Eastern Cape Fashions Ltd is a fashion retailer with stores in three different zones - Port Elizabeth, Umtata and Queenstown. Their Queenstown store has made a loss for the last two consecutive years. On 30 September 2019 a detailed plan to discontinue the Queenstown store operations was approved by the board of directors and a public announcement was made. The plan involved the once off sale of assets and liabilities.

On 31 March 2020 there was no realistic opportunity for withdrawal of the sale arrangements and a binding sale was concluded. It is expected that the plan for discontinuance of the Queenstown store will be completed by the 31 August 2020. Eastern Cape Fashions Ltd has a 30 June financial year end.

Required:

Q.3.1

Prepare the statement of profit and loss and other comprehensive income of Eastern Cape Fashions Ltd for the year ended 30 June 2020 according to the requirements of IFRS 5, Non?current assets held for sale, and discontinued operations. (40)

Accounting policy notesare notrequired.

Comparative figuresarerequired.

Show all workings as marks will be allocated.

Q.3.2

Prepare the tax expense note as it would appear in the notes to the financial statements of Eastern Cape Fashions Ltd for the year ended 30 June 2020.

Comparative figuresarerequired. (10)

Q.3.3

Prepare the note of non?current assets held for sale for the year ended 30 June 2020 according to the requirements of IFRS 5, Non?current assets held for sale, and discontinued operations. (10)

portal.iie.ac.za C Course Hero Homework Help - Q&A from On.. My VC | The LIE's Varsity College.. Module Options Module Manual/Guide https://portal.lie.ac.za/Student... how to screenshot on mac - Go.. Extract from the statement of financial position at 30 June 2020: Queenstown Port Elizabeth and Umtata (R's) (R's) Property, plant and equipment 8 000 000 40 000 000 Current assets 1 600 000 8 000 000 Long-term liabilities 3 600 000 7 000 000 Current liabilities 2 400 000 3 000 000 Extract of performance for continuing operations for the period ended 30 June 2020: 2020 2019 Port Elizabeth Umtata Port Elizabeth and (R's) (R's) Umtata (R's) Revenue 32 000 000 20 000 000 50 000 000 Cost of sales 14 400 000 9 600 000 20 000 000 Other expenses 12 000 000 5 200 000 18 000 000 A portal.iie.ac.za C Course Hero Homework Help - Q&A from On... My VC | The LIE's Varsity College.. Module Options Module Manual/Guide https://portal.lie.ac.za/Student. how to screenshot on mac - Go.. 20 2020 Required: Q.3.1 Prepare the statement of profit and loss and other comprehensive income of Eastern (40) Cape Fashions Ltd for the year ended 30 June 2020 according to the requirements of IFRS 5, Non-current assets held for sale, and discontinued operations. Accounting policy notes are not required. Comparative figures are required. Show all workings as marks will be allocated. Q.3.2 Prepare the tax expense note as it would appear in the notes to the financial (10) statements of Eastern Cape Fashions Ltd for the year ended 30 June 2020. Comparative figures are required. portal.iie.ac.za C Course Hero Homework Help - Q&A from On.. My VC | The LIE's Varsity College. Module Options Module Manual/Guide https://portal.lie.ac.za/Student. how to screenshot on mac - Go.. Q.3.3 Prepare the note of non-current assets held for sale for the year ended 30 June 2020 (10) according to the requirements of IFRS 5, Non-current assets held for sale, and discontinued operations. END OF PAPER