Gross carrying amount 570 000 - 1 005 000 450 000 495 000 Accumulated depr - - (241 500) (90 000)(9b) (276 000) Costs capitalised/ - 1 497 750(2) 135 000 - 225 000 acquisitions Depreciation - (4 993)(4) (232 (72 000)(9c) (120 000)(3) - (36 000) - - Disposal - Cost - - (90 000) - - Accumulated depr - - 54 000 - - Revaluation 630 000 - - - - Carrying amount 1 200 000 1 492 757 630 000 288 000 324 000 Gross carrying amount 1 200 000 1 497 750 1 050 000 450 000(9a) 720 000 Accumulated depr - (4 993) (420 000) (162 000) (396 000) Land and buildings are situated at erf 179 Woodmead with an office thereon. Land and buildings were revalued on 31 December on the net replacement method by Mr B Bronx, a sworn appraiser. Workings: 1 200 000 – 570 000 = 630 000 780 000 + 210 000 + 450 000 + 57 750 (5) = 1 497 750 Machine New Rest 720 000 225 000 495 000 (15 000) 210 000 X X 6/60 12/60 = 21 000 99 000 21 000 + 99 000 = 120 000 1 497 750 (2) x 2% x 2/12 = 4 993 99 000 x 7/12 = 57 750 Motor vehicle – sold Depr 90 000 x 1/5 x 6/12 = 9 000 AD = 45 000 = 54 000 New motor vehicle 135 000 x 1/5 x 6/12 = 13 500
Gross carrying amount Accumulated depr 570 000 - - - 1 005 000 (241 500) 450 000 (90 000)(9b) 495 000 (276 000) Costs capitalised/ acquisitions Depreciation Disposal - - - 1 497 750(2) (4 993)(4) - 135 000 (232 (36 000) - (72 000)(9c) - 225 000 (120 000)(3) - Cost Accumulated depr - - - - (90 000) 54 000 - - - - Revaluation 630 000 - - - - Carrying amount 1 200 000 1 492 757 630 000 288 000 324 000 Gross carrying amount Accumulated depr 1 200 000 - 1 497 750 (4 993) 1 050 000 (420 000) 450 000(9a) (162 000) 720 000 (396 000) Land and buildings are situated at erf 179 Woodmead with an office thereon. Land and buildings were revalued on 31 December on the net replacement method by Mr B Bronx, a sworn appraiser. Workings: 1 200 000 – 570 000 = 630 000 780 000 + 210 000 + 450 000 + 57 750 (5) = 1 497 750 Machine New Rest 720 000 225 000 (15 000) 495 000 210 000 X 6/60 = 21 000 X 12/60 99 000 21 000 + 99 000 = 120 000 1 497 750 (2) x 2% x 2/12 = 4 993 99 000 x 7/12 = 57 750 Motor vehicle – sold Depr 90 000 x 1/5 x 6/12 = 9 000 AD = 45 000 = 54 000 New motor vehicle 135 000 x 1/5 x 6/12 = 13 500
FAC2601-EX-2013-S2-Solution.docx