FAC3703 ASSIGNMENT 1 Semester 1, 2022
Unique no: 885543
ULTRA SPEED LTD
Notes to the Annual Financial Statements for the year ending 31 March 2022
PROFIT BEFORE TAX
Profit before tax includes the following items:
Income
Interest Income [C1 & C2] 85 406
Expenses
Interest Expenses [C3 & C4] 107 164
Depreciation: Right-of-Use assets [C5 to C10] 290 536
LEASES
Right-of-Use Assets Equipment Total
Carrying amount at beginning of year
(1 924 436 – 380 887) [C9] 1 543 549 1 543 549
Depreciation for the year [C10] -290 536 -290 536
Adjustments for lease remeasurement [C8] -161 407 -161 407
1 091 606 1 091 606
Maturity analysis of future lease payments outstanding at the reporting date
Future lease payments (undiscounted)
For the year ended 31 March 2020 400 000
For the year ended 31 March 2021 400 000
For the year ended 31 March 2022 420 000
Remaining years after 31 March 2022 -
Total future lease payments 1 220 000
Total future finance cost [C4] -173 284
Lease liability 1 046 716
Short-term liability presented under current liabilities [C4] 730 453
Long-term portion presented under non-current liabilities [C4] 316 263
Total cash outflows relating to leases
Presented under financing activities
Cash payments for principle portion of lease liabilities [C4] 292 836
Presented under operating activities
Cash payments for interest portion of lease liabilities [C4] 107 164
Total cash outflow relating to leases 400 000
This study source was downloaded by 100000830214522 from CourseHero.com on 04-16-2022 08:41:03 GMT -05:00
https://www.coursehero.com/file/62777958/FAC3703-Assignment-1-Semester-1-2020pdf/
Unique no: 885543
ULTRA SPEED LTD
Notes to the Annual Financial Statements for the year ending 31 March 2022
PROFIT BEFORE TAX
Profit before tax includes the following items:
Income
Interest Income [C1 & C2] 85 406
Expenses
Interest Expenses [C3 & C4] 107 164
Depreciation: Right-of-Use assets [C5 to C10] 290 536
LEASES
Right-of-Use Assets Equipment Total
Carrying amount at beginning of year
(1 924 436 – 380 887) [C9] 1 543 549 1 543 549
Depreciation for the year [C10] -290 536 -290 536
Adjustments for lease remeasurement [C8] -161 407 -161 407
1 091 606 1 091 606
Maturity analysis of future lease payments outstanding at the reporting date
Future lease payments (undiscounted)
For the year ended 31 March 2020 400 000
For the year ended 31 March 2021 400 000
For the year ended 31 March 2022 420 000
Remaining years after 31 March 2022 -
Total future lease payments 1 220 000
Total future finance cost [C4] -173 284
Lease liability 1 046 716
Short-term liability presented under current liabilities [C4] 730 453
Long-term portion presented under non-current liabilities [C4] 316 263
Total cash outflows relating to leases
Presented under financing activities
Cash payments for principle portion of lease liabilities [C4] 292 836
Presented under operating activities
Cash payments for interest portion of lease liabilities [C4] 107 164
Total cash outflow relating to leases 400 000
This study source was downloaded by 100000830214522 from CourseHero.com on 04-16-2022 08:41:03 GMT -05:00
https://www.coursehero.com/file/62777958/FAC3703-Assignment-1-Semester-1-2020pdf/
