FAC1503 Assignment
6 (COMPLETE
ANSWERS)
Semester 2 2024 -
DUE 24 October
2024; 100%
TRUSTED Complete,
trusted solutions and
explanations.
[Type the document subtitle]
[Pick the date]
[Type the company name]
,
, Course
Financial Accounting Principles for Law Practition (FAC1503)
Institution
University Of South Africa (Unisa)
Book
Accounting Principles for Lawyers
FAC1503 Assignment 6 (COMPLETE
ANSWERS) Semester 2 2024 - DUE 24
October 2024; 100% TRUSTED Complete,
trusted solutions and explanations.
Ozone Ltd Ozone Ltd is neither a manufacturer nor a
dealer that leases ozone friendly machinery that reduces
the emission of harmful chemicals. Ozone has a 28/29
February year-end. As part of its business strategies,
Ozone Ltd entered into the following transactions:
Transaction 1 Ozone Ltd entered into an agreement with
Woodworks Ltd in which Ozone Ltd leased machinery to
Woodworks Ltd. The contract between the two companies
contains a lease in terms of IFRS 16, Leases. Ozone Ltd
purchased this machine on 1 March 2023 at a cost of
R420 000. FAC3703/02/2024 The lease agreement for the
machine is as follows: Fair value of the machine on 1
March 2023 R420 000 Lease commencement date 1
March 2023 Lease instalments payable bi-annually in
6 (COMPLETE
ANSWERS)
Semester 2 2024 -
DUE 24 October
2024; 100%
TRUSTED Complete,
trusted solutions and
explanations.
[Type the document subtitle]
[Pick the date]
[Type the company name]
,
, Course
Financial Accounting Principles for Law Practition (FAC1503)
Institution
University Of South Africa (Unisa)
Book
Accounting Principles for Lawyers
FAC1503 Assignment 6 (COMPLETE
ANSWERS) Semester 2 2024 - DUE 24
October 2024; 100% TRUSTED Complete,
trusted solutions and explanations.
Ozone Ltd Ozone Ltd is neither a manufacturer nor a
dealer that leases ozone friendly machinery that reduces
the emission of harmful chemicals. Ozone has a 28/29
February year-end. As part of its business strategies,
Ozone Ltd entered into the following transactions:
Transaction 1 Ozone Ltd entered into an agreement with
Woodworks Ltd in which Ozone Ltd leased machinery to
Woodworks Ltd. The contract between the two companies
contains a lease in terms of IFRS 16, Leases. Ozone Ltd
purchased this machine on 1 March 2023 at a cost of
R420 000. FAC3703/02/2024 The lease agreement for the
machine is as follows: Fair value of the machine on 1
March 2023 R420 000 Lease commencement date 1
March 2023 Lease instalments payable bi-annually in
