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FAC3703 ASSIGNMENT 1 SEMESTER 1 – 2022
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  • Course
  • FAC 3703 - Specific Financial Reporting
  • Institution
  • University Of South Africa

) Disclose the following notes to the annual financial statements of Heavy Machinery Ltd for the year ended 28 February 2022:  Profit before tax; and  Leases (excluding disclosure in terms of IFRS 7, Financial Instruments: Disclosures) HEAVY MACHINERY LTD Notes to the annual financial s...

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  • April 29, 2022
  • 8
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers

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  • fac3703 assignment 1 semester 1 – 2022

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  • University of South Africa
  • FAC 3703 - Specific Financial Reporting
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fac3703 assignment 1




FAC3703
ASSIGNMENT 1
SEMESTER 1 – 2022




This study source was downloaded by 100000845738910 from CourseHero.com on 04-29-2022 04:42:26 GMT -05:00


https://www.coursehero.com/file/143781882/FAC3703-ASSIGNMENT-1-2022docx/

, (a) Disclose the following notes to the annual financial statements of Heavy
Machinery Ltd for the year ended 28 February 2022:

 Profit before tax; and
 Leases (excluding disclosure in terms of IFRS 7, Financial Instruments:
Disclosures)



HEAVY MACHINERY LTD

Notes to the annual financial statements for the year ended 28 February 2022

1. Profit before tax

Profit before tax is stated after taking the following into account:

Income:
Revenue 1 376 500
Finance Income (C.3.) 36 746
1 413 246
Expenses:
Legal Fees 17 000
17 000




2. Investment in finance leases

2.1. Reconciliation of net investment in finance leases

Opening balance -
New leases entered into 1 376 500
Finance income (C.3.) 36 746
Less: Lease instalments received (91 250)

Closing balance 1 321 996



1




This study source was downloaded by 100000845738910 from CourseHero.com on 04-29-2022 04:42:26 GMT -05:00


https://www.coursehero.com/file/143781882/FAC3703-ASSIGNMENT-1-2022docx/

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