FAC1502 May/Jun 2017 exam paper — questions

Every question, by topic

1. Question 1.1 · Bank reconciliation · 9 marks

   Tembo Dealers' bank reconciliation at 31 May 2016: credit balance per bank statement R37 730; deposit not yet credited R26 780; cheques not yet presented — 200 R1 200, 277 R5 200, 278 R2 100, 280 R950; debit balance per bank account R55 060. June 2016 cash receipts journal bank column totals R100 625 (deposits of R15 450 on the 12th, R69 745 on the 15th, R9 000 on the 29th and R6 430 on the 30th); cash payments journal totals R40 385 (cheques 300 R1 940, 301 R14 925, 302 R5 720, 303 cancelled, 304 R3 900, 305 R13 900). The June bank statement shows: the R26 780 deposit; cheques 300, 280, 301 and 302 paid; a R2 500 stop order (monthly insurance premium, Leo Insurers); an unpaid cheque of R900 from debtor Mrs Y Peters (dishonoured for insufficient funds; it was part of May's outstanding deposit); the R15 450 and R69 745 deposits; a R10 000 direct deposit from tenant Mr P Jones; a R1 000 debit order for an annual magazine subscription; interest received R100; bank charges R90; the R9 000 deposit; and a R15 000 direct deposit from GC Computers credited to Tembo in error. Cheque 200, issued on 3 December 2015 to Plumbing Wizards for repairs, is now stale. Complete the bank columns of the cash receipts and cash payments journals for June 2016, starting with the totals.Show the full questionShow less

2. Question 1.2 · Bank reconciliation · 5 marks

   Using the Tembo Dealers information, prepare the bank account in the general ledger, properly balanced, at 30 June 2016.Show the full questionShow less

3. Question 1.3 · Bank reconciliation · 10 marks

   Using the Tembo Dealers information, prepare the bank reconciliation statement as at 30 June 2016.Show the full questionShow less

4. Question 2.1 · Incomplete records · 4 marks

   Perry Furniture keeps no proper records. Balances at 1 July 2015: vehicles at cost R21 420; equipment at cost R88 000; inventory R14 552; trade receivables R11 102; trade payables R7 803; accrued water and electricity R630. Bank analysis for the year to 30 June 2016 — receipts: from trade receivables R172 200, cash sales R30 460; payments: to trade payables R93 100, water and electricity R6 950, online advertising R2 940, insurance R4 550, cell phone R4 788, petrol R8 800, wages R16 605, sundry R10 710, drawings R12 500. Balances at 30 June 2016: inventory R20 372; trade receivables R15 722; trade payables R10 003; prepaid insurance R350; accrued water and electricity R682. Depreciation: vehicles 20% straight-line; equipment (bought 30 June 2013) 10% diminishing balance; no purchases or sales of either. Prepare the water and electricity account, properly balanced, at 30 June 2016.Show the full questionShow less

5. Question 2.2 · Incomplete records · 4 marks

   Using the Perry Furniture information, prepare the trade receivables (debtors) control account, properly balanced, at 30 June 2016.Show the full questionShow less