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FAC3703 EXAM PACK NOVEMBER 2020 MEMO
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Crack 2023-2024 Exams with [IFRS Primer International GAAP Basics, Canadian Edition,Wiecek] Comprehensive Guide
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FAC3703 EXAM Pack November 2020 Memo
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OCTOBER –NOVEMBER
2020
, SOLUTION 1: FINANCIAL INSTRUMENTS,
EMPLOYEE BENEFITS & BORROWING COSTS
PART A
(a) Notes to the financial statements of Bapalang Ltd for the year ended 30 June
2020
1. Profit before tax
Profit before tax includes the following items:
R
Income
9 1 228 338
Finance income (𝑖) (1 637 785 ∗ )
12
Finance
Finance cost 203 125
Total interest expense (𝑖𝑖) 562 500
Interest capitalised (𝑖𝑖) (359 375)
Depreciation (𝑖𝑖𝑖) 157 734
Employee Benefits 20 801 238
Short – term employee benefits (𝑖𝑣) 18 750 318
Defined contribution plan (17 091 000 ∗ 12%) 2 050 920
Operating lease payments (𝑣) (38 283 ∗ 6) 229 698
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