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FAC2601 Assignment 2 Semester 2 2024 (QUALITY ANSWERS) DISTINCTION GUARANTEED 90+
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Fac2601 Assignment 2 Semester 2 2024 MCQ with 90+ grading
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By: nekuzikhona • 2 months ago
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Answer the following multiple-choice questions. Indicate your choice by selectingonly one option from the four options given for each question answered.
Use the following information to answer questions 1 to 4:
The following balances, amongst others, were extracted from the accounting
records of Tale Ltd at 30 June 2023:
R
Land at 2 000 000
cost............................................................................................
Buildings at 3 756 800
cost.....................................................................................
Machinery at carrying amount (1 July 5 144 000
2022).............................................
Additional information:
All machinery was purchased on 1 July 2021. The company provides for depreciation on
machinery at 20% on the straight-line method. The residual value of the machinery at
the end of its useful life is R120 000. During the current year all the machinery was
withdrawn for the production process for a period of 3 months and used in the
construction of the building. No sales or purchase transactions of machinery took place
during the current financial year. The following construction costs took place during the
current year:
Labour R1 356 800
Material R2 400 000
Total R3 756 800
Land and buildings, consisting of factory buildings and offices in Constantia Park, Erf 300,
owner occupied. The building was completed on 1 April 2023 and brought into use on
the same date, and is depreciated over its estimated useful life of 20 years.
REQUIRED:
Question 1:
The original cost price of machinery is?
1.
R6 400 000
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