FAC2601 Financial Accounting And Reporting (FAC2601)
University of South Africa
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![FAC2601 Assignment 2 Semester 2 Solutions 2022](/docpics/63107912b1a5e_1933081.jpg)
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FAC2601 Assignment 2 Semester 2 Solutions 2022
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FAC2601 Assignment 2 Semester 2 Solutions 2022 
FAC2601 - Financial Accounting And Reporting 
The following information was extracted from the accounting records of Sankofa Ltd on 
30 June 2020: 
 R 
Inventories (additional information 3) 305 300 
Trade and other receivables 220 000 
Trade and other payables 35 000 
Dividends payable 5 000 
Bank 23 000 
Retained earnings (30/06/2019) 49 800 
Long-term loan – Kwasi Ltd (additional information 4) 950 000 
Land at cost 1 000 000 
Buildings at cos...
FAC2601 Assignment 2 Semester 1 2022. FAC2601 - Financial Accounting And Reporting
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FAC2601- Financial Accounting And Reporting Assignment 2 Semester 1 2022.
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FAC2601- Financial Accounting And Reporting Assignment 2 Semester 1 2022. QUESTION 1 
BELL CREST LTD 
NOTES TO NON-CURRENT ASSETS 
Property, plant and equipment 
 Land Buildings 
 Plant and 
machinery 
 Delivery 
vehicle 
 Furniture 
and 
equipment 
Carrying amount at the 
beginning of the year 800 000 1 025 000 2 100 000 55 000 480 000 
Gross carrying amount 800 000 1 200 000 3 733 333 (5) 84 615 (12) 600 000 
Accumulated depreciation - (175 000) (2) (1 633 333) (6) (29 615) (13) (120 000) 
Add...
FAC2601 ASSIGNMENT 2 SEMESTER 1 - 2022. FAC2601 - Financial Accounting And Reporting
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FAC2601 Summary notes
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LEARNING UNIT 1 
INTRODUCTION TO COMPANY FINANCIAL STATEMENTS 
INTRODUCTION 
International Financial Reporting Standards (hereafter called IFRS). IFRS are being developed by the International 
Accountants Standards Board (IASB) 
WHAT IS IFRS? 
IFRS is a set of international accounting standards stating how particular types of transactions and other events 
should be recognized, measured and reported in annual financial statements. 
GOAL OF IFRS? 
Goal of IFRS is to provide a global framework for...
FAC2601 EXAM PACK 2023
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FAC2601 EXAM PACK
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FAC2601 EXAM PACK 2021 
COMPLETE AND 
VERIFIED. 
MUST HAVE. 
[TURN OVER] 
UNIVERSITY EXAMINATIONS 
January/February 2021 
FAC2601 
FINANCIAL ACCOUNTING FOR COMPANIES 
100 Marks 
Duration 2 Hours 
This paper consists of 8 pages. 
Instructions: 
Download this paper as soon as it has been accessed. 
Remember to complete and adhere to the Honesty Declaration. 
Please upload submission in PDF-format, single file not larger than 20Mb before the expiry of the due 
time. 
THIS PAPER CONSISTS OF EIGHT (8...
![FAC2601 Assignment 2 Semester 2 Solutions 2022](/docpics/640a236087831_2454825.jpg)
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FAC2601 Assignment 2 Semester 2 Solutions 2022
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FAC2601 Assignment 2 
Semester 2 Solutions 
2022.SECOND SEMESTER 2022 
ASSIGNMENT 02 (30 marks) (36 minutes) 
The following information was extracted from the accounting records of Sankofa Ltd on 
30 June 2020: 
 R 
Inventories (additional information 3) 305 300 
Trade and other receivables 220 000 
Trade and other payables 35 000 
Dividends payable 5 000 
Bank 23 000 
Retained earnings (30/06/2019) 49 800 
Long-term loan – Kwasi Ltd (additional information 4) 950 000 
Land at cost 1 000 000 
...
![FAC2601 Ques Bank 2022.](/docpics/631cd862b3be5_1952628.jpg)
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FAC2601 Ques Bank 2022.
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FAC2601 Ques Bank 2022. 
FAC2601/QUESTION BANK 
1 
DEPARTMENT OF FINANCIAL ACCOUNTING 
FAC2601: FINANCIAL ACCOUNTING FOR COMPANIES 
FAC2601 QUESTION BANK 
(SEMESTER 1 & SEMESTER 2) 
Mr F Montgomery 
Mr A Eysele 
Mr C Mkefa 
Mrs F Aboo 
Mr M Mokgobinyane 
Module Telephone Number: 012 429 4238 
Module E-mail Address: 
Open Rubric 
FAC1601/QUESTION BANK 
2 
CONTENTS 
LU 1: Introduction to company financial statements ...................................................... 3 
LU 2: The Framework of ...
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