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FAC3702 ASSESSMENT 2 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS R99,33
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  3. University Of South Africa (Unisa)
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  5. Distinctive Financial Reporting (FAC3702)

Exam (elaborations)

FAC3702 ASSESSMENT 2 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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THIS DOCUMENT CONTAINS FAC3702 ASSESSMENT 2 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE IT CORRECTLY AS A GUIDE TO SCORE ABOVE 75%

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  • September 5, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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property plant and equipment note for the year ended 31 December 2023
A)
Land PLANT MACHINERY Block of Flats
Carrying amount on 1 January 20.3 2,499,000.00 74,933,333.33 - 3,750,000.00
Gross carrying amoun 2,499,000.00 88,000,000.00 - 3,750,000.00
Accumulated depreciation (13,066,666.67)
ADDITIONS 4,461,679.00
Revaluation (49,000.00) 370,000.00
Depreciation (7,091,666.67) (106,230.45) (188,750.00)
Derecognition of initial inspection cos (1,500,000.00)
Capitalisation of inspection cost incurred 7,500,000.00
Carrying amount on 31 December 20.3 2,450,000.00 69,341,666.66 4,355,448.55 3,931,250.00
Gross carrying amount 2,450,000.00 89,500,000.00 4,461,679.00 4,120,000.00
Accumulated depreciation - (20,158,333.34) (106,230.45) (188,750.00)



Workings
Plant
Cost of plant excluding inspection
cost(88000000-6000000) 82,000,000.00
Depreciation per year(82000000/15) 5,466,666.67
Acumulated depn at 31 Dec
2022(5466666.67*1.75) 9,566,666.67

Accumuated depreciation of inspection
cost(6000000/3*1.75) 3,500,000.00
Total accumuated dpn at the beginning 13,066,666.67

Depreciation on inspection cost for the year
before derecognition(6000000/3*0.5) 1000000


Carrying amount of inspection cost to be
decognised(6000000-3500000-1000000) 1500000

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