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FAC3703 ASSIGNMENT 1 – SEMESTER 1 OF 2022 Update Complete Solution R251,95   Add to cart

Exam (elaborations)

FAC3703 ASSIGNMENT 1 – SEMESTER 1 OF 2022 Update Complete Solution

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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 [

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  • April 16, 2022
  • 4
  • 2021/2022
  • Exam (elaborations)
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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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