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UNISA FAC 3701 ASSIGNMENT 2 - FIRST SEMESTER 2020

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  • Course
  • FAC3701 - General Financial Reporting (FAC3701)
  • Institution
  • University Of South Africa (Unisa)
  • Book
  • Financial Accounting, International Edition (with IFRS)

With my passion to change the world through education, I decided to diligently prepare the attached assignments. The more educated we are the the better world we create for the future generations

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Document information

  • March 7, 2020
  • 2
  • 2019/2020
  • Answers
  • Unknown

Subjects

  • 100 pass

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  • University of South Africa (Unisa)
  • FAC3701 - General Financial Reporting (FAC3701)
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By: mgciniendlovu • 4 year ago

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By: juansmit • 4 year ago

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FAC3701 ASSIGNMENT 2 – SEMESTER 1 OF
2020
1. 3

R
Cost (𝟓𝟏𝟎 𝟎𝟎𝟎 ∗ 𝟑) 1 530 000
Depreciation – 31 March 2019 (1 530 000 ∗ 20%) (306 000)
Carrying amount – 31 March 2019 1 224 000
[1 224 000 − (50 000 ∗ 3)] (268 500)
Depreciation – 31 March 2020 [ ]
4
Carrying amount – 31 March 2020 955 500


2. 1

Cost 1 530 000
1 530 000 (382 500)
Tax Allowance – 31 March 2019 ( 4 )
Tax Base – 31 March 2019 1 147 500
Tax Allowance – 31 March 2020 (382500)
Tax Base – 31 March 2020 765 000


3. 5

R
Increase in opening inventory 32 000
Increase in closing inventory (46 960)
Decrease in Cost of Sales 14 960


4. 3

5. 1

6. 1

R
Increase in inventory 32 000
Increase in deferred tax liability (32 000 ∗ 29%) (9 280)
Increase in equity 22 720

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