Exam (elaborations)
FAC3701 Assignment 1 Semester 2 [Answers] - Due: 1 September 2023
- Course
- General Financial Reporting
- Institution
- University Of South Africa (Unisa)
FAC3701 Assignment 1 Semester 2 (Answers) - Due: 1 September 2023
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FAC3701ASSIGNMENT 1 (SEMESTER 2)
DUE DATE: 1 September 2023
Written Assignment Submission Guidelines:
Please ensure that your assignment is submitted electronically through the myUnisa platform no later than
1 September 2023. Kindly note that fax or email submissions will not be accepted.
NB: Assignment submitted to the lecturer(s) through email will not be considered.
WRITTEN ASSESSMENT
Brickblock Ltd is a manufacturer and retailer of clay bricks and cement blocks. The following information of Brickblock
Ltd was presented to you for the financial year ended 31 December 2022.
(The detailed information about Brickblock Ltd and other assignment guidelines is available in your assignment 1
question paper. Please note that the PDF provided in this document contains only questions and answers.)
QUESTION:
a) Prepare the necessary journal entry in the accounting records of Brickblock Ltd to correctly record
additional information (6) for the year ended 31 December 2022.
ANSWER:
Prepare the necessary journal entry
The necessary journal entry to correctly record the additional information (6) for the year ended 31
December 2022 is as follows:
Date Account Title Debit (R) Credit (R)
31 Dec 2022 Prepaid Insurance 58,500 0
Dividend Payable 400,000 0
Dividend Tax Payable 80,000 0
(To record the unpaid dividend and dividend tax)
QUESTION:
b) Disclose the income tax expense note (including the tax rate reconciliation, using R–values in the notes
to the annual financial statements of Brickblock Ltd for the financial year ended 31 December 2022,
according to the requirements of IAS 12, Income taxes.
ANSWER:
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