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FAC2601 ASSIGNMENT 2 SEMESTER 1 OF 2021
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FAC2601 ASSIGNMENT 2 – SEMESTER 1 OF2021
PART A
Statement of Financial Position of Dilata Ltd for the year ended 30 June 2020
ASSETS Note R
NON – CURRENT ASSETS
Property, plant & equipment 1 7 679 239
Notes to the financial statements for the year ended 30 June 2020
1. Property, plant & equipment
Land Buildings Machinery Motor Total
& Vehicles
Equipment
R R R R R
Carrying amount at beginning of year 1 000 000 2 328 000 1 920 000 410 000 5 658 00
Cost 1 000 000 2 400 000 3 000 000 645 715 7 045 71
Accumulated Depreciation - (72 000) (1 080 000) (235 715) (1 387 715
Revaluation during the year (𝑖) 500 000 500 00
Additions at cost (𝑖𝑖) 600 000 336 000 936 00
Machinery & equipment depreciation
capitalized (𝑖𝑖) 128 000 (128 000)
Depreciation for the year [(𝑖𝑖), (𝑖𝑖𝑖)& (𝑖𝑣)] (56 493) (256 000) (140 000) (452 493
Disposals (205 715 − 95 715 − 24 000) (86 000) (86 000
Carrying amount at end of year 1 500 000 2 999 507 1 539 000 184 000 6 222 50
Cost / Gross Carrying amount 1 500 000 3 128 000 3 000 000 645 715 8 273 71
Accumulated Depreciation - (128 493) (1 461 000) (461 715) (2 051 208
The land was revalued on 29 June 2020 at fair value by Mr King, an independent sworn
appraiser.
Calculations
i. Revaluation during the year: Land = (1 500 000 − 1 000 000)
= 𝑹𝟓𝟎𝟎 𝟎𝟎𝟎
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