Summary FAC3701 ASSIGNMENT 1 SEMESTER 1 OF 2023 [765123]
44 views 2 purchases
Course
FAC3701 - General Financial Reporting (FAC3701)
Institution
University Of South Africa (Unisa)
FAC3701 ASSIGNMENT 1 SEMESTER 1 OF 2023 []
REQUIRED:
(a) Prepare the relevant journal entry to correctly record the dividends transaction in additional information (3) in the accounting records of Mathew Ltd for the financial year ended 31 December 2022.
(b) Prepare the relevant journal e...
Mathew Ltd, is a well-diversified company, specialising in the manufacturing of lady’s bags
and shoes.
REQUIRED:
(a) Prepare the relevant journal entry to correctly record the dividends transaction in
additional information (3) in the accounting records of Mathew Ltd for the
financial year ended 31 December 2022.
(b) Prepare the relevant journal entry to correctly record the sales transaction of
Machine Stitch on 01 January 2022 (refer to additional information (1) in the
accounting records of Mathew Ltd for the financial year ended 31 December 2022.
(c) Calculate the deferred tax balances in the statement of financial position of
Mathew Ltd for both the years ended 31 December 2022 and 31 December 2021,
using the statement of financial position approach according to the requirements
of IAS 12 Income taxes Indicate if the balance is a deferred tax asset or liability in
the statement of financial position.
(d) Calculate the current tax due in the statement of financial position of Mathew Ltd
for the year ended 31 December 2022. The movement in temporary differences in
the current tax calculation should be calculated using the statement of financial
position approach. Your answer must comply with the requirements of IAS 12,
Income taxes.
(e) Disclose the income tax expense note (excluding the tax rate reconciliation) in the
notes to the annual financial statements of Mathew Ltd for the year ended 31
December 2022, according to the requirements of IAS 12, Income taxes.
Comparative figures are not required.
1
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TheLawClinic. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.97. You're not tied to anything after your purchase.
