FAC 3703 ASSIGNMENT 2
Johns Hopkins University
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FAC 3703 ASSIGNMENT 2
- Exam (elaborations) • 4 pages • 2021
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FAC3703 ASSIGNMENT 2 – SEMESTER 1 OF 
2018 
ENZO LTD 
NOTES FOR THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 
2017 
1. Profit before tax 
Profit before tax is shown after taking the following into account: 
2017 
R 
Income 
Finance Income (calculation 4) 79 966 
Expenses 
Finance cost (300 000 ∗ 2 ∗ 9%) 54 000 
2. Net Investment in finance leases 
2.1. Reconciliation of net investment in finance leases: 
2017 
R 
Opening balance 
New leases entered into 
Repayments of Capital (128 0...
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FAC 3703 ASSIGNMENT 2 2021
- Exam (elaborations) • 5 pages • 2021
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FAC3703 ASSIGNMENT 2 – SEMESTER 2 OF 
2017 
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
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