Exam (elaborations)
FAC3702 ASSIGNMENT 1 OF 2022 SEMESTER 1
- Institution
- University Of South Africa (Unisa)
Detailed assignment, completed at professional level with an assured distinction.
[Show more]
1 review
By: karabomosia7 • 2 year ago
Content preview
FAC3702 ASSIGNMENT 1 – SEMESTER 1 OF2022
(a) General journal for the exchange of the motor vehicle
DR CR
R R
Delivery vehicle at cost (SFP) 167 000
Accumulated Depreciation: Motor Vehicle (SFP) 33 226
(190 000 − 156 774)
Motor vehicle at cost (SFP) 190 000
Profit on disposal of motor vehicle (P / L) (167 000 − 10 226
156 774)
(b) Notes to the Financial Statements of ABC – Office Ltd for the year ended 31
December 2020
1. Property, plant & equipment
Land Buildings Vehicles
R R R
Carrying amount at beginning of year 2 600 000 4 602 334 158 267
Cost / Gross Carrying amount 2 600 0001 4 950 0002 190 000
Accumulated Depreciation - (347 666)3 (31 733)
Revaluation surplus (1) 40 000 - -
Additions during the year - - 167 000
Depreciation for the year - (150 108)4 (13 093)
Disposals (920 000) (1 082 917)4c (156 774)
Carrying amount at end of year 1 720 000 3 369 309 155 400
Cost / Gross Carrying amount 1 720 000 3 800 000 167 000
Accumulated Depreciation - 430 6915 (11 600)7b
Land was revalued on 31 December 2020 by an independent sworn appraiser.
The carrying amount of the land if it was carried under the cost model, would have
amounted to R1 600 000.
1. (1 680 000 + 920 000) = 𝑅2 600 000
2. (3 800 000 + 1 150 000) = 𝑅4 950 000
3. [309 333 (2𝑎) + 38 333 (4𝑎)] = 𝑅347 666
4. [121 358 (2𝑏) + 28 750 (4𝑏)] = 𝑅150 108
5. (309 333 (2𝑎) + 121 358(2𝑏)) = 𝑅430 691
6. (1 493 (7𝑎) + 11 600(7𝑏)) = 𝑅13 093
FOR ACCADEMIC NEEDS CONTACT INFO@UNITUTORIALS.CO.ZA/0651609781
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ian09. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R100,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73918 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now
