ACCOUNTING FAC3701

FAC3701 Assignment 1 Semester 1 2023 FAC3701 Assignment 1 Semester 1 2023 FAC3701 Assignment 1 Semester 1 2023

FAC3701 ASSIGNMENT SEMESTER 1 THIS QUESTION CONSISTS OF 2 INDEPENDENT PARTS P RTA A (21 marks) The profit before tax of Blue Ltd for the year ended 31 December 2013 amounted to R896 000, after taking the following into account: R Dividends received 25 000 Penalty on VAT paid 2 200 The following is an extract from the trail balance of Blue Ltd: 31 December 2013 31 December 2012 R R Dr/(Cr) Dr/(Cr) Rent received in advance (80 000) (35 000) Subscriptions paid in advance 40 000 85 0...

FEEDBACK ON PREVIOUS EXAMINATION PAPERS OCTOBER / NOVEMBER 2011 SOLUTION 1: ACCOUNTING POLICIES, HANGERS IN ACCOUNTING ESTIMATES AND ERRORS, IAS 10 (AC107) – EVENTS AFTER THE REPORTING PERIOD 1AS12 (AC102) – INCOME TAXES AND IAS 18 (AC111) REVENUE Question 1.1. Calculation of corrected profit before Tax of rainbow Limited for the year ended 28 February 2011 Provisional profit Cash on delivery sales – reversed Credit loss [ 10 000 – 0.10) Change in accounting estimate (300 000 ...

FAC3701 EXAM PACK 2 GENERAL FINANCIAL REPORTING 3 OCTOBER – NOVEMBER SOLUTION 1: CONCEPTUAL FRAMEWORK, ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES & ERRORS, INCOME TAXES, PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS & REVENUE PART A (a) Liability in respect of network airtime (i) The resulting from rent received in advance will result in a performance obligation. This performance obligation should be quantified and recognised as a liability if it fits into...

Profit: Accoun&ng vs Tax • A profit = framework such as IFRS • Tax profit (taxable income) = tax and rules Visit for a range of UNISA products Visit for a range of UNISA products FAC3701-SU4(A)-IAS -Basics Summary Notes Copyright Tabaldi Education(PTY)Ltd SoFP approach • Assets = future benefits • L = future ouBlows • What about the tax effects of these future benefits and future ouBlows ? Visit for a range of UNISA products Visit for a range of UNISA ...