FAC3701 ASSIGNMENT 2 SEMESTER 2 OF 2022

FAC3701 ASSIGNMENT 2 – SEMESTER 2 OF
2022
1. 1

R
Depreciation before the change (300 000 * 12.5%) 37 500
12
Depreciation after the change [(206 250 − 50 000) * ] (24 038)
78
Change in accounting estimate 13 462

Decrease in depreciation of future periods (50 000 – 13 462) 36 538


2. 3

R
Cost 300 000
300 000
Tax allowance – 31 December 2020 ( * 3) (180 000)
5
Tax Base – 31 December 2020 120 000
300 000
Tax Allowance – 31 December 2021 ( ) (60 000)
5
Tax Base – 31 December 2021 60 000


3. 1

R
Retained earnings – 1 January 2020 1 000 135
Increase in inventory (12 000 * 71%) 8 520
Restated retained earnings – 1 January 2020 1 008 655


4. 2

R
Cost of sales 1 388 144
Increase in opening inventory 12 000
Increase in closing inventory (28 000)
Restated cost of sales 1 372 144




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