FAC1501 questions and answers 2023 Includes all assignment and answers 2023.
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Course
FAC1501 - Introductory Financial Accounting
Institution
University Of South Africa
FAC1501 questions
and answers 2023
Includes all
assignment and
answers 2023.
lOMoARcPSD|
1
1. SOLUTION TO ACTIVITY 1 IN LEARNING UNIT 11 OF THE STUDY GUIDE
(1) LUCKY TRADERS
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR
ENDED 30 APRIL 20.4
R
Revenue ( 500) 398 ...
fac1501 questions and answers 2023 includes all as
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FAC1501 - Introductory Financial Accounting
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FAC1501 questions
and answers 2023
Includes all
assignment and
answers 2023.
,ff
lOMoARcPSD|8436517
1
1. SOLUTION TO ACTIVITY 1 IN LEARNING UNIT 11 OF THE STUDY GUIDE
(1) LUCKY TRADERS
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR
ENDED 30 APRIL 20.4
R
Revenue (415 000 - 15 000 - 1 500) 398 500
Cost of sales (250 000 - 330) (249 670)
Gross profit 148 830
Other income 5 560
Interest on fixed deposit 5 200
Credit losses recovered 360
154 390
Distribution, administrative and other expenses (102 120)
Wages and salaries 71 400
Telephone expenses 12 300
Credit losses 5 800
Insurance 1 200
Advertising 4 800
Traffic fines 850
Rates and taxes 3 770
Repairs and maintenance 2 000
Finance costs (21 000)
Interest on long-term loan (21 000)
Profit for the year 31 270
Other comprehensive income for the year -
Total comprehensive income for the year 31 270
NOTES
,ff
lOMoARcPSD|8436517
2
SOLUTION TO ACTIVITY 1 (continued)
(2) LUCKY TRADERS
STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 20.4
R
ASSETS
Non-current assets 200 000
Property, plant and equipment 120 000
Fixed deposit 80 000
Current assets 266 270
Inventories 46 000
Trade and other receivables 20 000
Cash and cash equivalents 200 270
TOTAL ASSETS 466 270
EQUITY AND LIABILITIES
Equity 291 270
Capital 291 270
Total liabilities 175 000
Non-current liabilities 140 000
Long-term borrowings 140 000
Current liabilities 35 000
Trade and other payables 35 000
TOTAL EQUITY AND LIABILITIES 466 270
(3) LUCKY TRADERS
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 20.4
Capital
R
Balance at 1 May 20.3 300 000
Total comprehensive income for the year 31 270
Drawings (40 000)
Balance at 30 April 20.4 291 270
(4) From 1 January 20.4 until 30 April 20.4 = 4 months.
Therefore R1 200 ÷ 4 = R300 per month
(5) P : is the principal amount invested
R : is the interest rate per year
T : is the time in years
, ff
lOMoARcPSD|8436517
3
SOLUTION TO ACTIVITY 1 (continued)
Time = Interest
PxR
= R5 200
R80 000 x 0,13
= R5 200
R10 400
= 0,50 years
= 6 months
The investment was thus made on 1 November 20.3.
(6) Mark-up percentage on cost = Gross profit x 100%
Cost of sales
= R148 830 x 100%
R249 670
= 59,61%
NOTES
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