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FAC3702 ASSIGNMENT 1 OF 2022 SEMESTER 1 R100,00   Add to cart

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FAC3702 ASSIGNMENT 1 OF 2022 SEMESTER 1

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  • March 19, 2022
  • 4
  • 2021/2022
  • Exam (elaborations)
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By: karabomosia7 • 2 year ago

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Ian09
FAC3702 ASSIGNMENT 1 – SEMESTER 1 OF
2022
(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

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