FAC3701
ASSIGNMENT 3 SEMESTER 1 2025
UNIQUE NO. 198630
DUE DATE: 16 APRIL 2025
, FAC3701
Assignment 3 Semester 1 2025
Unique Number: 198630
Due Date: 16 April 2025
General Financial Reporting
a.) General Journal Entry for 10 February 2024
Debit Credit
Date Account Name Classification
(R) (R)
10 Feb
Retained Earnings 250 000 SFP
2024
Dividends Payable 200 000 SFP
South African Revenue Service –
50 000 SFP
Dividend Tax Payable
b.) DEFERRED TAX AS AT 28 FEBRUARY 2023
1. Trade Receivables – Allowance for credit losses
Carrying amount = R619 800
Tax base = R657 800 − (25% × R38 000)
Tax base = R657 800 − R9 500 = R648 300
Temporary difference = R619 800 − R648 300 = (R28 500) → Deductible
Deferred tax asset = R28 500 × 27% = R7 695
Deferred Tax Balance – 2023:
ASSIGNMENT 3 SEMESTER 1 2025
UNIQUE NO. 198630
DUE DATE: 16 APRIL 2025
, FAC3701
Assignment 3 Semester 1 2025
Unique Number: 198630
Due Date: 16 April 2025
General Financial Reporting
a.) General Journal Entry for 10 February 2024
Debit Credit
Date Account Name Classification
(R) (R)
10 Feb
Retained Earnings 250 000 SFP
2024
Dividends Payable 200 000 SFP
South African Revenue Service –
50 000 SFP
Dividend Tax Payable
b.) DEFERRED TAX AS AT 28 FEBRUARY 2023
1. Trade Receivables – Allowance for credit losses
Carrying amount = R619 800
Tax base = R657 800 − (25% × R38 000)
Tax base = R657 800 − R9 500 = R648 300
Temporary difference = R619 800 − R648 300 = (R28 500) → Deductible
Deferred tax asset = R28 500 × 27% = R7 695
Deferred Tax Balance – 2023:
