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UNISA FAC 3702 ASSIGNMENT 1 - SEMESTER 1 2020

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  • Course
  • FAC3702 - Distinctive Financial Reporting (FA3702)
  • 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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  • March 7, 2020
  • 4
  • 2019/2020
  • Answers
  • Unknown

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  • FAC3702 - Distinctive Financial Reporting (FA3702)
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FAC3702 ASSIGNMENT 1 – SEMESTER 1 OF
2020
(a) BOTLHALE LTD

Notes to the Financial Statements for the year ended 31 December 2019

1. Property, Plant & Equipment

Land Buildings Equipment Delivery
Vehicle
R R R R
Carrying amount at beginning of year 890 000 6 866 667 3 979 886 631 944
Cost / Gross Carrying Amount [2(𝑎) & 3] 890 000 7 000 000 5 020 000 700 000
Accumulated Depreciation [2(𝑎); 3 & 4] - (133 333) (1 040 114) (68 056)

Additions during the year 500 000 1 500 000 - -
Revaluation during the year [1 (𝑎)(𝑖𝑖𝑖)] 130 000 - - -
Depreciation for the year [2(𝑐); 3 & 4] - (230 000) (1 373 657) (131 655)
Disposals at carrying amount (4) - - - (500 289)
Carrying amount at end of year 1 520 000 8 136 667 2 606 229 -
Cost / Gross Carrying amount 1 520 000 8 500 000 5 020 000 -
Accumulated Depreciation - (363 333) (2 413 771) -


On 31 December 2019, the land was revalued by an independent sworn appraiser. If
the land had been carried at cost, it would have amounted to R1 250 000 (750 000 +
500 000)

Calculations

1. Land

(a) Revaluation Surplus

(i) Rosslyn Property = (920 000 − 890 000)
= 𝑹𝟑𝟎 𝟎𝟎𝟎

(ii) Brooklyn Property = (600 000 − 500 000)
= 𝑹𝟏𝟎𝟎 𝟎𝟎𝟎

(iii) Total Revaluation Surplus = (30 000 + 100 000)
= 𝑹𝟏𝟑𝟎 𝟎𝟎𝟎

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