FAC 3702 ASSIGNMENT 1

FAC3702 - Assignment 1 Suggested solution Question 1 FUN & GAMES LIMITED NOTES FOR THE YEAR ENDED 30 JUNE 2013 1. Profit before tax Income Fair value adjustment 1,605,000 Rental income 75,000 Profit on exchange of asset 25,000 Expenses Depreciation 90,741 Direct operating expense wrt investment property 27,500 2. Property, plant and equipment Land Buil...

1. Old machinery R Cost 1 April 2015 480 000 Accumulated depreciation (calc 1.1) (168 000) Carrying amount 31 December 2016 312 000 Depreciation (calc 1.2) (16 000) Carrying amount 28 February 2017 296 000 1.1. 480 000 / 60 x 21 = 168 000 1.2. 480 000 / 60

1. Old machinery R Cost 1 April 2015 480 000 Accumulated depreciation (calc 1.1) (168 000) Carrying amount 31 December 2016 312 000 Depreciation (calc 1.2) (16 000) Carrying amount 28 February 2017 296 000 1.1. 480 000 / 60 x 21 = 168 000 1.2. 480 000 / 60