ASSIGNMENT 2 PART A Abrams Ltd Statement of Financial Position as at 28 February 2014 R Assets 7 355 500 Non - current assets 6 546 000 Property Plant and Equipment 6 510 000 Financial assets (24 000 + 2 000 + 10 000) 36 000 Current assets 809 500 Trade and other receivables ( 557 000 – 35 500) 521 500 Inventory ( 190 000 + 60 000 + 38 000) 288 000 WORKINGS PROPERTY PLANT AND EQUIPMENT Land Factory Furniture Total building and fittings Carrying amount beginning of year 3 200 000 2 800 000 - 6 000 000 Cost 3 200 000 3 000 000 - 6 200 000 Accumulated depreciation - ( 200 000) - (200 000) Depreciation ( 220 000) ( 220 000) Revaluation 280 000 280 000 Carrying amount at end of year 3 200 000 2 860 000 450 000 6 510 000 Cost - 3 260 000 - 3 260 000 Accumulated depreciation - (400 000) - ( 400 000) Factory building Depreciation per year Cost: 2 800 000 + 200 000 2 800 000/14 years = 3000 000 = 200 000
ASSIGNMENT 2 PART A Abrams Ltd Statement of Financial Position as at 28 February 2014 R Assets 7 355 500 Non - current assets 6 546 000 Property Plant and Equipment 6 510 000 Financial assets (24 000 + 2 000 + 10 000) 36 000 Current assets 809 500 Trade and other receivables ( 557 000 – 35 500) 521 500 Inventory ( 190 000 + 60 000 + 38 000) 288 000 WORKINGS PROPERTY PLANT AND EQUIPMENT Land Factory building Furniture and fittings Total Carrying amount beginning of year 3 200 000 2 800 000 - 6 000 000 Cost 3 200 000 3 000 000 - 6 200 000 Accumulated depreciation - ( 200 000) - (200 000) Depreciation ( 220 000) ( 220 000) Revaluation 280 000 280 000 Carrying amount at end of year 3 200 000 2 860 000 450 000 6 510 000 Cost - 3 260 000 - 3 260 000 Accumulated depreciation - (400 000) - ( 400 000) Factory building Depreciation per year Cost: 2 800 000 + 200 000 2 800 000/14 years = 3000 000 = 200 000
FAC2601-FAC-2601-ASSIGNMENT-2-2015.docx