FAC3702exam Pb b
ack 2023
b
LATEST QUESTIONS AN
b b
D ANSWERS
b
,FAC3702 EXAM PACK 2022
b b b
,Welcome
Ifbyoubarebreadingbthisbmessagebthenbyoubarebdoing(FAC3701)bwithbUNISA.b ThesebarebbeingbcompiledbbybourbTo
getherbWebPassbteambforbourbstudentsbwhobarebregisteredbforbFAC3701bthisbterm,bandbwillbbebbuiltbuponbyearbonbyea
rbtobcreatebthebbestbsetbofbquestions,bwithbsuggestedbsolutions,bwithbthebpossibilitybofbincludingbhintsbandbtipsbinbth
ebfuture.
Pleasebnotebthatbthisbisbnotbthebexambscope,bbutbthisbdocumentbwillbworkbasbsupplementarybstudybmaterialbwhichbw
illbhelpbyoubpreparebforbthebcomingbexams.bIt’sbworkbinbprogressbandbwebwillbmakebchangesbandbamendmentsbtobtheb
documentbasbwebprogress.
Goodbluckbthisbterm,bandbweblookbforwardbtobworkingbwithbyou!b
Ourbcontactbdetailsbshouldbyoubneedbhelp:
Together We Pass b b
PHONEb 021b591b0673
EMAILb
b
WEB
www.togetherwepass.co.zab
FB
www.facebook.com/togetherwepassbGGLE
+b TogetherbWebPassbonbGooglebPlusbTWIT
Rb @togetherwepass
, QUESTION 1 b
Thebfollowingb financialb informationb relatesb tobABCb Limitedb forbtheb year
1. Machine
Cost 1b Mayb2011 500b 000
Residualb value 1b Mayb 2011 50
Revaluedbamountbonbabnetbreplacementb valuebbasisb 000b 30b Aprilb2014 410b 000
Depreciationb rateb-b20%bperbannumbstraight-line
Theb taxb baseb onb 1b Mayb 2013b wasb R200b 000b whichb wouldb beb deductibleb inb equalb amountsb onb
30bAprilb2014b andb30bAprilb2015bagainstbtaxablebincome.
Onb 1bMayb 2013b thereb wasb abdeferredb taxb liabilityb ofb R36b 000b dueb tobtheb temporaryb differenceb inb respectb
ofbthebwearbandbtearbonbthebmachine.
Thebestimatesb ofbtheb originalb usefulb lifeb andb residualb valueb remainedb unchangedb afterb theb revaluation.
Duringb 2014b the b boardb ofb directorsb decidedb tob discloseb theb machineb inb futureb atb theb netbreplacem
entb value.b Theb revaluationb onb 30b Aprilb2014b wasb performedb byb ab swornb appraiser,b WbMass,bonb theb n
etbreplacementb valueb basisb withb referenceb tob pricesb ofb similarb newb assetsb inb anb activebmarket.b Itb isbc
ompanyb policyb thatb thebrevaluationb surplusb willbbebrealisedb onbdisposalb ofbthebmachine.
2. Investmentb property
Onb 31b Augustb2013bABCb b Limitedb soldb itsb onlyb investmentb propertyb forb R1b 600b 000.b Sinceb ABCbLimite
db hadb alreadyb decidedb duringb theb financialb yearb endedb 30b Aprilb2013b tob sellb theb investmentbproperty,b
theb 2004b financialb statementsb reflectedb ab deferredb taxb balanceb thatb wasb correctlybcalculatedb andb pr
ovidedb basedb onb theb intentionb tob sell.b Investment b propertyb wasb previouslybaccountedb forbaccordingb
tobthebfairbvaluebmodel.
Nobtaxb allowancesb wereb grantedb onb theb property.
Detailsb ofbtheb disposedb investment propertyb areb asb follows:
Deferre
Fair Temporar dbtax
Date Cost value y liability
R R difference R
R
Land 1b Novemberb 2011 250b 000 - -
Land 30bAprilb2013 - 350b 000 -100 15b 000
Building 1b Novemberb 2011 750b 000 - 000 -
Building 30bAprilb2013 - 1b100b 000 -350 52b 500
000
1b000b 000 1b450b 000 450b 000 67b 500
©b2015bTogetherbWeb Pass.bAllbrightsbreserved.
ack 2023
b
LATEST QUESTIONS AN
b b
D ANSWERS
b
,FAC3702 EXAM PACK 2022
b b b
,Welcome
Ifbyoubarebreadingbthisbmessagebthenbyoubarebdoing(FAC3701)bwithbUNISA.b ThesebarebbeingbcompiledbbybourbTo
getherbWebPassbteambforbourbstudentsbwhobarebregisteredbforbFAC3701bthisbterm,bandbwillbbebbuiltbuponbyearbonbyea
rbtobcreatebthebbestbsetbofbquestions,bwithbsuggestedbsolutions,bwithbthebpossibilitybofbincludingbhintsbandbtipsbinbth
ebfuture.
Pleasebnotebthatbthisbisbnotbthebexambscope,bbutbthisbdocumentbwillbworkbasbsupplementarybstudybmaterialbwhichbw
illbhelpbyoubpreparebforbthebcomingbexams.bIt’sbworkbinbprogressbandbwebwillbmakebchangesbandbamendmentsbtobtheb
documentbasbwebprogress.
Goodbluckbthisbterm,bandbweblookbforwardbtobworkingbwithbyou!b
Ourbcontactbdetailsbshouldbyoubneedbhelp:
Together We Pass b b
PHONEb 021b591b0673
EMAILb
b
WEB
www.togetherwepass.co.zab
FB
www.facebook.com/togetherwepassbGGLE
+b TogetherbWebPassbonbGooglebPlusbTWIT
Rb @togetherwepass
, QUESTION 1 b
Thebfollowingb financialb informationb relatesb tobABCb Limitedb forbtheb year
1. Machine
Cost 1b Mayb2011 500b 000
Residualb value 1b Mayb 2011 50
Revaluedbamountbonbabnetbreplacementb valuebbasisb 000b 30b Aprilb2014 410b 000
Depreciationb rateb-b20%bperbannumbstraight-line
Theb taxb baseb onb 1b Mayb 2013b wasb R200b 000b whichb wouldb beb deductibleb inb equalb amountsb onb
30bAprilb2014b andb30bAprilb2015bagainstbtaxablebincome.
Onb 1bMayb 2013b thereb wasb abdeferredb taxb liabilityb ofb R36b 000b dueb tobtheb temporaryb differenceb inb respectb
ofbthebwearbandbtearbonbthebmachine.
Thebestimatesb ofbtheb originalb usefulb lifeb andb residualb valueb remainedb unchangedb afterb theb revaluation.
Duringb 2014b the b boardb ofb directorsb decidedb tob discloseb theb machineb inb futureb atb theb netbreplacem
entb value.b Theb revaluationb onb 30b Aprilb2014b wasb performedb byb ab swornb appraiser,b WbMass,bonb theb n
etbreplacementb valueb basisb withb referenceb tob pricesb ofb similarb newb assetsb inb anb activebmarket.b Itb isbc
ompanyb policyb thatb thebrevaluationb surplusb willbbebrealisedb onbdisposalb ofbthebmachine.
2. Investmentb property
Onb 31b Augustb2013bABCb b Limitedb soldb itsb onlyb investmentb propertyb forb R1b 600b 000.b Sinceb ABCbLimite
db hadb alreadyb decidedb duringb theb financialb yearb endedb 30b Aprilb2013b tob sellb theb investmentbproperty,b
theb 2004b financialb statementsb reflectedb ab deferredb taxb balanceb thatb wasb correctlybcalculatedb andb pr
ovidedb basedb onb theb intentionb tob sell.b Investment b propertyb wasb previouslybaccountedb forbaccordingb
tobthebfairbvaluebmodel.
Nobtaxb allowancesb wereb grantedb onb theb property.
Detailsb ofbtheb disposedb investment propertyb areb asb follows:
Deferre
Fair Temporar dbtax
Date Cost value y liability
R R difference R
R
Land 1b Novemberb 2011 250b 000 - -
Land 30bAprilb2013 - 350b 000 -100 15b 000
Building 1b Novemberb 2011 750b 000 - 000 -
Building 30bAprilb2013 - 1b100b 000 -350 52b 500
000
1b000b 000 1b450b 000 450b 000 67b 500
©b2015bTogetherbWeb Pass.bAllbrightsbreserved.
