Acquired by Cullinan Holdings in 2013, Springbok Atlas Luxury Charter forms part of a 280 - vehicle - strong fleet in the Cullinan Transport Division and draws on 120 years of combined experience. With headquarters in Cape Town and branches in Johannesburg and Windhoek, we are conveniently located to provide coach hire and transport services across South Africa and Namibia, including overland tours, day tours and safari tours, as well as transfers in most tourist centres in Southern Africa. Our industry - proven reputation for safety and reliability ensures that all our guests, from school children to rugby heroes, enjoy every part of their journey with complete peace of mind. We have the privilege to be the official transport partner of South Africa's national rugby team The Springboks. Carrying our boys and girls in the Green and Gold to and from the rugby field remains an honour. The real joy however is the privilege to provide transport for the future sporting heroes of South Africa. On any given weekend or school holiday, you will see our vehicles transporting teachers, coaches and children to the various matches and sporting festivals across our beautiful country. Whether we are transporting children or adults, we are fully committed to the safety of our passengers. We have a strict policy of one child per seat and one seatbelt per child. All Springbok Atlas Luxury Charter coaches and vehicles carry the necessary safety and operating permits required under South African and Namibian Laws. We at Springbok Atlas Luxury Charter take the care and consideration of our guests and employees very seriously, and therefore we've undertaken certain measures to ensure the safety, protection and sense of security of everyone who travels with us. Considering the evolving COVID-19 pandemic, we would like to reassure you that we're monitoring the situation as it unfolds and will endeavour to keep you up to date with the latest information as it relates to your travel plans. What we at Springbok Atlas Luxury Charter are doing: All Springbok Atlas Luxury Charter travel offices and individual staff members have been equipped with hospital - grade hand sanitiser at all entry points All our coach and vehicle drivers have been provided with sanitiser for themselves and their guests All our vehicle cleaning processes include additional antiseptic, ensuring your peace of mind All our staff are aware of and have been trained in additional preventative measures against the spread of COVID-19 Springbok Atlas Luxury Charter Ltd also specialises in the building of luxurious buses on order. At the beginning of the 2023 financial year, Springbok Atlas Luxury Charter Ltd signed a contract to deliver two of these buses to Rainbow Bus Ltd at R2 000 000 per bus. Springbok Atlas Luxury Charter Ltd estimates that it would take approximately 26 months to complete the contract. On 1 July 2023, Springbok Atlas Luxury Charter Ltd obtained a long-term facility of R5 000 000 to finance this project. The facility bears market - related interest at 12% per annum and is compounded quarterly in arrears. The company incurred costs evenly throughout the month as follows: R 1 July 2023 to 30 September 2023 95 000 per month 1 October 2023 to 31 December 2023 170 000 per month 1 January 2024 to 31 March 2024 155 000 per month REQUIRED Calculate the total amount of borrowing costs which may be capitalised for the year ending 31 March 2024. Indicate how the applicable items would be disclosed in the notes to the statement of profit or loss and other comprehensive income and in the inventory note. Please note: Comparative figures are not required. • Round off all amounts to the nearest Rand. Ignore any normal income tax implications. Ignore any Value Added Tax ( VAT) implications. The company must comply with International Financial Reporting Standards (IFRS).

Acquired by Cullinan Holdings in 2013, Springbok Atlas Luxury Charter forms part of a 280 - vehicle - strong fleet in the Cullinan Transport Division and draws on 120 years of combined experience. With headquarters in Cape Town and branches in Johannesburg and Windhoek, we are conveniently located to provide coach hire and transport services across South Africa and Namibia, including overland tours, day tours and safari tours, as well as transfers in most tourist centres in Southern Africa. Our industry - proven reputation for safety and reliability ensures that all our guests, from school children to rugby heroes, enjoy every part of their journey with complete peace of mind. We have the privilege to be the official transport partner of South Africa's national rugby team The Springboks. Carrying our boys and girls in the Green and Gold to and from the rugby field remains an honour. The real joy however is the privilege to provide transport for the future sporting heroes of South Africa. On any given weekend or school holiday, you will see our vehicles transporting teachers, coaches and children to the various matches and sporting festivals across our beautiful country. Whether we are transporting children or adults, we are fully committed to the safety of our passengers. We have a strict policy of one child per seat and one seatbelt per child. All Springbok Atlas Luxury Charter coaches and vehicles carry the necessary safety and operating permits required under South African and Namibian Laws. We at Springbok Atlas Luxury Charter take the care and consideration of our guests and employees very seriously, and therefore we've undertaken certain measures to ensure the safety, protection and sense of security of everyone who travels with us. Considering the evolving COVID-19 pandemic, we would like to reassure you that we're monitoring the situation as it unfolds and will endeavour to keep you up to date with the latest information as it relates to your travel plans. What we at Springbok Atlas Luxury Charter are doing: All Springbok Atlas Luxury Charter travel offices and individual staff members have been equipped with hospital - grade hand sanitiser at all entry points All our coach and vehicle drivers have been provided with sanitiser for themselves and their guests All our vehicle cleaning processes include additional antiseptic, ensuring your peace of mind All our staff are aware of and have been trained in additional preventative measures against the spread of COVID-19 Springbok Atlas Luxury Charter Ltd also specialises in the building of luxurious buses on order. At the beginning of the 2023 financial year, Springbok Atlas Luxury Charter Ltd signed a contract to deliver two of these buses to Rainbow Bus Ltd at R2 000 000 per bus. Springbok Atlas Luxury Charter Ltd estimates that it would take approximately 26 months to complete the contract. On 1 July 2023, Springbok Atlas Luxury Charter Ltd obtained a long-term facility of R5 000 000 to finance this project. The facility bears market - related interest at 12% per annum and is compounded quarterly in arrears. The company incurred costs evenly throughout the month as follows: R 1 July 2023 to 30 September 2023 95 000 per month 1 October 2023 to 31 December 2023 170 000 per month 1 January 2024 to 31 March 2024 155 000 per month REQUIRED Calculate the total amount of borrowing costs which may be capitalised for the year ending 31 March 2024. Indicate how the applicable items would be disclosed in the notes to the statement of profit or loss and other comprehensive income and in the inventory note. Please note: Comparative figures are not required. • Round off all amounts to the nearest Rand. Ignore any normal income tax implications. Ignore any Value Added Tax ( VAT) implications. The company must comply with International Financial Reporting Standards (IFRS).

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter24: Evaluating Decentralized Operations

Section: Chapter Questions

Problem 5MAD: McDonalds Corporation (MCD) operates company-owned and franchised restaurants in over 100 countries....

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