100% accurate and reliable assignment solutions for FAC3702 assignment 1 2024: DUE DATE 28 March 2024; (Based on KipKor Ltd is a sports shoe manufacturing company, situated in Mamelodi, Gauteng.
The company has a 31 December year end.)
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Question 1
KipKor Ltd is a sports shoe manufacturing company, situated in Mamelodi, Gauteng. The
company has a 31 December year end. The following details relate to the assets of KipKor
Ltd: Machine On 1 July 2022 Kipkor Ltd purchased a machine for an amount of R500
000. Included in the purchase consideration is an amount of R60 000 relating to inspection
costs. The machine was available for use, as intended by management, on acquisition
date. The machine must be inspected every 3 years to comply with safety regulations.
Due to unforeseen circumstances, Kipkor Ltd had to inspect the machine on 31 December
2023 and incurred inspection costs amounting to R75 000.
Disclaimer
Extreme care has been used to create this document, however the contents are provided “as is”
without any representations or warranties, express or implied. The author assumes no liability as
a result of reliance and use of the contents of this document. This document is to be used for
comparison, research and reference purposes ONLY. No part of this document may be
reproduced, resold or transmitted in any form or by any means.
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