FAC1502 Oct/Nov 2015 exam paper — questions

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  1. Question 1.1 · Debtors & creditors control · 10 marks

    Zakzak Traders at 28 February 2015: creditors control account balances R250 Dr and R34 515 Cr; creditors ledger list R1 030 Dr and R34 565 Cr (net R33 535). The investigation found: (1) the creditors columns of the purchases and purchases returns journals were undercast by R3 850 and R1 500; (2) the creditors column of the cash payments journal was overcast by R1 500; (3) creditor Langeman CC's R3 600 credit balance was left off the list; (4) a R285 credit note from Balantu Importers was correctly entered in the purchases returns journal but posted to Balantu's account as R825; (5) a R1 570 settlement discount received from Bila Clothing was not recorded in Bila's account in the creditors ledger; (6) the R1 030 of debit balances in the creditors ledger, which includes the R250 debit balance in the control account, represents overpayments and must be transferred to the debtors ledger with the creditors' agreement; (7) an electronic payment of R6 500 to Sefako Wholesales was recorded as R5 600 in the cash payments journal and posted as such to both ledgers; (8) Mmela Shopfitters' R445 credit balance was listed twice; (9) a R1 450 purchase from Andries Traders was correctly entered in the purchases journal but posted to the wrong side of Andries's account; (10) credit balances of R1 855 for creditors were opened in the debtors ledger by mistake — the control account was not affected; (11) the general journal totals for creditors were debits R1 300 and credits R3 600. Prepare the creditors control account in the general ledger at 28 February 2015.Show the full question

  2. Question 1.2 · Debtors & creditors control · 14 marks

    Using the Zakzak Traders information, prepare the adjusted list of creditors' balances at 28 February 2015.Show the full question

  3. Question 2.1 · Bank reconciliation · 8 marks

    Imperial Wholesalers: bank account in the general ledger R1 752 favourable at 1 January 2015; bank statement R432 overdrawn at 31 January 2015. January subtotals: cash receipts journal bank column R24 480; cash payments journal R22 815. Differences found: debtor P Pinto paid R600 directly into the bank account; the bank wrongly debited the account with another client's R1 450 cheque; a R218 cheque from debtor E Eysele received on 17 January was returned on 28 January because of an error on the cheque; service fees R45 and interest on overdraft R32 appear only on the statement; a R3 800 debit order for office rent to AP Office Ltd is on the statement but not in the journal; R1 184 of sales entered in the cash receipts journal on 31 January was only deposited on 4 February; cheques not yet presented — 218 (25 July 2014, BB Ltd, a creditor) R430, 380 (17 January 2015, Telkom) R1 100, 394 (23 January 2015, Rio Stationers) R750. Prepare the bank columns of the cash receipts and cash payments journals at 31 January 2015, starting with the totals given.Show the full question

  4. Question 2.2 · Bank reconciliation · 4 marks

    Using the Imperial Wholesalers information, prepare the bank account, properly balanced, in the general ledger at 31 January 2015.Show the full question

  5. Question 2.3 · Bank reconciliation · 8 marks

    Using the Imperial Wholesalers information, prepare the bank reconciliation statement as at 31 January 2015, beginning with the balance per bank statement.Show the full question

  6. Question 3.1 · Property, plant & equipment and depreciation · 13 marks

    A Adams General Dealer, extract from the list of balances at 31 October 2014: land and buildings at cost R790 000; vehicles at cost R400 000 with accumulated depreciation R204 000 at 1 November 2013; equipment R360 000 with accumulated depreciation R97 560 at 1 November 2013; bank overdraft R2 371; allowance for credit losses R955; capital (1 November 2013) R238 000; debtors control R3 000; inventory (1 November 2013) R30 000; creditors control R38 500; drawings R8 200; rental income R22 000; mortgage at 10% p.a. R870 000. Adjustments: closing inventory R42 000; land and buildings are not depreciated; the allowance for credit losses must be R1 025; rent is a fixed monthly amount receivable in advance and October's rent has not been received; depreciation — equipment 10% diminishing balance, vehicles 20% straight-line, with a R60 000 vehicle bought on 30 April 2014 already recorded; the owner's additional R20 000 capital was banked but the credit entry not yet made; water and electricity of R1 500 for October is unpaid; total comprehensive income after all adjustments is R32 000. Prepare the statement of financial position as at 31 October 2014, in line with IFRS.Show the full question

  7. Question 3.2 · Property, plant & equipment and depreciation · 18 marks

    Using the A Adams General Dealer information, prepare only the property, plant and equipment note as at 31 October 2014 (the total column may be omitted), showing calculations rounded to the nearest rand.Show the full question

  8. Question 4 · Non-profit entities: membership fees and income & expenditure · 25 marks

    Sharks Swimming Club was founded on 1 April 2012 with a R150 000 donation. On 1 April 2013 forty members joined, each paying R200 entrance fees and R100 per month membership. Spectator tickets at tournaments: yellow (one day) R50, blue (five days) R200. Extract from the balances at 31 March 2015: land and buildings R200 000; equipment and furniture R25 000 (accumulated depreciation R6 775); vehicles R35 000 (accumulated depreciation R14 000); bank R11 920 Dr; membership fees received R5 270; salaries and wages R6 000; prepaid bookkeeping fees (1 April 2014) R350; membership fees received in advance (1 April 2014) R900; accrued membership fees (1 April 2014) R620; insurance R3 900; telephone R3 000; bookkeeping fees R1 550; maintenance R4 900; depreciation R9 025; painting of pool R1 200; water and electricity R6 500; mortgage R100 000; tuck shop sales R8 300, inventory (1 April 2014) R4 600, purchases R1 200. Adjustments: 25 new members joined this year — their membership fees are in the total but their entrance fees were never recorded; half of entrance fees are capitalised; at the September 2014 tournament 180 yellow and 140 blue tickets were sold; the public paid R6 000 to use the pool; R100 bookkeeping fees are still owing; accrued membership fees at 31 March 2015 are R750, and R200 of the fees in arrears at 1 April 2014 must be written off; the R100 000 mortgage from BAK Bank (1 October 2013) is repayable in five equal annual instalments from 30 September 2014 with interest at 15% p.a. payable annually in arrears; insurance of R300 a month has been paid to the end of April 2015; tuck shop inventory at 31 March 2015 is R1 400. Prepare the income and expenditure statement for the year ended 31 March 2015, showing calculations.Show the full question

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