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You are a trainee accountant for The Finance Team, a company that provides businesses with accounting staff on an interim basis. You have been contracted out to Mzansi Risk. Mzansi Risk provides short term insurance services to individuals and companies. These insurance services include car and household insurance.
On 1 February 2016 Mzansi Risk entered into a lease agreement with Hollard whereby Mzansi Risk will have the unrestricted right of use of an office building. Ownership will pass to Mzansi Risk at the end of the lease term at no further consideration to Hollard.
Details of the transaction are as follows:
Fair value of office building on 1 February 2016 (incl VAT) R1 800 000 Date of lease (inception &commencement date) 1 February 2016 Lease term 18 years Lease instalment (payable monthly in arrears) R19 171 Useful life of office building 20 years straight line Rate implicit in the lease 11%
REQUIRED:
Problem 1: Provide an extract from the calculation of the deferred tax balance of Mzansi Risk for the year ended 29 February 2016 indicating the temporary differences and the deferred tax balance as a result of the lease of the Office Building.
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