Exam (elaborations)
FAC3703 EXAM PACK 2023
- Course
- FAC3703 EXAM PACK 2023
- Institution
- University Of South Africa
FAC3703 EXAM PACK 2023
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FAC3703 EXAM PACK 2023MASTER KYALO
GUARANTEED SUCCESS
MASTERKYALO
,FAC3703 EXAM PACK 2023
[School]
[Course title]
, MAY – JUNE
2019
SOLUTION 1: LEASES AND RELATED PARTIES
(a) DANCE LTD
GENERAL JOURNAL
DR CR
1 June 2018
Right of use asset (SFP) 486 000
Finance lease liability (SFP) 486 000
1 June 2018
Right of use asset (SFP) 4 500
Bank (SFP) 4 500
31 December 2018
Finance cost (P / L) 25 504
Finance lease liability (SFP) 25 504
, 31 December 2018
Depreciation (P / L) 57 225
Accumulated Depreciation (SFP) 57 225
Calculations
1. Interest rate implicit in the lease
2. Armotisation table
Date Instalment Interest (ii) Principal Balance
1 June 2018 - - - 486 000
31 December 2018 - 25 504 - 511 504
31 May 2019 150 000 18 217 106 279 379 721
31 December 2019 - 19 923 - 399 644
31 May 2020 150 000 14 233 115 840 263 881
31 December 2020 - 13 848 - 277 729
31 May 2021 150 000 9 891 126 261 137 620
31 December 2021 - 7 222 - 144 842
31 May 2022 150 000 5 158 137 620 0
i. Annual Interest
Date Interest
31 May 2019 43 721
31 May 2020 34 160
31 May 2021 23 739
31 May 2022 12 380
ii. Split of interest
Date Calculation Interest
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