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FAC3701 ASSIGNMENT 1 SEMESTER 2 - 2022 (689640)
- Institution
- University Of South Africa (Unisa)
FAC3701 ASSIGNMENT 1 SEMESTER 2 - 2022 UNIQUE NUMBER:
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FAC3701 ASSIGNMENT 1SEMESTER 2 - 2022
UNIQUE NUMBER: 689640
DUE DATE: 24 AUGUST 2022
, a) Prepare all the general journal entries to correctly record the relevant transactions
in additional information (4) in the accounting records of Van Riebeeck Ltd for the
year ended 28 February 2022.
b) Calculate the deferred tax balances in the statement of financial position of Van
Riebeeck Ltd for both the years ended 28 February 2021 and 28 February 2022,
using the statement of financial position approach, according to the requirements
of IAS 12, Income taxes. Indicate if the balance is a deferred tax asset or deferred
tax liability.
c) Calculate the current tax expense in the statement of profit or loss and other
comprehensive income of Van Riebeeck Ltd for the year ended 28 February 2022,
according to the requirements of IAS 12, Income taxes. The movement in
temporary differences in the current tax calculation should be calculated using the
statement of financial position approach.
d) Disclose the income tax expense note, excluding the tax rate reconciliation, in the
notes to the annual financial statements of Van Riebeeck Ltd for the year ended 28
February 2022, according to the requirements of IAS 12, Income taxes.
No accounting policy notes are required.
Comparative amounts are not required.
e) Disclose all relevant items relating to the dividends declared in additional
information (5) in the statement of financial position of Van Riebeeck Ltd as at 28
February 2022.
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