Fac2601 Assignment 2 Year 2024 Semester 1 ....Call/App

FAC2601 ASSIGNMENT 2 – SEMESTER 1 OF
2022
Notes to the Financial Statements of Bell Crest Ltd for the year ended 30 June
2020

Property, Plant & Equipment

Land Buildings Plant & Furniture &
Machinery Equipment
R R R R
Carrying amount at beginning of year 800 000 1 025 000 2 100 000 480 000
Cost (6) 800 000 1 200 000 3 733 333 600 000
Accumulated Depreciation (2.1) - (175 000) (1 633 333) (120 000)

Additions at cost 700 000 1 275 000 - -
Revaluation (1) 50 000 - - -
Depreciation capitalized (4) - 17 578 (17 578) -
Depreciation [(5.1), (5.2) & (5.3)] - (94 469) (299 089) (60 000)
Disposal at carrying amount (7) - - (958 333) -

Carrying amount at end of year 1 550 000 2 223 109 825 000 420 000
Cost / Valuation (8) 1 550 000 2 492 578 1 955 555 600 000
Accumulated Depreciation - (269 469) (1 130 555) (180 000)


The land was revalued for the first time on 1 October 2019 by Mr Blog, an independent
sworn appraiser to a fair value amount.

Calculations

1. Revaluation =
=

2. Accumulated Depreciation – Beginning of year

2.1. Buildings =( )
=
2.2.


3. Additions to buildings =
=