exam pack from 2015 to 2017.pdf

# Water electricity and telephone expenses 10000 profit

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Water, electricity and telephone expenses 10000 Profit before finnce costs 760 Finance costs (Calc 1) -4000 Profit for the year -3240 Other comprehensive income 0 Total comprehensive income for the year -3240 Calculations 1. Interest on Mortgage (50 000*8%) 4000 Therefore; the R4 000 consists of R3 000 already paid as it is shown in the trial balance plus R1 000 not yet paid.

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2016 MAY/JUNE SUGGESTED MEMO ZIZIBENZA TRADERS GENERAL L EDGER FOR MARCH 2016 Balance b/d 32780 Balance b/d 1780 Creditors contr 2020 Credit losses 1450 Sales (16 840-2 14104 Sales returns 1200 Bank (R/D) 3200 Bank and disco 22750 Journal debits 2760 Journal credits 430 Balance c/d 27254 54864 54864 Balance b/d 27254 Balance b/d 2020 Balance c/d 24720 Purchases retu 820 Debtors contro 1450 Bank 32980 Purchases (12 15016 Balance c/d 6206 Journal credits 840 42026 42026 Balance b/d 6206 Debtors Control Creditors Control
2016 MAY/JUNE SUGGESTED MEMO QUESTION 3 SWEET TOOTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 1. Prpperty, plant and equipment Land and buildingsVehicles Furniture and e Total Carrying value (1 January 2015) 550000 60000 14000 624000 Cost price 550000 120000 26345 696345 Accumulated depreciation 0 -60000 -12345 -72345 Additions at cost 0 145750 12070 157820 Disposals at carrying 0 -57000 0 -57000 Cost price 0 -120000 -120000 Accumulated depreciation 0 63000 63000 Depreciation for the year 0 -10288 -10882 -21170 Carrying value (31 December 2015) 550000 138462 15188 703650 Cost price 550000 145750 38415 734165 Accumulated depreciation 0 -7288 -23227 -30515 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2015 Assets Noa-current assets 703650 Propert, plant and buildings 703650 Financial assets Current assets 114845 Inventories Calc 1 37655 Trade and other receivables Calc 2 71390 Prepayments Calc 3 4800 Cash and cash equivalents Calc 4 1000 Total Assets 818495 Equity and liabilities Equity 344212 Capital 344212 Non-current liabilities 380000 Loan: Busy Bank (400 000-20 000) Ca 380000 Current liabilities 94283 Current portion of loan from Buey B 20000 Trade and other payables Calc 6 59633 Bank overdraft 14650 Total equity and liabilities 818495 Calculations 1. Inventories Inventory on hand 35200 Stationery on hand 490 Packaging material on hand 1965 37655 1. Trade and other receivables Accrued income (on rental income) 15000 Debtors control 60890 Allowances for credit losses -4500 71390 3. Prepayments Prepaid expenses on insurance 4800 4. Cash and cash equivalents Cash float (500*2) 1000 5. Loan from Busy Bank The loan amount is R400 000, but they have mentioned that R20 000 is payable on 28 February 2016 which is next year, therefore Long-term loan is 400 000-20 000 380000 Short-term loan 20000 6. Trade and other payables Creditors control 53633 Accrued expenses (on salaries) 6000 59633

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2016 MAY/JUNE SUGGESTED MEMO QUESTION 4 1. (b) 2. (e) 3. (d) 4. (b) 5. (b)

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