FAC
exam pack from 2015 to 2017.pdf

Non current liabilities 870 00000 r mortgage 870

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Non-current liabilities 870 000.00 R Mortgage 870 000.00 R Current liabilities 42 371.00 R Current portion of long-term borrowing - R Trade and other payables Cal 7 40 000.00 R Bank overdraft 2 371.00 R Total equity and liabilities 1 194 171.00 R NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2014 1. Property, plant and equipment Land and buildings Vehiles Equipment Total Carrying value (1/11/2013) 790 000.00 R 136 000.00 R 262 440.00 R 1 188 440.00 R Cost price 790 000.00 R 340 000.00 R 360 000.00 R 1 490 000.00 R Accumulated depreciation - R -204 000.00 R -97 560.00 R -301 560.00 R Additions at cost - R 60 000.00 R - R 60 000.00 R Disposals at carrying - R - R - R Cost price - R - R - R - R Accumulated depreciation - R - R - R - R Depreciation for the year -74 000.00 R -26 244.00 R -100 244.00 R Carrying value (31/10/2014) 790 000.00 R 122 000.00 R 236 196.00 R 1 148 196.00 R Cost price 790 000.00 R 400 000.00 R 360 000.00 R 1 550 000.00 R Accumulated depreciation - R -278 000.00 R -123 804.00 R -401 804.00 R Calculations 1. Cost price of vehicles at beginning Cost price at end 400 000-Cost price of the new 60 00 340 000.00 R 2. Depreciation for new vehicles (30/4/2014-31/10/2014): 60 000*20%*6/12 6 000.00 R 3. Depreciation for existing vehicles 340 000*20% 68 000.00 R Therefore; depreciation for vehicles: 6 000+68 000 74 000.00 R 4. Deprecition for equipment Cost 360 000-Accum depr 97 560=262 440 Therfore; 262 440*10% 26 244.00 R 5. Trade and other receivables Drawings 3 000.00 R Allowances for credit losses -1 025.00 R Accrued income (22 000/11) 2 000.00 R 3 975.00 R 6. Capital at end Capital at beginning 238 000.00 R Additional capital contributed 20 000.00 R Total comprehensive income for the year 32 000.00 R Drawings -8 200.00 R 281 800.00 R 7. Trade and other payables Creditors controls 38 500.00 R Accrued expenses 1 500.00 R 40 000.00 R
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OCT/NOV 2015 QUESTION 4 SHARKS SWIMMING CLUB STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2015 Turkshop sales 8 300.00 R Turkshop cost of sales -4 400.00 R Opening inventory 4 600.00 R Purchases 1 200.00 R Closing inventory -1 400.00 R Gross profit 3 900.00 R Other income 52 000.00 R Membership fees Calc 1 6 500.00 R Entrance fees (25*50%*200) 2 500.00 R Tornament fees received (180*50) +(140*200) 37 000.00 R Fees received from the public 6 000.00 R 55 900.00 R Expenditure -51 425.00 R Credit losses 200.00 R Bookkeeping fees (1 550+100+350) 2 000.00 R Interest on mortgage (100 000*15%) 15 000.00 R Insurance (3 900-300) 3 600.00 R Salaries and wages 6 000.00 R Telephone 3 000.00 R Maintenance 4 900.00 R Depreciation 9 025.00 R Painting of swimming pool 1 200.00 R Water and electricity 6 500.00 R Surplus for the year 4 475.00 R Acrued income (reversal entry) 620.00 R Income re 900.00 R Income and expenditure (40+25)*100*12 6 500.00 R Bank 5 270.00 R Accrued i 750.00 R Credit los 200.00 R 7 120.00 R 7 120.00 R 1. Membership fees account
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2016 MAY/JUNE SUGGESTED MEMO QUESTION 1 N&N ENTERPRISES SATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2015 Revenue 500000 Sales 500000 Less Sales returns 0 Less Settlement discount granted 0 Cost of sales -362800 Opening inventory 100000 Purchases (283 000+39 000) 322000 Freight charges on purchases 5000 Shipping fees 2800 Import duties 3300 Delivery fees 4100 Purchases returns -5000 Modifying costs 2600 Closing inventory -72000 Gross profit 137200 Other income 2860 Rent income (2 400/12=200*5) 1000 Interest on fixed deposit (800+1 060) 1860 140060 Admin, distribution and other expenses -139300 Insurance (5 000-3 500) 1500 Advertisement (9 800-2 400) 7400 Salaries and (76 000+800) 76800 Depreciation (14 000*10%) 1400 Credit losses 2600 Administration expenses 30000 Municipl taxes 9600
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