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COAFA3-11 Assessments (2025)
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An item of property, plant and equipment is shown in a company's statement of financial position at its carrying amount of R840 000. For tax purposes, the item's tax base is R1 220 000. The residual value of the item at the end of its useful life is expected to be Rnil.
Assuming that the company pays tax at 28%, the resulting deferred tax asset or liability is:
(1 Mark)
On 1 January 2021, a company which prepares financial statements to 31 December each year buys an item of equipment for R200 000. Useful life is estimated to be 6 years, and residual value is expected to be approximately R15 000. The company uses the diminishing balance method of depreciation at a rate of 35% per annum. To the nearest rand, the depreciation of this item for the year to 31 December 2022 would be:
The company prepares financial statements to 31 December each year and uses the revaluation model in relation to land.
The correct accounting treatment of each revaluation in the statement of comprehensive income is as follows:
(1 Mark)
(1 Mark)
On 1 January 2020, a company entered into a 3-year lease of a machine. The company incurs initial direct costs of R7 500 and is required to make 3 lease payments of R250 000 each. These payments fall due on 1 January 2020, 2021, and 2022. The rate of interest implicit in the lease is 15% per annum.
The right-of-use asset should be initially measured at: