Answer to Question #203239 in Economics for Fundiswa Cynthia

Question

QUESTION 1 (30 marks) (36 minutes) PART A The following information was extracted from the accounting records of Dilata Ltd on 30 June 2020: Dr/(Cr) R Land at cost (note 1) 1 000 000 Factory and office buildings at cost (note 1 and 2) ? Machinery and equipment (note 3) 3 000 000 Motor vehicles (note 4) 645 715 Accumulated depreciation: - Factory and office buildings ? - Machinery and equipment (30 June 2019) (1 080 000) - Motor vehicles (30 June 2019) (235 715) Additional information 1. Dilata Ltd acquired and occupied the land on which both the factory and office buildings were erected on 1 July 2017 at an amount of R1 000 000. The land was revalued for the first time on 29 June 2020 by Mr King, an independent sworn appraiser at a fair value of R1 500 000. The factory building was constructed on the land on 1 August 2017, and completed and available for use on 1 January 2018. The cost of this factory building amounted to R2 400 000. 2. After expansion of operations, an offic

Answer 1

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