FAC1502 May/Jun 2013 exam paper — questions

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  1. Question 1.1 · Financial statements of a sole trader · 29 marks

    Mill Traders' pre-adjustment trial balance at 30 June 2012 shows: capital R202 000; drawings R27 000; debtors control R18 560; vehicles at cost R202 100 with accumulated depreciation R19 100; trading inventory (1 July 2011) R28 300; bank R56 520 (favourable); mortgage loan R105 000; loan from Africa Bank R15 000 at 19,5% p.a.; sales R272 195; sales returns R1 860; purchases R190 800; purchases returns R245; carriage on purchases R750; import duty on purchases R782; insurance on purchases R329; commission income R18 000; rent income R6 500; settlement discount granted R465; settlement discount received R225; depreciation R19 100; insurance R8 575; packaging materials R4 600; telephone R2 420; carriage on sales R1 250; repairs R2 160; petrol R3 479; wages R64 115; water and electricity R5 100. Adjustments: closing inventory is R22 750; rent income for the year should be R6 000; packaging material on hand is R1 200; commission income of R3 600 is still outstanding; water and electricity of R500 is still due; the mortgage loan bears interest at 11,5% p.a. and the Africa Bank loan is unsecured — interest on both for the year must still be provided; a debtor owing R4 640 is insolvent and must be written off; the insurance figure includes the premiums for July and August 2012. Prepare the statement of profit or loss and other comprehensive income for the year ended 30 June 2012, showing all calculations.Show the full question

  2. Question 1.2 · Financial statements of a sole trader · 4 marks

    Using the same Mill Traders information, prepare the statement of changes in equity for the year ended 30 June 2012.Show the full question

  3. Question 2.1 · Debtors & creditors control · 10 marks

    People Traders' debtors ledger at 30 April 2013 lists Hoop CC R10 283, Slot Stationers R237, Dormat Cleaners R596, Fill Design R801 and Emily Suppliers R1 980 (total R13 897), while the debtors control account shows a preliminary balance of R15 123. Investigation found: the debtors column of the sales journal was undercast by R350; Hoop CC's balance should read R9 734; a sales journal debtors total of R6 890 was posted to the control account as R8 960; credit note SD2653 for R45 to Dormat Cleaners was entered in the sales returns journal but not posted to the debtor's account; Slot Stationers' account was written off but no entries have been made; a R1 850 cheque from Emily Suppliers in full settlement was analysed as sales in the cash receipts journal; R150 interest charged to Emily Suppliers was entered only in the debtors ledger; a R250 cheque from Fill Design was returned R/D and the debtors-ledger entry is still outstanding. Ignoring VAT, prepare the corrected debtors control account at 30 April 2013, showing all correcting entries.Show the full question

  4. Question 2.2 · Debtors & creditors control · 9 marks

    Reconcile the total of People Traders' list of trade debtors with the corrected balance of the debtors control account.Show the full question

  5. Question 3.1 · Incomplete records · 15 marks

    F Tar runs a home business, F Tarta, without proper records. Balances at 30 April 2013 (2012 in brackets): furniture at carrying value R22 950 (R25 500); tools and equipment R46 350 (R51 500); trading inventory R10 500 (R15 200); investment in shares R25 000 (nil); bank favourable nil (R12 480); bank overdraft R8 500 (nil); long-term loan R15 500 (R19 000); creditors R9 520 (R5 700); credit card R5 380 (nil); 32-day notice deposit R21 000 (nil); prepaid expenses R1 850 (nil); accrued income R2 430 (nil); income received in advance R3 800 (R5 000); accrued expenses R1 600 (R1 300). During 2013 F Tar withdrew R20 000 for own use and paid R30 000 of personal money into the business. Interest on the long-term loan at 11% p.a. on the 30 April balance must still be provided. Prepare the statement of financial position at 30 April 2013, showing calculations.Show the full question

  6. Question 3.2 · Incomplete records · 5.5 marks

    For F Tarta, prepare the statement of assets and liabilities at 30 April 2012 and calculate the equity balance at that date.Show the full question

  7. Question 3.3 · Incomplete records · 2.5 marks

    Calculate F Tarta's estimated profit or loss for the year ended 30 April 2013.Show the full question

  8. Question 4.1 · Property, plant & equipment and depreciation · 8 marks

    CAMP Dealers (year end 28 February 2013) had at 1 March 2012 machinery at cost R220 000 with accumulated depreciation R22 000 and equipment at cost R70 000 with accumulated depreciation R7 000. In May 2012 machinery was bought for R47 000 and equipment for R56 400 (both excluding VAT), and a machine bought on 1 March 2011 for R50 000 was sold for R33 000 excluding VAT. On 1 February 2013 equipment costing R36 000 (excluding VAT) was bought on credit from AZH Design. Machinery is depreciated at 10% p.a. straight-line and equipment at 10% p.a. on the diminishing balance. Calculate the depreciation on machinery and on equipment for the year.Show the full question

  9. Question 4.2 · Property, plant & equipment and depreciation · 17 marks

    Using the CAMP Dealers information, prepare and properly balance the following general ledger accounts for the year ended 28 February 2013: machinery at cost (4), equipment at cost (4), accumulated depreciation: machinery (5) and asset realisation (4).Show the full question

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