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FinancialStatements
(FNST)
ICB ASSIGNMENT 3
QUESTION PAPER
Apr 2021 to Mar 2022
THIS PAPER CONSISTS 1 ASSIGNMENT
ASSIGNMENT 3: 5 QUESTIONS
INSTRUCTIONS:
1. ICB Assignments form part of the formative mark and are to be completed in an open book environment.
2. This Question Paper Book contains all the questions for Assignment 3.
3. All questions are to be completed in the Assignment Answer Book.
4. Check that you have the correct number of pages.
5. Please be neat, as illegible handwriting cannot be marked. You must write in blue or black ink. In practice it is
unacceptable for Bookkeepers to use correcting fluid (Tipp-ex). Marks will be deducted for the use of correction fluid.
6. All questions must be completed.
7. This question paper must NOT be returned to the ICB. You must retain this Assignment Question Paper Book.
8. Upon completion of this Assignment, remember to submit (upload) this Assignment Answer Book into MACCI.
FNST-ICBASG3–QP-2021.v1 Page 1 of 8
, FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 QUESTION PAPER - APR 2021 TO MAR 2022
ASSIGNMENT 3
QUESTION 1 YEAR-END ACCOUNTING FOR A SOLE PROPRIETORSHIP
The following pre-adjustment trial balance appeared in the books of Aura Lighting at the end of their financial
year. Ignore VAT.
Pre adjustment trial balance of Aura Lighting on 30 June 2020
Debit (R) Credit (R)
Balance sheet section
Capital - 1 July 2019 950 000.00
Drawings 4 750.00
Land & buildings 1 282 500.00
Equipment 427 500.00
Computer equipment 85 500.00
Accumulated depreciation: Equipment - 1 July 2019 64 125.00
Accumulated depreciation: Computer equipment - 1 July 2019 8 550.00
Allan Gray Unit Trusts 114 000.00
Bank 24 700.00
Debtors control 42 750.00
Allowance for credit losses - 1 July 2019 2 137.50
Allowance for settlement discounts granted - 1 July 2019 513.00
Petty cash 5 225.00
Trading inventory 26 125.00
Bank loan 475 000.00
Creditors control 50 350.00
Cash float 12 825.00
Rent deposit 53 960.00
Credit card account 136 325.00
SARS (UIF/SDL/PAYE) 15 675.00
Nominal accounts section
Sales 1 752 845.00
Sales returns 77 235.00
Purchases 1 100 992.05
Purchases returns 81 320.00
Commission income 106 875.00
Interest on Unit trusts 11 400.00
Service income 71 848.50
Interest on debtors’ accounts 6 175.00
Credit losses recovered 7 125.00
Rates & services 24 510.00
Credit losses 11 590.00
Staff training 20 330.00
Stationary consumables 2 375.00
Packing materials 14 250.00
Carriage inwards 12 996.00
Insurance 19 000.00
Travel & accommodation 12 825.00
Interest on creditors accounts 8 265.00
Internet expenditure 2 375.00
Fuel expense 255 075.00
Rent expenditure 53 979.95
Wages & salaries 44 631.00
3 740 264.00 3 740 264.00
FNST-ICBASG3–QP-2021.v1 Page 2 of 8
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