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  • University Of South Africa (Unisa)
  • FAC3701 - General Financial Reporting (FAC3701GENERALFINANCIALREPORTING)
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Fac3701 Assignment 2 Semester 1 Of 2021

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2020/2021 Written for academic year
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University Of South Africa (Unisa)
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FAC3701 - General Financial Reporting (FAC3701GENERALFINANCIALREPORTING)
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FAC3701 ASSIGNMENT 2 – SEMESTER 1 OF
2021
1. 3

R
582 000 291 000
Depreciation after the change ( )
2
970 000
Depreciation before change ( ) (194 000)
5
Change in accounting estimate (increase) 97 000


2. 3

R
Cost 970 000
Accumulated wear & tear (970 000 ∗ 80%) (776 000)
Tax Base 194 000


3. 1

4. 5

R
Increase in opening inventory (722 000 − 676 000) 46 000
Increase in closing inventory (1 021 000 − 950 000) (71 000)
Decrease in cost of sales (25 000)


5. 4

6. 3

7. 1

DR CR
R R
Inventory (722 000 − 676 000) 46 000
Deferred tax (46 000 ∗ 28%) 12 880
Retained earnings (46 000 − 12 880) 33 120
Connected book
image
Hennie van Greuning International Financial Reporting Standards
Publisher: 2006 ISBN: 9780821367698 Edition: Unknown

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