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FAC2601 Assignment 02

1) Dilata Ltd's statement of financial position as of June 30, 2020 shows total non-current assets of R6,602,667 comprising property, plant, and equipment. 2) Notes to the financial statements provide details of movements in property, plant, and equipment balances for the year through additions, disposals, depreciation, and revaluation. 3) Dilata Ltd's statement of financial position as of December 31, 2020 shows total non-current assets of R4,620,000 comprising investment property. 4) Notes explain that the investment property balance was reached through acquisitions totaling R3,060,000, subsequent expenditure of R

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38 views

FAC2601 Assignment 02

1) Dilata Ltd's statement of financial position as of June 30, 2020 shows total non-current assets of R6,602,667 comprising property, plant, and equipment. 2) Notes to the financial statements provide details of movements in property, plant, and equipment balances for the year through additions, disposals, depreciation, and revaluation. 3) Dilata Ltd's statement of financial position as of December 31, 2020 shows total non-current assets of R4,620,000 comprising investment property. 4) Notes explain that the investment property balance was reached through acquisitions totaling R3,060,000, subsequent expenditure of R

Uploaded by

Sibongile
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Name: Sibongile Thekiso

Assignment 02
Module code: FAC2601
Assignment number: 851350
Student Number: 46251944
Date: 2021/06/30

PART A

Statement of Financial Position of Dilata Ltd for the year ended 30 June 2020

Note
ASSETS
NON – CURRENT ASSETS

Property Plant and Equipment 6 602 667


1
Notes to the financial statements for the year ended 30 June 2020

1. Property, plant & equipment

Machinery
& Motor
Land Buildings Equipment Vehicles Total

Carrying amount at beginning of year 1 000 000 2 328 000 1 920 000 410 000 5 658 000
Cost 645 715
1 000 000 2 400 000 3 000 000 7 045 715
Accumulated Depreciation (235 715)
- (72 000) (1 080 000) (1 387 715)

500 000 500 000


Revaluation during the year (C1

Additions at cost 600 000 336 000 936 000

Disposals at carrying value (C3) (86 000) (86 000)

Depreciation for the year (C2) (57 333) (256 000) (140 000) (453 333)

Depreciation Capitalized (C 2) 128 000 (128 000) -

Carrying amount at end of year 1 500 000 3 070 667 1 536 000 496 000 6 602 667

1 500 0000 2 300 000 3 000 000 776 000 7 576 000
Cost
- (129 333) (1 464 000) (280 000) (1 873 333)
Accumulated Depreciation
Calculations

C1

Revaluation during the year (Land) – (1 500 000 -1 000 000) = 500 000

C2

Depreciation for the year:

Buildings

2 400 000 * 2% = 48 000

Additions – 600 000 + 200 000(capitalized Depreciation) = 800 000 * 2% *7/12 = 9 333

Depreciation is 48 000 + 9 333 = 57 333

Machinery & Equipment

1 920 000 * 20% = 384 000

Capitalized depreciation – 384 000 * 4/12 = 128 000


384 000 * 8/12 = 256 000

Motor Vehicles

Traded in – 205 715 * 20% * 7/12 = 24 000

New – 336 000 * 20%* 5/12 = 28 000

Existing – 645 715 – 205 715 = 440 000

440 000 * 20% = 88 000

Total depreciation – 24 000 + 28 000 + 88 000 = 140 000

C3

Disposal at carrying value –

205 715 – 95 715 – 24 000 = 86 000


PART B

Statement of financial position as at 31 December 2020

Notes
ASSETS
NON – CURRENT ASSETS

Investment property 1 4 620 000

Notes to the financial statements for the year ended 31 December 2020

Land & Buildings

Carrying amount at the end of the year -


Additions from acquisitions (3 000 000 + 15 000 + 45 0000) 3 060 000
Additions from subsequent expenditure 100 000
Fair value adjustment (3 000 000 + 1 620 000- 3 060 000 – 100 000) 1 460 000
Carrying amount at the end 4 620 000

The valuation was performed on 31 December 2020 by a sworn appraiser.

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