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Fac3701 Assignment 1 Of Semester 2 - 2019

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Institution University Of South Africa (Unisa)
Course FAC3701 - General Financial Reporting (FAC3701)
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FAC3701 Assignment 1 of Semester 2 - 2019 (Written Assignment with all solutions and calculations)

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YOURTUTOR SOLUTIONS




FAC3701 ASSIGNMENT 1
WRITTEN ASSIGNEMENT




SEMESTER 2
2019

, FAC3701 ASSIGNMENT 1 OF SEMESTER 2 - 2019
DUE DATE: 26 August 2019
UNIQUE NR: 539201


Question (a)

OiltTex Ltd

Profit before tax (Before any adjustmemts - GIVEN) 887000
Profit on sale of Truck ( Receipt - CA on date of sale)
Therefore: (77500 - 45000 CA (75000 Cost - 30000 Depr ) 32500
Receipt for delivery truck (NB it was included PBT so deduct) (77500)
Prepaid Insurance Insurance (50000)
(NB! A prepaid asset account should have been
debited, not the expense. When the monthly supplier
invoice is received, those amounts will be taken to
this prepayment asset account, decreasing it)

Profit before tax 792000

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