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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FAC3702
Assignment 1
(COMPLETE
ANSWERS)
Semester 2 2024 -
DUE 3
September 2024
[Type the document subtitle]
tabbymwesh59@gmail.com
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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
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