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Unisa Fac 3701 Assignment 2 - First Semester 2020

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2019/2020 Written for academic year
Institution University Of South Africa (Unisa)
Course FAC3701 - General Financial Reporting (FAC3701)
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With my passion to change the world through education, I decided to diligently prepare the attached assignments. The more educated we are the the better world we create for the future generations

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FAC3701 ASSIGNMENT 2 – SEMESTER 1 OF
2020
1. 3

R
Cost (𝟓𝟏𝟎 𝟎𝟎𝟎 ∗ 𝟑) 1 530 000
Depreciation – 31 March 2019 (1 530 000 ∗ 20%) (306 000)
Carrying amount – 31 March 2019 1 224 000
[1 224 000 − (50 000 ∗ 3)] (268 500)
Depreciation – 31 March 2020 [ ]
4
Carrying amount – 31 March 2020 955 500


2. 1

Cost 1 530 000
1 530 000 (382 500)
Tax Allowance – 31 March 2019 ( 4 )
Tax Base – 31 March 2019 1 147 500
Tax Allowance – 31 March 2020 (382500)
Tax Base – 31 March 2020 765 000


3. 5

R
Increase in opening inventory 32 000
Increase in closing inventory (46 960)
Decrease in Cost of Sales 14 960


4. 3

5. 1

6. 1

R
Increase in inventory 32 000
Increase in deferred tax liability (32 000 ∗ 29%) (9 280)
Increase in equity 22 720
Connected book
image
Belverd E Needles, Marian Powers Financial Accounting, International Edition (with IFRS)
Publisher: april 2011 ISBN: 9781111525545 Edition: Unknown

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