FAC1502 May/Jun 2017 exam paper — questions
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View the paper as writtenscanned pages →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 question
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 question
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 question
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 question
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 question
Question 2.3 · Incomplete records · 4 marks
Using the Perry Furniture information, prepare the trade payables (creditors) control account, properly balanced, at 30 June 2016.Show the full question
Question 2.4 · Incomplete records · 21 marks
Using the Perry Furniture information, prepare the statement of profit or loss and other comprehensive income for the year ended 30 June 2016, in line with IFRS.Show the full question
Question 3.1 · Property, plant & equipment and depreciation · 19 marks
Pokemon Traders, extract from the list of balances at 30 June 2016: capital R152 396; drawings R28 500; trade receivables control R101 280; vehicles at cost R176 050; accumulated depreciation — vehicles (1 July 2015) R52 850; trading inventory (1 July 2015) R43 650; bank R28 260; mortgage (XYZ Bank) R140 000; loan from Africa Bank R13 600; commission income R9 000; insurance R4 284; packing materials R44 000; rental income R32 500; water and electricity R2 550. Adjustments: closing inventory R44 875; average monthly rental income for the year is R3 000; packing materials on hand R6 300; commission income of R3 600 is outstanding; water and electricity of R500 is owing; the mortgage (taken out last year, redeemable 1 July 2019) bears 11,5% p.a. interest, not capitalised, paid each 1 July — the current year's interest must still be provided; the Africa Bank loan, taken at the start of the year and repayable 1 July 2016, bears 19,5% p.a. with the interest capitalised against the loan; a debtor owing R4 640 is insolvent and must be written off; the insurance includes the July and August 2016 premiums; vehicles are depreciated at 20% straight-line — a new vehicle was bought on 1 March 2016 for R30 000 and on the same day a vehicle that cost R60 000 and had been in use exactly two years at 1 July 2015 was sold for R15 000; none of these adjustments have been recorded. Total comprehensive income after all adjustments is R3 029. Prepare the statement of financial position as at 30 June 2016 in line with IFRS.Show the full question
Question 3.2 · Property, plant & equipment and depreciation · 19 marks
Using the Pokemon Traders information, prepare the property, plant and equipment note for the year ended 30 June 2016 (total column not required).Show the full question
Question 4.1 · Adjustments & year-end entries · 1 marks
To which category does the 'accrued income' general ledger account belong?Show the full question
Question 4.2 · Financial statements of a sole trader · 1 marks
Which of the following is the underlying assumption relevant to all financial statements?Show the full question
Question 4.3 · Financial statements of a sole trader · 1 marks
A loan repayable within which period will be classified as a current liability?Show the full question
Question 4.4 · Financial statements of a sole trader · 1 marks
Which combination constitutes the elements of financial statements?Show the full question
Question 4.5 · Financial statements of a sole trader · 1 marks
Which of the following is NOT a common user of financial information?Show the full question
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