UNISA FAC 3703 ASSIGNMENT 1 - SEMESTER 1 2020

FAC3703 ASSIGNMENT 1 – SEMESTER 1 OF
2020
Ultra Speed Ltd
Notes for the year ended 31 March 2019
1. Profit before tax


Profit before tax is stated after taking the following items into account


R
Incomes
Finance Income 85 406

Expenses
Finance Cost 107 164
Depreciation: Right of use asset 300 536



2. Leases

2.1. Right of use asset

Equipment
R
Carrying amount at beginning of year [𝑣(𝑏)] 1 583 549
Adjustments for lease re measurements [𝑣 (𝑏)] (161 407)
Depreciation for the year (𝑣𝑖𝑖) (300 536)
Carrying amount at end of year 1 121 606