Exam (elaborations)
FAC3703 Assignment 1 Semester 2 2022
- Institution
- University Of South Africa (Unisa)
This document contains workings, explanations and solutions to the FAC3703 Assignment 1 Semester 2 2022
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, FAC3703 ASSIGNMENT 1 – SEMESTER 2 OF
2022
(a) Extract of the Notes to the Financial Statements of Plastics Galore Ltd as at 31
July 2022
1. Leases
1.1. Right of use asset
2022
Machinery
R
Carrying amount at beginning of year -
Additions 1 599 311
Depreciation for the year (266 552)
Carrying amount at end of year 1 332 759
1.2. Maturity analysis of the future lease payments outstanding at the
reporting date
R
Future lease payments (undiscounted)
- For the year ended 31 July 2023 500 124
- For the year ended 31 July 2024 500 124
- For the year ended 31 July 2025 540 124
Total future lease payments 1 540 372
Total future finance cost (276 586)
Lease liability 1 263 786
Short – term portion presented under current liabilities 362 502
Long – term portion presented under non – current liabilities 901 285
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