exam pack from 2015 to 2017.pdf

¾ in this particular question the rent for this year

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¾ In this particular question, the rent for this year is calculated by using the rent per month since it is given. ¾ The old equipment is depreciated from the beginning of year whilst the new equipment bought on 30 September is depreciated from October to December ( 3 months ). September 173 | P a g e
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FAC1502 2014 is not counted since the equipment was bought at the end of the month, meaning that the equipment was not used during the month of September. THE END THANK YOU. 174 | P a g e
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MAY/JUNE 2015 QUESTION 1 LADY GIZELA CLOTHING MANUFACTURERS GENERAL LEDGER FOR THE YEAR ENDED 28 FEBRUARY 2015 Bank (instalment of loan) 5000 Balance b/d 62000 Balance c/d 57000 62000 62000 Balance b/d 57000 Bank (interest on loan paid paid in June) 6281.25 Balance b/d 6281.25 Balance c/d 5166.67 Interest on loan (62000*12.5%*8/12) 5166.67 11447.9 11447.9 Balance b/d 5166.67 Balance b/d 500 Bank 500 Insurance (4500/12*4) 1500 Balance c/d 1500 2000 2000 Balance b/d 1500 Balance b/d 25000 Cost of sales 4500 Balance c/d 20500 25000 25000 Balance b/d 20500 Bank (62000*12.5%*4/12) 2583.33 Profit/loss 7750 Accrued expenses (62000*12.5%*8/12) 5166.67 7750 7750 Bank 4500 Prepaid expenses (4500/12*4) 1500 Profit/loss 3000 4500 4500 Insurance Long-term loan Accrued expenses Prepaid expenses Inventory Interest on long-term loan
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MAY/JUNE 2015 QUESTION 2 TIGER STORES NOTES TO T6HE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2015 1. Property, plant and equipment Land and Vehicles Equipmen Total Carrying amount 1/4/2014 750000 165000 760000 1675000 Cost price 750000 275000 800000 1825000 Accumulated depreciation 0 -110000 -40000 -150000 Additions at cost 125000 125000 Disposals at carrying -180500 -180500 Cost price 0 0 -200000 -200000 Accumulated depreciation 0 0 19500 19500 Depreciation for the year -69583 -66500 -136083 Carrying amount 31/3/2015 750000 220417 513000 1483417 Cost price 750000 400000 600000 1750000 Accumulated depreciation 0 -179583 -87000 -266583 Calculation 1. Cost price of equipment at beginning Cost price at the end 600000 Cost price of the sold equipment 200000 800000 2. Accumulated depreciation os the sold equipment It was bought on 30/09/2013 and was sold on 30/09/2014. Therefore, we have to calculate depreciation for last year and depreciation for this year. Depreciation method is deminishing balance method Depreciation for last year: (30/09/2013-31/03/2014)=6 months 200 000*10%*6/12 10000 Depreciation for this year: (1/4/2014-30/09/2014)=6 months Cost 200 000-accumulated 10 000=190 000*10%*6/12 9500 19500 3. Depreciation for the old equipment Cost price (800 000-200 000) 600 000 Accumulated depreciation (40 000-10 000) -30 000 570 000 Therefore Depreciation is :570 0000*10% 57000 4. Depreciation for the year for equipment Old equipment 57 000 Sold equipment 9 500 66 500 TIGER STORES STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2015 Assets Non-current assets 1543417 Property, plant and equipment 1483417 Financial assets 60000 Current assets 146500 Inventory 26000 Trade receivables Calc 1 47900 Cash and cash equivalents 72600 Total assets 1689917 Calculations 1. Trade and other receivables Debtors control 42500 Credit losses -600 Accrued income (60000*10%) 6000 47900
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MAY/JUNE 2015 QUESTION 3 BASSON TRADERS CASH RECEIPTS JOURNAL FOR APRIL 2015 30090 Interest income 50 Red cross (stale cheque) 1200 Handy Wholesalers (correction of error) (1758-1578) 180 Y York (credit loss recovered) 4500 36020 CASH PAYMENTS JOURNAL FOR APRIL 2015 20054 Bank charges (96+30) 126 Instalement of mortgage 2000 Intalment on motor vehicle 1700 S Steward (R/D) 500 Escourt traders (post-dated) 780 25160 GENERAL LEDGER FOR APRIL 2015 Balance b/d 2650 Total paym 25160
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