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Exam (elaborations)

FAC3703 EXAM Pack November 2020 Memo

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Detailed Calculations with notes

Institution
University Of South Africa (Unisa)
Course
FAC3703 - Specific Financial Reporting









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Irene M. Wiecek, Nicola M. Young IFRS Primer International GAAP Basics
  • 2009
  • 9780470483176
  • Unknown

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Institution
University of South Africa (Unisa)
Course
FAC3703 - Specific Financial Reporting
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  • fac3703 exam pack november 2020 memo

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OCTOBER –
NOVEMBER
2020

, SOLUTION 1: FINANCIAL INSTRUMENTS,
EMPLOYEE BENEFITS & BORROWING COSTS
PART A

(a) Notes to the financial statements of Bapalang Ltd for the year ended 30 June
2020

1. Profit before tax

Profit before tax includes the following items:

R

Income
9 1 228 338
Finance income (𝑖) (1 637 785 ∗ )
12




Finance

Finance cost 203 125

Total interest expense (𝑖𝑖) 562 500
Interest capitalised (𝑖𝑖) (359 375)



Depreciation (𝑖𝑖𝑖) 157 734

Employee Benefits 20 801 238

Short – term employee benefits (𝑖𝑣) 18 750 318
Defined contribution plan (17 091 000 ∗ 12%) 2 050 920



Operating lease payments (𝑣) (38 283 ∗ 6) 229 698
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