Exam (elaborations)
Fac2601 Assignment 2 semester 2 2022
- Institution
- University Of South Africa (Unisa)
Fac260 Assignment 02 Semester 2 2022 Distinction Guranteed Workings and explanation
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- Financial Accounting For Companies Assessment 2QUIZ
, Question 1
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Marked out of 2.00
Part A (20 marks)
QUESTIONS 1 - 10 USE THE BELOW
INFORMATION:
The following balances were extracted
from the accounting records of
Stimela Ltd as at 31 December 2022:
Debit/
(Credit)
R
Land at 5 000
cost.............................................................................................. 000
Buildings at
cost....................................................................................... ?
Plant and machinery at cost (1 Jan 4 750
2022)................................................... 000
Furniture and equipment at cost (1 Jan 485
2022)............................................. 000
Accumulated Depreciation
- Plant and machinery (1 Jan
2022).......................................................... ?
- Furniture and equipment (1 Jan (285
2022).................................................... 000)
10% Long-term (1 085
loan.................................................................................. 000)
Trade and other 833
receivables...................................................................... 500
Inventories............................................................................................... ?
Additional information:
1. Inventories
Stimela Ltd had an opening balance of
inventory worth R930 000. During the
current nancial year, purchases worth
R850 000 of inventory were made. The
cost of sales of Lion Ltd relating to sold
inventory amounted to R970 000.
2. The following information regarding
property, plant and equipment is
available:
2.1 Stimela Ltd purchased land on 1
January 2020 for R5 000 000.
Construction of a building on the land
commenced on 1 March 2022 and was
completed on 31 July 2022. The
following direct costs relating to the
erection of the building were incurred:
- Labour R985 000
- Material R2 500 000
The land and buildings were situated in
Johannesburg, plot 100.
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