Summary FAC3701 ASSIGNMENT 1 SEMESTER 1 OF 2023 [765123]
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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.
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