100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
UNISA FAC 3702 ASSIGNMENT 1 - SEMESTER 1 2020 R100,00   Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. FAC3702 - Distinctive Financial Reporting (FA3702)

Answers

UNISA FAC 3702 ASSIGNMENT 1 - SEMESTER 1 2020

1 review
 289 views  3 purchases

With my passion to change the world through education, I decided to diligently prepare the attached assignments. The more educated we are the the better world we create for the future generations

Preview 1 out of 4  pages

Document information

  • March 7, 2020
  • 4
  • 2019/2020
  • Answers
  • Unknown

Subjects

  • 100 passmark

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

All for this textbook (10)

Written for

All documents for this subject (82)

1  review

review-writer-avatar

By: moratuwat • 4 year ago

Very satisfied, well done no complains at all

Seller

avatar-seller
Ian09

Reviews received

Content preview

FAC3702 ASSIGNMENT 1 – SEMESTER 1 OF
2020
(a) BOTLHALE LTD

Notes to the Financial Statements for the year ended 31 December 2019

1. Property, Plant & Equipment

Land Buildings Equipment Delivery
Vehicle
R R R R
Carrying amount at beginning of year 890 000 6 866 667 3 979 886 631 944
Cost / Gross Carrying Amount [2(𝑎) & 3] 890 000 7 000 000 5 020 000 700 000
Accumulated Depreciation [2(𝑎); 3 & 4] - (133 333) (1 040 114) (68 056)

Additions during the year 500 000 1 500 000 - -
Revaluation during the year [1 (𝑎)(𝑖𝑖𝑖)] 130 000 - - -
Depreciation for the year [2(𝑐); 3 & 4] - (230 000) (1 373 657) (131 655)
Disposals at carrying amount (4) - - - (500 289)
Carrying amount at end of year 1 520 000 8 136 667 2 606 229 -
Cost / Gross Carrying amount 1 520 000 8 500 000 5 020 000 -
Accumulated Depreciation - (363 333) (2 413 771) -


On 31 December 2019, the land was revalued by an independent sworn appraiser. If
the land had been carried at cost, it would have amounted to R1 250 000 (750 000 +
500 000)

Calculations

1. Land

(a) Revaluation Surplus

(i) Rosslyn Property = (920 000 − 890 000)
= 𝑹𝟑𝟎 𝟎𝟎𝟎

(ii) Brooklyn Property = (600 000 − 500 000)
= 𝑹𝟏𝟎𝟎 𝟎𝟎𝟎

(iii) Total Revaluation Surplus = (30 000 + 100 000)
= 𝑹𝟏𝟑𝟎 𝟎𝟎𝟎

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Ian09. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R100,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67474 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R100,00  3x  sold
  • (1)
  Buy now