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Fac2601 assignment 2 solutions smester 1 2024
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Exam of 27 pages for the course Financial Accounting for Companies at UCT (100% reliable)
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FAC2601ASSIGNMENT 2 SEMESTER 1 2024
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DUE DATE: 10 April 2024
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Bold Ltd purchased machinery on 1 January 2021 at a cost of R1 200 000. A major
inspection has to be carried out on the machinery every three years. The last inspection
performed on the machine was on 31 December 2020 by the seller and the inspection
costs were included in the purchase price. On the acquisition date, the present value of
future expected inspection costs to be incurred was estimated at an amount of R240
000. On the acquisition date the estimated useful life of 10 years was allocated to the
machine. The inspection component is part of the machine and not a separate asset.
The total depreciation on the machinery (including depreciation on the inspection
component) for the year ended 31 December 2023 is:
1.
R200 000
2.
R176 000
3.
R104 000
4.
R144 000
Disclaimer
Extreme care has been used to create this document, however the contents are provided “as is”
without any representations or warranties, express or implied. The author assumes no liability as
a result of reliance and use of the contents of this document. This document is to be used for
comparison, research and reference purposes ONLY. No part of this document may be
reproduced, resold or transmitted in any form or by any means.
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