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FAC3703 - Specific Financial Reporting ASSIGNMENT 2 -SEMESTER 1 OF 2018.

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FAC3703 - Specific Financial Reporting ASSIGNMENT 2 -SEMESTER 1 OF 2018. ENZO LTD NOTES FOR THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 1. Profit before tax Profit before tax is shown after taking the following into account: 2017 R Income Finance Income (calculation 4) 79 966 ...

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  • October 27, 2022
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FAC3703 ASSIGNMENT 2 – SEMESTER 1 OF
2018
ENZO LTD
NOTES FOR THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE
2017
1. Profit before tax
Profit before tax is shown after taking the following into account:
2017
R
Income
Finance Income (calculation 4) 79 966
Expenses
Finance cost (300 000 ∗ 2 ∗ 9%) 54 000

2. Net Investment in finance leases

2.1. Reconciliation of net investment in finance leases:

2017
R
Opening balance 1 129 727
New leases entered into -
Repayments of Capital (128 048 + 133 166) (261 214)
Effect of lease modification -
Closing Balance 868 513


2.2. Maturity analysis of future finance lease instalments receivable at
reporting date

2018 2019 2020
R R R
Undiscounted lease payments (173 200 ∗ 2) 346 400a 346 400a 346 400b
Unearned Finance Income (58 244)c (34 750)d (10 340)e
Net Investment in the lease 288 156 311 650 336 060


a. 173 200 ∗ 2 = 346 400
b. (173 200 ∗ 2) + 50 000 =
c. 17 356 + 29 177 + 11 711 = 58 244
d. 11 711 + 17 434 + 5 605 = 34 750


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https://www.coursehero.com/file/39029459/FAC3703-ASSIGNMENT-2-SEMESTER-1-OF-2018pdf/

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