Eastern Cape. The independent appraiser has valued this
land for R1 199 000 in Limpopo and R1 300 000 in the Eastern Cape on 31
December 2022. On 31 December 2023 the land was valued at R1 140 000 in
Limpopo and R1 250 000 in the Eastern Cape. The land is measured on
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 tabbymwesh59. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.60. You're not tied to anything after your purchase.
