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Questions Bank (1443015 total)
(1 Mark)
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:
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:
(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:
On 1 July 2019, a company entered into a 4-year lease of property. The company is required to make 4 lease payments of R100 000 each. These payments fall due on 30 June 2020, 2021, 2022, and 2023. The rate of interest implicit in the lease is 9.75% per annum.
The interest expense for the year to 30 June 2021 is:
(2 Marks)
On 1 January 2020, a company entered into a 3-year lease of a machine. The company is required to make 3 lease payments of R197 527 each. These payments fall due on 31 December 2020, 2021, and 2022. The rate of interest implicit in the lease is 9% per annum.
The lease liability on 1 January 2020 is:
(2 Marks)
(1 Mark)