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FAC2601 ASSIGNMENT 2 SEMESTER 2 2024.pdf
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FAC2601 ASSIGNMENT 2 SEMESTER 2 2024
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BMZ ACADEMYBMZ ACADEMY
@061 262 1185/068 053 8213
BMZ ACADEMY 061 262 1185/068 053 8213
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Dashboard / My courses / FAC2601-24-S2 / Welcome Message / Assessment 2 - 11 September 2024 (18:00 - 21:00)
Started on Wednesday, 11 September 2024, 6:44 PM
State Finished
Completed on Wednesday, 11 September 2024, 7:45 PM
Time taken 1 hour 1 min
Question 1
Complete
Marked out of 2.00
Answer the following multiple-choice questions. Indicate your choice by selecting only one option from the four options given for
each question answered.
Use the following information to answer questions 1 to 4:
The following balances, amongst others, were extracted from the accounting records of Tale Ltd at 30 June 2023:
R
Land at cost............................................................................................ 2 000 000
Buildings at cost..................................................................................... 3 756 800
Machinery at carrying amount (1 July 2022)............................................. 5 144 000
Additional information:
All machinery was purchased on 1 July 2021. The company provides for depreciation on machinery at 20% on the straight-line
method. The residual value of the machinery at the end of its useful life is R120 000. During the current year all the machinery was
withdrawn for the production process for a period of 3 months and used in the construction of the building. No sales or purchase
transactions of machinery took place during the current financial year. The following construction costs took place during the current
year:
Labour R1 356 800
Material R2 400 000
Total R3 756 800
Land and buildings, consisting of factory buildings and offices in Constantia Park, Erf 300, owner occupied. The building was
completed on 1 April 2023 and brought into use on the same date, and is depreciated over its estimated useful life of 20 years.
REQUIRED:
Question 1:
The original cost price of machinery is?
1. R6 400 000
2. R6 280 000
3. R5 264 000
4. R5 020 000
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