FAC2601 ASSIGNMENT 2 SEMESTER 1 - 2022

1. PROPERTY, PLANT AND EQUIPMENT 1. PROPERTY, PLANT AND EQUIPMENT LAND R BUILDINGS R PLANT & MACHINERY R FURNITURE & EQUIPMENT R Carrying amount at the beginning of the year Gross carrying amount 3 733 333 (5) 600 000 Accumulated depreciation - (175 000) (2) (1 633 333) (6) (120 000) 3 BELL CREST LTD NOTES TO NON-CURRENT ASSETS 2. PROPERTY, PLANT AND EQUIPMENT LAND R BUILDINGS R PLANT & MACHINERY R FURNITURE & EQUIPMENT R Carrying amount at the beginning of the year Gross carrying amount 3 733 333 (5) 600 000 Accumulated depreciation - (175 000) (2) (1 633 333) (6) (120 000) Additions at cost Disposals at carrying amount (958 333) (9) Depreciation (49 469) (3) (189 714) (8) (60 000) (12) Depreciation capitalised 17 578 (17 578) (7) Revaluation 50 000 (1) Transfer to investment property (850 000) Carrying amount at the end of the year Gross carrying amount (4) 1 955 555 (10) 600 000 Accumulated depreciation - (34 469) (1 021 180) (11) (180 000) Land and buildings on stand 50, Centurion, consist of property that is owner occupied. The valuation was performed on 1 October 2019 by Mr Blog, a sworn independent appraiser. Calculations: 1. 850 000 – 800 000 = 50 000 2. 1 200 000/240 x 35 = 175 000 3. 1 200 000/20 x 3/12 = 15 000 (1 275 000 + 17 578)/25 x 8/12 = 34 469 4. 1 200 000 + 1 275 000 = 2 475 000 2 475 000 + 17 578 = 2 492 578 2 492 578 – 175 000 – 15 000 = 2 302 578 5. 2 100 000 x 100/75 = 2 800 000 2 800 000 x 100/75 = 3 733 333 6. 3 733 333 – 2 100 000 = 1 633 333 7. 500 000 x 25% = 125 000 (500 000 – 125 000) x 25% = 93 750 500 000 – (125 000 + 93 750) x 25% x 9/12 = 52 734 500 000 – (125 000 + 93 750) x 25% x 3/12 = 17 578 8. 2 100 000 – 500 000 – (125 000 + 93 750) – 1 000 000 = 381 250 381 250 x 25% = 95 313 500 000 – (125 000 + 93 750) x 25% x 9/12 = 52 734 500 000 – (125 000 + 93 750) x 25% x 3/12 = 17 578 1 000 000 x 25% x 2/12 = 41 667 95 313 + 52 734 + 41 667 = 189 714 9. 1 000 000 – 41 667 = 958 333 10. 1 000 000 x 100/75 = 1 333 333 1 333 333 x 100/75 = 1 777 778 3 733 333 – 1 777 778 = 1 955 555 11. 1 633 333 – 777 778 + 95 313 + 52 734 + 17 578 = 1 021 180 12. 600 000 x 10% = 60 000