MergeWrite & Insert FieldsPreview ResultsFinish2.3 On 30 September 2020 old gym equipment was traded-in for R45 000 for newelectronic equipment costing R121 000. The new equipment was installedand tested by the supplier at an additional cost of R9 000.The old equipment that was traded-in was bought on 1 January 2019 for acapitalized cost of R66 000. The difference between the trade-value andthe cost of the new electronic equipment was settled by an Electronic FundsTransfer (EFT).REGENT BUSINESS SCHOOL - JANUARY 20123[Type here]3. No other transactions for the purchase and /or sale of property, plant and equipmenttook place during the current financial year.Required:Prepare the note for Property, plant and equipment as it would appear in the financialstatements of Fit Line Gym for the vear ended 31 December 2020 in compliance withInternational Financial Reporting Standards suitable for this type of business entity.Show all workings. Round off all calculations to the nearest Rand.You may 1gnore the total column. (20) O Find RecipientPreviewFinish &Merge Fields BlockLineField -là Update LabelsResults Check for ErrorsMergeMergeWrite & Insert FieldsPreview ResultsFinish12 the following information was extracted from the financial records including theasset register for Fit Line Gym for the year ended 31 December 2020:Furmiture &Property, plant & equipment:Balances at 1 January 2020BuildingsRGym EquipmentFittingsRR.Cost550 000275 00088 000Accumulated depreciation(27 500)(140 000)(23 500)I.Additional information;1. Accounting policies with regards to depreciation of property, plant and equipment:1.1 Buildings are depreciated at 2% per year on the fixed instalment method.1.2 Gym equipment is depreciated at 20% per year using the reducing balancemethod.1.3 Furniture and fittingsan estimated useful life of 4 years.are depreciated on the fixed instalment method over2. The following transactions which are not included in the above balances, took placeduring the financial year ended 31 December 2020:2.1 Due to increased membership, the owner decided to extend the building andinstall new fixtures and fittings. Extension to the building was completed at acost of R60 000. The extension was ready for use on 1 July 2020. However,members only began using the new extension from 1 August 2020.2.2 Fixtures and fittings were installed for a total cost of R20 000. Fixtures werealso ready for use on 1 July 2020 but put to use on 1 August 2020.2.3 On 30 September 2020 old gym equipment was traded-in for R45 000 for newelectronic equipment costing R121 000. The new equipment was installed

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Description: MergeWrite & Insert FieldsPreview ResultsFinish2.3 On 30 September 2020 old gym equipment was traded-in for R45 000 for newelectronic equipment costing R121 000. The new equipment was installedand tested by the supplier at an additional cost of R9 0

Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…

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Accounting

3. No other transactions for the purchase and /or sale of property, plant and equipment took place during the current financial year. Required; Prepare the note for Property, plant and equipment as it would appear in the financial statements of Fit Line Gym for the year ended 31 December 2020 in compliance with International Financial Reporting Standards suitable for this type of business entity. Show all workings. Round off all calculations to the nearest Rand. You may ignore the total column. (20)

3. No other transactions for the purchase and /or sale of property, plant and equipment took place during the current financial year. Required; Prepare the note for Property, plant and equipment as it would appear in the financial statements of Fit Line Gym for the year ended 31 December 2020 in compliance with International Financial Reporting Standards suitable for this type of business entity. Show all workings. Round off all calculations to the nearest Rand. You may ignore the total column. (20)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What amount of cash and cash equivalents should the entity report on December 31, 2020? What amount of impairment loss on the machine should Aye Company recognize in 2021? What amount of gain loss on reclassification to PPE should Aye Company recognize in 2022?
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