COAFA3-11 Assessments (2025)
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(1 Mark)
(1 Mark)
Consider the following information about a depreciable asset:
Acquisition date: 1 October 2019
Cost: R700 000
Useful life: 35 years
Residual value: R140 000
Revaluation date: 31 December 2022
Net replacement value: R775 000
Year-end: 31 December 2022
After revaluation, the residual value and remaining useful life of the property remained unchanged. Depreciation for the current year must be based on the most recent valuation.
Required:
Calculate the following:
- The carrying amount at 1 January 2022: R
- The net replacement value at 1 January 2022: R
- The depreciation for 2022: R
Note: ONLY enter the amount (do not show your calculation, and do not make use of spaces, full-stops, commas or R-signs). Example: 740000
Consider the following information about a depreciable asset:
Acquisition date: 1 October 2019
Cost: R350 000
Useful life: 35 years
Residual value: R70 000
Revaluation date: 31 December 2022
Gross replacement value: R420 000
Year-end: 31 December 2022
After revaluation, the residual value and remaining useful life of the property remained unchanged. Depreciation for the current year must be based on the most recent valuation.
Rquired:
Calculate the following:
- The carrying amount at 1 January 2022: R
- The net replacement value at 1 January 2022: R
- The depreciation for 2022: R
Note: ONLY enter the amount (do not show your calculation, and do not make use of spaces, full-stops, commas or R-signs). Example: 740000
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)
(1 Mark)
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)
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