Examen
FAC3703 Assignment 1 Semester 2 2024 - DUE 7 September 2024
- Grado
- Institución
QUESTIONS WITH ANSWERS FAC3703 Assignment 1 Semester 2 2024 - DUE 7 September 2024
[Mostrar más]Vista previa 2 fuera de 10 páginas
Vista previa 2 fuera de 10 páginas
Añadir al carrito
Añadir al carrito
Vendedor
Seguir
mulah11
Comentarios recibidos
Vista previa del contenido
[Company name]FAC3703 Assignment
1 Semester 2 2024 -
DUE 7 September
2024
QUESTIONS WITH ANSWERS
, FAC3703 Assignment 1 Semester 2 2024 - DUE 7 September 2024
Ozone Ltd Ozone Ltd is neither a manufacturer nor a dealer that leases ozone friendly
machinery that reduces the emission of harmful chemicals. Ozone has a 28/29
February year-end. As part of its business strategies, Ozone Ltd entered into the
following transactions: Transaction 1 Ozone Ltd entered into an agreement with
Woodworks Ltd in which Ozone Ltd leased machinery to Woodworks Ltd. The contract
between the two companies contains a lease in terms of IFRS 16, Leases. Ozone Ltd
purchased this machine on 1 March 2023 at a cost of R420 000. FAC3703/02/2024 The
lease agreement for the machine is as follows: Fair value of the machine on 1 March
2023 R420 000 Lease commencement date 1 March 2023 Lease instalments payable
bi-annually in arrears on 31 July and 28 February R90 000 Guaranteed residual value at
the end of the lease term R15 000 Unguaranteed residual value at end of the lease term
R5 000 Lease term 3 years Initial direct costs incurred by Ozone Ltd R10 000 Initial
direct costs (Legal Fees) incurred by Woodworks Ltd R15 000 Woodworks Ltd will take
ownership of the machinery at the end of the lease term upon payment of the
guaranteed residual value. The machinery has a useful life of 5 years at the beginning
of the lease term and a Rnil residual value. The profit before tax of Woodworks Ltd for
the year ended 29 February 2024 amounted to R1 500 000 before the lease transaction
was taken into account. Assume the deferred tax balance at 1 March 2023 was Rnil.
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable. Así llegas a la conclusión rapidamente!
Preguntas frecuentes
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.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller mulah11. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for 2,68 €. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
45,681 summaries were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now