Exam (elaborations)
FAC3702 ASSIGNMENT 1 SEMESTER 2 OF 2023
- Institution
- University Of South Africa (Unisa)
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FAC3702 ASSESSMENT 1 – SEMESTER 1 OF2023
(a) Extract of the Notes to the Financial Statements of Khumbi Ltd for the year
ended 30 June 2023
1. Property, Plant & Equipment
Buildings Plant Total
R R R
Carrying amount at beginning of year 658 056 2 101 783 2 759 839
Cost 766 667 3 234 200 4 000 867
Accumulated Depreciation (108 611) (1 132 417) (1 241 028)
Additions 206 397 650 000 856 397
Depreciation for the year (33 248) (396 244) (429 492)
Derecognition (61 689) (61 689)
Carrying amount at end of year 831 205 2 293 850 3 125 055
Cost 973 064 3 329 000 4 302 064
Accumulated Depreciation (141 859) (1 035 150) (1 177 009)
Calculations
C1 Buildings
R
Cost 766 667
(108 611)
Accumulated Depreciation – 30 June 2022
Carrying amount – 30 June 2022 658 056
Additions 206 397
(33 248)
Depreciation for the year
831 205
Present value of reinforcement costs
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