Started on Wednesday, 11 September 2024, 6:02 PM
State Finished
Completed on Wednesday, 11 September 2024, 8:13 PM
Time taken 2 hours 10 mins
Marks 34.00/40.00
Grade 85.00 out of 100.00
Question 1
Correct
Mark 2.00 out of 2.00
Flag question
Question text
Answer the following multiple-choice questions. Indicate your choice by selecting
only one option from the four options given for each question answered.
Use the following information to answer questions 1 to 4:
The following balances, amongst others, were extracted from the accounting records
of Tale Ltd at 30 June 2023:
R
Land at cost............................................................................................ 2 000 000
Buildings at cost..................................................................................... 3 756 800
Machinery at carrying amount (1 July 2022)............................................. 5 144 000
Additional information:
All machinery was purchased on 1 July 2021. The company provides for depreciation on
machinery at 20% on the straight-line method. The residual value of the machinery at the
end of its useful life is R120 000. During the current year all the machinery was withdrawn
for the production process for a period of 3 months and used in the construction of the
building. No sales or purchase transactions of machinery took place during the current
financial year. The following construction costs took place during the current year:
Labour R1 356 800
Material R2 400 000
Total R3 756 800
, FAC2601-S2-24-ASSESSMENT-2
Land and buildings, consisting of factory buildings and offices in Constantia Park, Erf 300,
owner occupied. The building was completed on 1 April 2023 and brought into use on the
same date, and is depreciated over its estimated useful life of 20 years.
REQUIRED:
Question 1:
The original cost price of machinery is?
1.
R6 400 000
[Refer to the study guide, learning unit 5, par. (5.6)]
Calculation 1:
((R5 144 000 – R120 000) x 5/4) + R120 000)
2.
R6 280 000
3.
R5 264 000
4.
R5 020 000
Feedback
Your answer is correct.
[Refer to the study guide, learning unit 5, par. (5.6)]
(Refer to calculation 1)
The correct answer is:
R6 400 000
Question 2
Correct
Mark 2.00 out of 2.00
, FAC2601-S2-24-ASSESSMENT-2
Flag question
Question text
Question 2:
The total depreciation on the machinery for the year ended 30 June 2023 is?
1.
R1 004 000
2.
R1 052 800
3.
R1 256 000
[Refer to the study guide, learning unit 5, par. (5.7.3)]
Calculation 2:
[(R6 400 000 – R120 000) x 20%] = R1 256 000
4.
R1 280 000
Feedback
Your answer is correct.
[Refer to the study guide, learning unit 5, par. (5.7.3)]
(Refer to calculation 2)
The correct answer is:
R1 256 000
Question 3
Correct
Mark 2.00 out of 2.00
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