FAC2601 May/Jun 2025 exam paper — questions

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  1. Question 1.1 · Statement of changes in equity · 2 marks

    This is a multiple-choice question consisting of five independent scenarios. For each scenario, select the one correct option from the four alternatives provided. On 31 December 2024 the accounting records of Shimmo Ltd show, amongst other balances, ordinary share capital of R5 000 000 (representing shares issued at R0,50 each) and proceeds of R1 125 000 received for 1 500 000 ordinary shares issued on 31 October 2024. On 31 December 2024 the directors ratified a decision, still to be recorded, that capitalisation shares be issued to ordinary shareholders registered in the share register on 31 December 2024, in the ratio of one new ordinary share for every five ordinary shares held, at an issue price of R0,65 per share. Required: identify which one of the following amounts represents the Rand value of the shares that must be capitalised.Show the full question

  2. Question 1.2 · Company financial statements · 2 marks

    This is a multiple-choice question consisting of five independent scenarios. For each scenario, select the one correct option from the four alternatives provided. Both the managing director and the chief executive officer of Bossa Ltd enjoy the benefit of company cars, which they may also use privately. The total benefit relating to the use of the cars is estimated at R400 000 per year for each director, of which 30% relates to private use and 70% relates to business use. Required: determine the total amount that should be disclosed in remuneration, as other benefits, for both directors combined.Show the full question

  3. Question 1.3 · Company financial statements · 2 marks

    This is a multiple-choice question consisting of five independent scenarios. For each scenario, select the one correct option from the four alternatives provided. An entity has a normal production capacity of 350 000 units per annum. The raw material cost is R220 per unit and direct labour cost is R250 per unit. Variable production overheads amount to R60 per unit, while fixed production overheads incurred for the year total R5 250 000. The closing balance of finished goods is 9 500 units, and there is no opening balance of finished goods. Required: calculate the correct cost of sales figure, given that actual production for the year was 280 000 units.Show the full question

  4. Question 1.4 · Company financial statements · 2 marks

    This is a multiple-choice question consisting of five independent scenarios. For each scenario, select the one correct option from the four alternatives provided. USW Ltd, a manufacturing entity, manufactures specialised, robust cellphone cases for resale. The manufacturing cost per ton is R900, and finished products are sold for R935 per ton. Sales expenses amount to R45 per ton, delivery costs amount to R35 per ton, and other directly associated costs necessary to make the sale amount to R25 per ton. Closing inventories on hand at 31 December 2024 amount to 3 500 tons. Required: determine the amount that must be used to write down inventories to their net realisable value.Show the full question

  5. Question 1.5 · Statement of changes in equity · 2 marks

    This is a multiple-choice question consisting of five independent scenarios. For each scenario, select the one correct option from the four alternatives provided. Required: identify the term used to describe preference shares which retain the right to a dividend from year to year, irrespective of whether a dividend was declared or not during the year.Show the full question

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