Fac 3703 - Study guides, Class notes & Summaries

FAC 3703 EXAM PACK, University of South Africa (Unisa)

The following questions in the table below, have been updated to meet the requirements of IFRS 16 (the new leases accounting standard). Please replace the following questions and solutions in your current tutorial letter 103 (related to leases), with the questions and solutions in this document. Question number Subject Marks Time (minutes) 3 Leases and Employee Benefits 42 76 5 Government Grants, Leases, Borrowing Costs and Segment Reporting 68 122 7 Leases and Government Grants 35 63...

INTRODUCTION Dear Student ERRATA TO STUDY GUIDE, SUGGESTED SOLUTIONS TO ASSIGNMENT 2/2012 AS WELL AS EXAMINATION PAPERS AND SOLUTIONS Attached please find the errata to the study guide, suggested solutions to assignment 02/2012, the examination question papers and the suggested solutions for October 2008, May 2009, October 2009, May 2010, October 2010 ,May 2011 and October 2011, as well as the examination preparation and technique for May/June 2012. You will notice in our suggest...

1. 2 This is an asset based grant since the grant was provided in order to acquire non – current assets. 2. 5 R Government grant income (5 000 000 * 60% / 5) Change in accounting estimate (5 000 000 * 40% / 5 * 1 / 12) 600 000 (33 333) 566 667 3. 4 The government grant is recognized in profit or loss on a systematic basis over the useful life of the asset. Since this is an asset based grant, the grant will either be recognized as government grant income or just other income in the...

FAC3703 ASSIGNMENT 2 – SEMESTER 1 OF 2018 ENZO LTD NOTES FOR THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 1. Profit before tax Profit before tax is shown after taking the following into account: 2017 R Income Finance Income (calculation 4) 79 966 Expenses Finance cost (300 000 ∗ 2 ∗ 9%) 54 000 2. Net Investment in finance leases 2.1. Reconciliation of net investment in finance leases: 2017 R Opening balance New leases entered into Repayments of Capital (128 0...

FAC3703 ASSIGNMENT 2 – SEMESTER 2 OF 2017 1. 2 This is an asset based grant since the grant was provided in order to acquire non – current assets. 2. 5 R Government grant income (5 000 000 * 60% / 5) Change in accounting estimate (5 000 000 * 40% / 5 * 1 / 12) 600 000 (33 333) 566 667 3. 4

FAC3703 ASSIGNMENT 1 – SEMESTER 1 OF 2020 Ultra Speed Ltd Notes for the year ended 31 March 2019 1. Profit before tax Profit before tax is stated after taking the following items into account R Incomes Finance Income 85 406 Expenses Finance Cost Depreciation: Right of use asset 107 164 300 536 2. Leases 2.1. Right of use asset Equipment R Carrying amount at beginning of year [

FAC 3703 SPECIFIC FINANCIAL REPORTING FAC3703 May-Jun 2017 Paper 1 Suggested solution Question 1 a) Calculate employee benefits W1. Salary: (275 000 x 9 months [Apr – Dec]) 2 475 000 (275 000 x 3 months [Jan – Mar] x 100/110) 750 000 Bonus paid: 275 000 Bonus obligation OB: (275 000 x 1/12) (22 917) Bonus obligation CB: (275 000 x 1,1 x 1/12) 25 208 Leave obligation OB: (52 145) Leave obligation CB: (24 – 6 – 8) = 10 days x 60% = 6 days 62 857 .’. 6 days x 275 00...

Well written notes on financial reporting.

FAC 3703-exam-pack