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Fac 3702 Assignment 1 Sugested Solutions 2021

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2021/2022 Written for academic year
Institution University Of South Africa (Unisa)
Course FAC3702 - Distinctive Financial Reporting (FAC3702)
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suggested solutions for assignment 1 distinctive financial reporting. Assignment solutions for assignment due in march were created by a tutor of many years. These are just suggested solutions to guide in making your own guaranteeing you a good mark

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b)Property, plant and equipment
Land
Carrying Amount 30 June 2019 1,390,000.00
gross Carrying Amount 1,390,000.00
Accumulated depreciation -
Depreciation(4953+1500) -
Additions -
Revaluation 60,000.00
Derecognition of Compressor
Capitalisation of New Compressor
Carrying amount 30 June 2020 1,450,000.00
gross Carrying Amount 1,450,000.00
Accumulated depreciation -

Workings
Accumulated depreciation buildings(1250000-600000)/35 x13/12 20119.0476190476
Depreciation 35916.6666666667
Depreciation additions (9/12x250000/30) 6250
Depreciation for the year (1390000-600000)/30 29666.6666666667



Purchase Price 82550
transport 2,500.00
instillation 3,250.00
Cost 88,300.00

Compressor cost 14,000.00
Depreciation 2018(14000/15 x 1/12) 77.78
Depreciation 2019(14000/15 ) 933.33
Carrying amount on disposal 12,988.89

Depreciation Walkin Fridge(88300-14000)/15 4,953.33

Depreiation new Compressor(15000/10) 1,500.00
Total depreciation 6,453.33



30 june 2018 depreciation
Walk In fridge(88300/15) x 1/12 490.555555555556

, 30 june 2019 depreciation
Walk In fridge(88300/15) 5886.66666666667
6377.22222222222

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