ACCOUNTING VIDEOS ON LEARNING UNITS: FAC 2601
LEARNING UNIT 2 – CONCEPTUAL FRAMEWORK 2018
LEARNING UNIT 3 – PRESENTATIONS OF ANNUAL FINANCIAL STATEMENTS
Presentation of financial statements - IAS 1.
LEARNING UNIT 4 – INVENTORY
Summary on Inventory – IAS 2
LEARNING UNIT 5 – PPE
Brie...
STATEMENT OF FINANCIAL POSITION AS AT …
Notes R
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 1
Investment in subsidiary 2
Financial assets 3
CURRENT ASSETS
Inventories 4
Trade and other receivables 3
Financial assets 3
TOTAL ASSETS
EQUITY AND LIABILITIES
TOTAL EQUITY
Equity attributable to owners
Share capital 5
Retained earnings
Other components of equity
Total liabilities
NON-CURRENT LIABILITIES
Long-term borrowings 6
Financial liabilities at amortised cost 7
Current liabilities
Trade and other payables CL1
Current portion of long-term borrowings CL2
Current tax payable CL3
Dividends payable CL4
Bank overdraft CL5
Total equity and liabilities
, NOTES TO THE STATEMENT OF FINANCIAL POSITION
Property, plant and equipment Land Buildings Machinery Vehicles Furniture Total
Carrying amount at …beginning
Cost/valuation
Accumulated depreciation
Additions at cost
Disposals at carrying amount
Revaluation
Depreciation capitalised
Depreciation
Carrying amount at …end
Cost/valuation
Accumulated depreciation
Carrying amount at the beginning = Cost at the beginning - Accumulated depreciation at the beginning
Disposal = Cost of sold Asset - Accumulated depreciation of the sold item
Depreciation for the year = Depreciation for the new asset + Depreciation of sold asset that falls within financial period + Depreciation of the remaing assets
Cost @ the end of year = Cost at the beginning + Cost of new Asset acquired - Cost of sold Asset
Accumulated depreciation at the end = Accumulated depreciation @ the beginning + Depreciation for the year - Accumulated depreciation of sold Asset
Carrying amount at the end = Cost at the end - Accumulated depreciation at the end
Inventories (Total Inventories) Note 4
Raw materials
Work in progress
Consumables
Finished goods
Inventory are measured at the lower of cost & NRV using the FIFO/weighted average method
During the current year R_______worth of raw material was damaged when
(Event that caused damage)and the carrying amount was written down
to the net realisable value of R__________
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