FAC3703 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 7 September 2024
FAC3703 Assignment 1 (ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED Course Specific Financial Reporting (FAC3703) Institution University Of South Africa (Unisa) Book DESCRIPTIVE ACCOUNTING IFRS FO...
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Distinctive Financial Reporting (FAC3702)
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FAC3702
Assignment 1 Semester 2 2024
Unique #:
Due Date: 3 September 2024
Detailed solutions, explanations, workings
and references.
+27 81 278 3372
, a. PROPERTY, PLANT, AND EQUIPMENT NOTE FOR KASSILAM LIMITED
Land (R) Plant (R) Machinery (R) Block of Flats (R)
Carrying Amount at 1 January 2023 2,499,000 77,700,000 - 3,890,000
Cost 2,290,000 88,000,000 - 3,750,000
Accumulated Depreciation - (10,300,000) - (140,000)
• Limpopo Land:
o Cost: R1,050,000
o Valuation at 31 Dec 2022: R1,199,000
o Valuation at 31 Dec 2023: R1,140,000
o Revaluation Deficit for 2023: R1,140,000 - R1,199,000 =
(R59,000)
• Eastern Cape Land:
o Cost: R1,240,000
o Valuation at 31 Dec 2022: R1,300,000
o Valuation at 31 Dec 2023: R1,250,000
o Revaluation Deficit for 2023: R1,250,000 - R1,300,000 =
(R50,000)
Total Revaluation Deficit: R59,000 + R50,000 = R109,000
Varsity Cube 2024 +27 81 278 3372
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