Answers
FAC3761 ASSIGNMENT FOR UNISA NEW CURRICULUM
- Course
- Institution
- Book
For the students doing year modules we understand your challenges and we are here to assist especially in this lock down.
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Applying IFRS Standards 4th Edition Ruth Picker - Test BankQUESTIONS & ANSWERS WITH RATIONALES COMPLETE AND WELL EXPLAINED BY EXPERTS ALREADY PASSED 100% CORRECT GRADED A+ LATEST UPDATE 2024 100% GUAR...
-
Volledige Lecture Notes Advanced Financial Accounting (2021/2022)
-
Summary Financial Accounting and Reporting 2021/2022
5 reviews
By: nate101 • 4 year ago
By: koketsoseoketsa • 4 year ago
By: MM99 • 4 year ago
By: mszmabaso • 4 year ago
By: phumezakhenyana • 4 year ago
Seller
Follow
Ian09
Reviews received
Available practice questions
Accounting quick tutorial
Flashcards
3 Flashcards
Free
6 sales
Flashcards
3 Flashcards
Free
6 sales
Some examples from this set of practice questions
1.
Leases: What is a low value asset
Answer: A low value asset is any asset with a value less than USD5000
2.
Leases: How do we calculate implicit interest rate of both lessee and lessor
Answer: Components PV = Lease liability plus direct costs of lessor N = Lease term PMT = Lease installments FV = Guaranteed and unguaranteed residual value Compute interest from Calc
Content preview
FAC3761 ASSIGNMENT 1 – SEMESTER 1 OF2020
(a) Calculation of the correct profit before tax in the statement of profit or loss &
other comprehensive income of Gin Ltd for the year ended 30 June 2019
R
Provisional profit before tax 450 000
Profit on the sale of machinery [1 225 000 − (1 200 000 − 432 000)] 457 000
Change in accounting estimate (𝑖) 10 000
Cost of Sales (15 200 − 5 000) (10 200)
Corrected Net Profit 906 800
Calculations
i. Change in accounting estimate
R
(320 000 − 128 000 − 30 000) 54 000
Depreciation after change: [ ]
3 64 000
Depreciation as calculated (192 000 − 128 000)
Change in accounting estimate 10 000
, (b) Calculation of deferred tax in the statement of financial position of Gin Ltd for
the years ended 30 June
Carrying Tax Base Temporary Deferred
Amount Difference Tax Asset /
Liability &
28%
2019 R R R R
Delivery Vehicles [(𝑖𝑖𝑖)& (𝑖𝑣)] 138 000 80 000 58 000 (16 240)
Prepaid Expenses 80 000 - 80 000 (22 400)
Deferred Tax Liability 138 000 (38 640)
2018 Carrying Tax Base Temporary Deferred
Amount Difference Tax Asset /
Liability &
29%
Machinery (𝑖) 960 000 900 000 60 000 (17 400)
Delivery Vehicles [(𝑖𝑖)& (𝑖𝑖𝑖)] 192 000 160 000 32 000 (9 280)
Inventory 110 450 95 250 15 200 (4 408)
Assessed Loss - 516 000 (516 000) 149 640
Deferred Tax Asset (408 800) 118 552
Calculations
i. Carrying Amount – Machinery (2018) = (1 200 000 − 240 000)
= 𝑹𝟗𝟔𝟎 𝟎𝟎𝟎
ii. Carrying Amount – Vehicles (2018) = (320 000 − 128 000)
= 𝑹𝟏𝟗𝟐 𝟎𝟎𝟎
iii. Tax Base – Vehicles
R
Cost 320 000
320 000 (160 000)
Accumulated Wear & Tear – 30 June 2018 ( 4 ∗ 2)
Carrying amount – 30 June 2018 160 000
320 000 (80 000)
Wear & Tear ( 4 )
Tax Base 80 000
iv. Carrying amount – Delivery Vehicles (2019)
= (320 000 − 192 000 + 10 000)
= 𝑹𝟏𝟑𝟖 𝟎𝟎𝟎
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 Ian09. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.73. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78075 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now