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FAC 3703 ASSIGNMENT 1
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• 2021
FAC3703 ASSIGNMENT 1 – SEMESTER 1 OF

2020

Ultra Speed Ltd

Notes for the year ended 31 March 2019

1. Profit before tax

Profit before tax is stated after taking the following items into account

R

Incomes

Finance Income 85 406

Expenses

Finance Cost

Depreciation: Right of use asset

107 164

300 536

2. Leases

2.1. Right of use asset

Equipment

R

Carrying amount at beginning of year [
FAC 3703 ASSIGNMENT 1
Laatste update van het document:
geleden
FAC3703 ASSIGNMENT 1 – SEMESTER 1 OF

2020

Ultra Speed Ltd

Notes for the year ended 31 March 2019

1. Profit before tax

Profit before tax is stated after taking the following items into account

R

Incomes

Finance Income 85 406

Expenses

Finance Cost

Depreciation: Right of use asset

107 164

300 536

2. Leases

2.1. Right of use asset

Equipment

R

Carrying amount at beginning of year [
1. 2

This is an asset based grant since the grant was provided in order to acquire non –

current assets.

2. 5

R

Government grant income (5 000 000 * 60% / 5)

Change in accounting estimate (5 000 000 * 40% / 5 * 1 / 12)

600 000

(33 333)

566 667

3. 4

The government grant is recognized in profit or loss on a systematic basis over the useful

life of the asset. Since this is an asset based grant, the grant will either be recognized as

government grant income or just other income in the...
FAC 3703 ASSIGNMENT 1
Laatste update van het document:
geleden
1. 2

This is an asset based grant since the grant was provided in order to acquire non –

current assets.

2. 5

R

Government grant income (5 000 000 * 60% / 5)

Change in accounting estimate (5 000 000 * 40% / 5 * 1 / 12)

600 000

(33 333)

566 667

3. 4

The government grant is recognized in profit or loss on a systematic basis over the useful

life of the asset. Since this is an asset based grant, the grant will either be recognized as

government grant income or just other income in the...