Elise Limited acquired a manufacturing plant on 1 October 2022 at a cost price of N$702...
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Elise Limited acquired a manufacturing plant on 1 October 2022 at a cost price of N$702 123 paid by electronic funds transfer. The purchase agreement included a stipulation that the entity would have to rehabilitate the area surrounding the manufacturing plant in two years The estimated rehabilitation costs in two years' time amounts to NS70 031. The applicable discount rate is 10% The manufacturing plant has a useful life of 10 years and is deprecated ning the straight-line method over its useful life. Required: Provide all the general journal entries relating to the above information for the reporting period ended 30 September 2023. Show all workings! Round off your answers to the nearest (10) whole number for this section. Question 2 (10 marks) Kapana Limited operates various tasty meat food outlets in Namibia. The company's financial reporting period ends on 31 August 2023 and the financial statements will be authorised for issue on 12 October 2023. The financial director asked for your assistance with disclosing the following matter: On 14 September 2023 the company's biggest retail store, which is situated at Grove Mall, was burned down by protesting ex-employees. The company was not insured for this foss The total value of inventory lost in the fire amounted to N5180 000, this amount is considered material. REQUIRED: a. Define events after the reporting period. (5) b. Based on the information provided above, disclose the "Events after the reporting period note in the financial statements of Kapana Limited for the reporting period ended 31 (5) August 2023 Elise Limited acquired a manufacturing plant on 1 October 2022 at a cost price of N$702 123 paid by electronic funds transfer. The purchase agreement included a stipulation that the entity would have to rehabilitate the area surrounding the manufacturing plant in two years The estimated rehabilitation costs in two years' time amounts to NS70 031. The applicable discount rate is 10% The manufacturing plant has a useful life of 10 years and is deprecated ning the straight-line method over its useful life. Required: Provide all the general journal entries relating to the above information for the reporting period ended 30 September 2023. Show all workings! Round off your answers to the nearest (10) whole number for this section. Question 2 (10 marks) Kapana Limited operates various tasty meat food outlets in Namibia. The company's financial reporting period ends on 31 August 2023 and the financial statements will be authorised for issue on 12 October 2023. The financial director asked for your assistance with disclosing the following matter: On 14 September 2023 the company's biggest retail store, which is situated at Grove Mall, was burned down by protesting ex-employees. The company was not insured for this foss The total value of inventory lost in the fire amounted to N5180 000, this amount is considered material. REQUIRED: a. Define events after the reporting period. (5) b. Based on the information provided above, disclose the "Events after the reporting period note in the financial statements of Kapana Limited for the reporting period ended 31 (5) August 2023
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Auditing A Practical Approach with Data Analytics
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1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
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