FAC 3702 ASSIGNMENT 1
Johns Hopkins University
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Exam (elaborations)
FAC 3702 ASSIGNMENT 1
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---8August 20212021/2022A+
- FAC3702 - Assignment 1							 
Suggested solution							 
Question 1							 
							 
FUN & GAMES LIMITED							 
NOTES FOR THE YEAR ENDED 30 JUNE 2013							 
							 
1. Profit before tax							 
Income							 
	Fair value adjustment					1,605,000	 
	Rental income					75,000	 
	Profit on exchange of asset					25,000	 
							 
Expenses							 
	Depreciation					90,741	 
	Direct operating expense wrt investment property					27,500	 
							 
2. Property, plant and equipment							 
			Land	Buil...
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AcademicFountain
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Exam (elaborations)
FAC 3702 ASS 1
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---10August 20212021/2022
- 1. Old machinery 
R 
Cost 1 April 2015 480 000 
Accumulated depreciation (calc 1.1) (168 000) 
Carrying amount 31 December 2016 312 000 
Depreciation (calc 1.2) (16 000) 
Carrying amount 28 February 2017 296 000 
1.1. 480 000 / 60 x 21 = 168 000 
1.2. 480 000 / 60
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AcademicFountain
-
Exam (elaborations)
FAC 3702 ASS 1
-
---10August 20212021/2022
- 1. Old machinery 
R 
Cost 1 April 2015 480 000 
Accumulated depreciation (calc 1.1) (168 000) 
Carrying amount 31 December 2016 312 000 
Depreciation (calc 1.2) (16 000) 
Carrying amount 28 February 2017 296 000 
1.1. 480 000 / 60 x 21 = 168 000 
1.2. 480 000 / 60
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$9.99 More Info
AcademicFountain