FAC1502 Oct/Nov 2013 exam paper — questions

🔒 Scan locked
View the paper as written🔒 with a pass

  1. Question 1.1 · Bank reconciliation · 9 marks

    Basadi Traders' bookkeeper is on leave and the April 2013 bank reconciliation must be done. The March 2013 reconciliation showed a credit balance per bank statement of R3 071, a deposit not yet credited of R3 100, cheques not yet presented — no. 41 (1 Oct 2012, KK Sams) R900, no. 91 (5 Mar 2013, A Gideon) R140 and no. 94 (28 Mar 2013, AB Wholesalers) R200 — and a debit balance per bank account of R4 931. The April bank-column subtotals are R8 849 in the cash receipts journal and R5 520 in the cash payments journal. Comparing with the April bank statement: cheque 41 is still unpresented and has gone stale; cheque 91 was lost in the post with no entry made, and cheque 98 (5 April) was issued to replace it; cheque 94 is still unpresented and the R3 100 deposit has now appeared. The April statement also showed: an EFT of R800 to creditor S Sekhukhune that the bookkeeper never recorded; a R700 cheque from debtor M Medupe dishonoured because of insolvency; a R5 340 deposit of 29 April sales not yet on the statement; a service fee of R244, a cash deposit fee of R79 and interest on the favourable balance of R158 appearing on the statement only; cheques no. 105 (R670, A Kalaka) and no. 112 (R790, S Maloka) not yet presented; cheque no. 102 to NAC Stationers for R282 recorded in the cash payments journal as R228; and a favourable statement balance of R3 901 at 30 April. Complete the cash receipts journal and cash payments journal for April 2013 (details and bank column only).Show the full question

  2. Question 1.2 · Bank reconciliation · 6 marks

    Using the Basadi Traders information, prepare the properly balanced bank account in the general ledger for the month ending 30 April 2013.Show the full question

  3. Question 1.3 · Bank reconciliation · 8 marks

    Using the Basadi Traders information, prepare the bank reconciliation statement as at 30 April 2013.Show the full question

  4. Question 2.1 · Debtors & creditors control · 13 marks

    Zizobenza Traders' records at 31 March 2013 show these subsidiary journal totals (all inclusive of VAT where applicable): sales journal R16 840; purchases journal R12 480; sales returns journal R1 200; purchases returns journal R820; sales column in the cash receipts journal R24 560; purchases column in the cash payments journal R34 670; debtors control column in the cash receipts journal R22 750; debtors control column in the cash payments journal R3 200; settlement discount granted column in the cash receipts journal R3 500; creditors control column in the cash payments journal R32 980; settlement discount received column in the cash payments journal R2 890. Sundry general journal entries: debtors control debits R2 760 and credits R430; creditors control credits R840. Balances at 1 March 2013: debtors control R32 780 debit and R1 780 credit; creditors control R2 020 debit and R24 720 credit; allowance for credit losses R1 538. Not yet taken into account: a further R1 450 owed by a debtor who disappeared must be written off; the debtors' credit balances and creditors' debit balances at 1 March must be transferred to the creditors and debtors control accounts respectively (authorised); the allowance for credit losses must be increased to R2 432; merchandise of R2 736 bought on credit in March was wrongly recorded in the sales journal. Prepare the properly balanced debtors control account at 31 March 2013.Show the full question

  5. Question 2.2 · Debtors & creditors control · 10 marks

    Using the Zizobenza Traders information, prepare the properly balanced creditors control account at 31 March 2013.Show the full question

  6. Question 3.1 · Property, plant & equipment and depreciation · 17 marks

    T Bonsai runs a small letting business (Bonsai Traders) from home with year end 31 December 2012. Balances: capital R153 850; drawings R4 567; land and buildings at cost R273 560; vehicle at cost R60 000 with accumulated depreciation R36 000 at 1 January 2012; equipment at cost R40 000 with accumulated depreciation R5 500 at 1 January 2012; debtors control R37 897; consumable stores on hand (31 December 2011) R19 250; bank R10 087; petty cash R257; creditors control R16 568; municipality levy R3 000; rent income R50 000; insurance R4 500; water and electricity R3 800; mortgage R200 000. Total comprehensive income for the year was R3 675 after these adjustments: consumable stores on hand at year end R17 250; a R3 500 direct deposit for January 2013 rent appears on the December bank statement and is recorded in the bank account; December's water and electricity of R500 (and January's R450) will only be paid in February 2013; December's insurance premium of R1 500 still has to be provided for; equipment costing R8 000 was bought on 1 July 2012 with installation costs of R1 500; interest on the mortgage at 5% p.a. for the year must still be provided; on 1 September 2012 a vehicle costing R5 000, bought on 1 January 2009, was sold for cash; depreciation is 20% p.a. straight-line on vehicles and 10% p.a. straight-line on equipment. Prepare the property, plant and equipment note for the year ended 31 December 2012 (the total column may be omitted), rounding to the nearest rand.Show the full question

  7. Question 3.2 · Property, plant & equipment and depreciation · 13 marks

    Using the Bonsai Traders information, prepare the statement of financial position as at 31 December 2012, showing all calculations and rounding to the nearest rand.Show the full question

  8. Question 4.1 · Non-profit entities: membership fees and income & expenditure · 9 marks

    Century Golf Club's position at 31 December 2011: equipment at cost R32 000 with accumulated depreciation R11 200; fixed deposit R26 000; golf-ball inventory R1 120; accrued membership fees R208; prepaid rent for golf courts R480; bank R9 600 favourable; accumulated fund R27 900; special championships fund R22 400; prepaid membership fees R142; accrued wages R84. Cash received in 2012: visitors' fees R3 770; membership fees for 2011 R100, for 2012 R30 380 and for 2013 R32; entrance fees R998; donations R5 490. Cash paid: rates and taxes R4 452; refreshments R1 900; stationery R1 622; golf balls R6 420; affiliation fees R220; honorarium R2 240; wages R3 960; maintenance R1 788; rental of golf courts R5 400; equipment bought on 30 September 2012 R3 400. Year-end information: golf balls on hand R240 and refreshments on hand R92; court rental is R510 per month; unpaid 2011 membership fees are irrecoverable; the club has 85 members paying R30 per month; wages of R360 are outstanding; equipment is depreciated at 20% p.a. on the diminishing balance; entrance fees are capitalised; the fixed deposit earns 12% p.a. receivable on 31 December. Prepare the membership fees account for the year.Show the full question

  9. Question 4.2 · Non-profit entities: membership fees and income & expenditure · 16 marks

    Using the Century Golf Club information, prepare the income and expenditure statement for the year ended 31 December 2012.Show the full question

FAC1502 Oct/Nov 2013 thread

Stuck on a question, or worked one out? This thread is for this paper only. Anyone can read; sign in to post.

Nobody has posted on this paper yet. Be the first — say which question and what you got.

0/2000

The full Spot Map and the marks by year — and this paper’s scan.