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COAFA3-11 Assessments (2025)

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Depreciation is defined as the fall in value of an asset during an accounting period. True or false?

(1 Mark)

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On 1 January 2021, a company which prepares financial statements to 31 December each year buys an item of equipment for R500 000. Useful life is estimated to be 6 years, and residual value is expected to be approximately R37 500. 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:

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If a lease is classified as an operating lease, the underlying asset should be shown as an asset in the lessor's financial statements. 

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A lessee should initially measure a lease liability at:

(1 Mark)

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Generally, if a lease does not transfer ownership of the underlying asset at the end of the lease term, the lessee should depreciate the right-of-use asset from the commencement date of the lease until:

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Unpaid expenses are shown in a company's statement of financial position as a current liability of R60 000. These expenses have already been deducted when computing accounting profit but will not be deducted for tax purposes until they are paid. Assuming that the company pays tax at 27%, the resulting deferred tax asset or liability is:

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A company's estimate of its current tax liability for the year to 31 December 2021 differed from the actual tax liability by R15 000. This resulted in a credit balance of R15 000 being shown in the company's trial balance as at 31 December 2021. The current tax liability for the year to 31 December 2022 is estimated to be R345 000.

The current tax expense which should be shown in the statement of comprehensive income for the year to 31 December 2022 is:

(2 Marks)

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A deferred tax liability must be recognised for all taxable temporary differences. 

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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:

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A company's financial statements for the year to 30 June 2021 show a pre-tax profit of R750 000. This is after charging depreciation of R150 000. Wear and tear for the year for tax purposes is R240 000. Assuming that the rate of tax paid by the company is 40%, the required transfer to or from the company's deferred tax account is:

(2 Marks)

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