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FAC1601 ASSESSMENT 4 SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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THIS DOCUMENT CONTAINS FAC1601 ASSESSMENT 4 SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS . USING IT CORRECTLY WILL HELP YOU SCORE ABOVE 75%
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Question 1 This information relates to the 24 questions below:Answer saved
Time left 0:20:10
SolaMin CC is a profitable business in the maintenance of solar systems for mines in Ermelo, Mpumalanga. The CC has presented you with the following information for the preparation of the statement of cash flows for the previous financial year ended 31 August
Marked out of 2023:
3.00
Flag
question Extract from the statement of financial position as at 31 August 2023:
2023 2022
R R
Long-term loan 323,800 225,200
SARS ⏤ current tax payable 72,200 51,000
Trade payables control 158,900 85,900
Loans from members 137,800 14,200 OSCAR THE TUTOR
Accrued water and electricity expenses 7,000 3,400
Distribution to members payable 92,700 128,300
Revaluation reserve 18,600 - 0737560989
Retained earnings 273,600 94,000
Members’ contributions 1,828,600 1,681,600
for FAC MAC ECS DSC TAX
Fixed deposit 25,100 12,800 QMI FIN
Vehicles at cost 147,000 -
Equipment (at cost) 695,700 617,300
INV BNU STA tutorials
Land and buildings 1,051,700 795,100
Accumulated depreciation: equipment 107,800 38,100
Loans to members 87,200 28,000
Trade receivables control 66,900 52,000
Investment (at fair value) 277,200 -
Inventory 150,300 85,900
Prepaid security expense 53,900 44,500
Dividend receivable 55,100 232,300
Bank 504,000 707,500
Extract from the statement of profit or loss and other comprehensive income for the year ended 31 August 2023:
R
Revenue ⏤ sale of maintenance parts 1,701,600
Revenue ⏤ maintenance services 1,013,800
Cost of sales 935,800 OSCAR THE TUTOR
Travel expenses 32,100
Repairs and maintenance expenses 38,900
Other operating expenses 266,000 0737560989
Water and electricity 108,800
Depreciation on equipment 191,400 for FAC MAC ECS DSC TAX
Security expenses 64,400 QMI FIN
Profit on sale of equipment 19,100
Interest income on loans to members 11,000 INV BNU STA tutorials
Interest expense on loans from members 24,000
Interest expense on long term loans 19,300
Investment income: dividend income 23,200
Income tax expense 168,900
Additional information
1. The company adopts the direct method for presenting cash flows from operating activities.
2. All inventory necessary for solar system maintenance—ranging from spare parts to entire solar panels—is procured and sold on credit terms.
3. This year, profit distributions totalling R194,000 were declared to members, reflecting the company's profitability and its commitment to returning value to its investors.
4. Over the financial year, significant refurbishments were made to the company’s operational facilities, including the storage building for solar components.
5. Interest on loans given to and obtained from members is capitalised. All loans to members are immediately callable, while the total amount due to partners is payable on 30 June 2026.
6. During the year, equipment essential for maintaining solar systems—bought originally at R19,000 and with accumulated depreciation, on the date of sale, of R7,000 — was sold as part of the company’s asset improvement strategy. The proceeds were reinvested in
acquiring new, more efficient and technologically advanced equipment on 30 June 2023. This new machinery is expected to enhance the efficiency of maintenance operations and support the company’s growth in the solar maintenance sector.
7. The company maintains a strategic investment in 11,000 ordinary shares of Ermelo Energy Resources Ltd, a move that aligns with its core business by investing in a company that is also involved in the renewable energy sector. This investment was acquired at a
cost of R24 (per share) and the shares traded at R25.2 on 31 August 2023.
8. Land and buildings were appraised by an independent valuer and all the adjustments have been correctly recorded in the financial records of the CC.
9. On 31 August 2023, the finance managed discovered that the maintenance team had granted one of the customers a discount of R2,500 on a maintenance job done on the day. This is yet to be recorded by the finance team.
10. One of the members contributed a second-hand bakkie to the CC for use by the maintenance team to carry spare parts when travelling to different client sites. No other contributions were made by the members to the CC.
Which of the following alternatives represents the correct amount that must be disclosed as cash receipts from customers under cash flows from operating activities section in the statement of cash flows for SolaMin CC for the year ended 31 August 2023?
a. R2,703,000
b. R1,689,200
, c. R2,727,800
d. R2,700,500
Clear my choice
Question 2 Which of the following alternatives represents the correct amount that must be disclosed as distributions to members paid under cash flows from financing activities section in the statement of cash flows for SolaMin CC for the year ended 31 August 2023?
Answer saved
Marked out of a. -R229,600
2.00
b. R0
Flag
question c. -R29,000
d. -R250,000
Clear my choice
Question 3 Which of the following alternatives represents the correct amount that must be disclosed as acquisition of listed investments under cash flows from operating activities section in the statement of cash flows for SolaMin CC for the year ended 31 August 2023?
Answer saved
Marked out of a. -R277,200
4.00
b. R0
Flag
question c. -R264,000
d. -R244,500
Clear my choice
Question 4 Which of the following alternatives represents the correct amount that must be disclosed as investments in property, plant and equipment to maintain operating capacity additions to land and buildings under cash flows from investing activities section in the
Answer saved statement of cash flows for SolaMin CC for the year ended 31 August 2023?
Marked out of
2.00
a. R0
Flag
OSCAR THE TUTOR
b. -R256,600
question
c. R256,600
d. -R238,000
0737560989
Clear my choice
for FAC MAC ECS DSC TAX
QMI FIN
INV BNU STA tutorials
Question 5 Which of the following alternatives represents the correct amount of purchases under cash flows from operating activities section in the statement of cash flows for SolaMin CC for the year ended 31 August 2023?
Answer saved
Marked out of a. R 849,900
2.00
b. R1,000,200
Flag
question c. R 935,800
d. R 871,400
Clear my choice
Question 6 Which of the following alternatives represents the correct amount that must be disclosed as investments in property, plant and equipment to expand operating capacity additions to equipment under cash flows from investing activities section in the statement of cash
Answer saved flows for SolaMin CC for the year ended 31 August 2023?
Marked out of
2.00
a. -R78,400
Remove flag
b. R0
c. R78,400
d. -R97,400
Clear my choice
Question 7 Which of the following alternatives represents the correct amount that must be disclosed as dividends received under cash flows from operating activities section in the statement of cash flows for SolaMin CC for the year ended 31 August 2023?
Answer saved
Marked out of a. R264,200
2.00
b. R310,600
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