FAC3703 - Specific Financial Reporting Assignment 01 Year 2021 TL001

FAC3703
ASSIGNMENT 01
YEAR 2021
TL001
FOR ASSISTANCE CONTACT
RALPH +27 680 77 9615

, FAC3703 ASSIGNMENT 1 OF 2021
(a) Notes to the Financial Statements of Performance Ltd for the year ended 28
February 2021

1. Profit before tax

Profit before tax includes the following items:

R
Incomes
Profit on sale of equipment 3 250 000
Finance income (𝑖𝑖) (831 984 + 238 811) 1 070 795

Expenses
Depreciation (𝑖) 833 333


2. Property, plant & equipment

R
Carrying amount at beginning of year 9 583 333
Cost 15 000 000
Accumulated (𝑖) (5 416 667)

Depreciation for the year (𝑖) 833 333
Disposals during year (𝑖) (8 750 000)
Carrying amount at end of year -
Cost -
Carrying amount -