1. Profit before tax
Profit before tax is stated after taking the following items into account
R
Incomes
Finance Income 85 406
Expenses
Finance Cost 107 164
Depreciation: Right of use asset 300 536
2. Leases
2.1. Right of use asset
Carrying amount at beginning of year [
FAC3703 ASSIGNMENT 1 – SEMESTER 1 OF
2022
Ultra-Speed Ltd
Notes for the year ended 31 March 2021
1. Profit before tax
Profit before tax is stated after taking the following items into account
R
Incomes
Finance Income 85 406
Expenses
Finance Cost 107 164
Depreciation: Right of use asset 300 536
2. Leases
2.1. Right of use asset
Equipment
R
Carrying amount at beginning of year [𝑣(𝑏)] 1 583 549
Adjustments for lease re measurements [𝑣 (𝑏)] (161 407)
Depreciation for the year (𝑣𝑖𝑖) (300 536)
Carrying amount at end of year 1 121 606
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