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FAC1601 ASSEESMENT 5 SEMESTER 1 2024
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FAC1601 ASSEESMENT 5 SEMESTER 1 2024
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Time left 2:28:43Question 1
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Question text
The information below relates to questions 1 – 20:
You have been provided with the following data to aid in the preparation of the statement of cash
flows for Sibasa Supplies Limited, a company that supplies cleaning consumables to public and
private health facilities in the Vhembe District Municipality:
Extract of items from the statement of financial position information as at 28 February 2024:
2024 2023
R R
Dividends receivable 25,800 15,500
Listed investment at fair value 350,200 291,000
Current tax receivable 32,700 12,000
Inventory 94,100 73,600
Interest receivable 2,200 4,800
Trade debtors control 67,400 65,300
Bank (Dr) 60,100 41,800
Loans to director 351,700 334,700
Heating equipment at cost 240,600 296,500
Accumulated depreciation: Heating equipment 52,600 19,400
Land and buildings 1,107,200 669,900
Share capital 990,500 889,500
Retained earnings 1,214,900 699,800
Revaluation reserve 215,500 156,800
Mortgage 107,300 292,000
Dividends payable 15,300 24,800
Trade creditors control 42,500 25,600
Interest payable 17,200 12,900
Extract of items disclosed in the statement of profit or loss and other comprehensive income
information for the year ended 28 February 2024:
R
Loss on sale of heating equipment 15,500
Interest income: loans to directors 13,000
Investment income: Dividends 15,600
Rental income 30,500
,Gain on financial assets at fair value through profit or loss 29,600
Interest expense 14,300
Depreciation 63,300
Income tax expense 247,200
Additional information
1. Investments in listed entities are held for trading and recognised through profit and loss.
2. To support the cash flow position, the company sold property, plant, and equipment for cash.
3. According to the company's policy, all loans advanced to directors are immediately callable and
the interest charged is capitalised.
4. The purchases of property, plant, and equipment were made in cash to replace old items. It is the
company’s accounting not to depreciate land and buildings.
5. Vhembe Cleaning Supplies Limited's net cash flow position worsened significantly towards the
end of the financial year. Consequently, only R145,000 was paid as dividends to shareholders in
cash.
6. The company presents the statement of cash flows using the indirect method.
Which of the following alternatives represents the correct amount that must be disclosed as profit
before tax in the cash generated from operations section according to indirect method in the
statement of cash flows of Sibasa Supplies Limited for the year ended 28 February 2024?
a.
R 897,800
b.
R 650,600
c.
R 762,300
d.
R 515,100
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Question 2
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,Which of the following alternatives represents the correct amount that must be disclosed as
acquisition of listed investments in the cash flows from operating activities section of the statement
of cash flows of Sibasa Supplies Limited for the year ended 28 February 2024?
a.
R (29,600)
b.
R 59,200
c.
R0
d.
R (59,200)
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Question 3
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Which of the following alternatives represents the correct amount that must be disclosed as loans
advanced to (received from) directors of the company in the cash flows from financing activities
section of the statement of cash flows of Sibasa Supplies Limited for the year ended 28 February
2024?
a.
R (4,000)
b.
R (17,000)
c.
R0
d.
R 4,000
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Question 4
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Which of the following alternatives represents the correct amount that must be disclosed as loans
advanced to (received from) directors of the company in the cash flows from operating activities
section of the statement of cash flows of Sibasa Supplies Limited for the year ended 28 February
2024?
a.
R 4,000
b.
R (4,000)
c.
R0
d.
R (17,000)
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Question 5
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Which of the following alternatives represents the correct amount that must be disclosed as interest
paid in the cash flows from operating activities section of the statement of cash flows of Sibasa
Supplies Limited for the year ended 28 February 2024?
a.
R 14,300
b.
R (14,300)
c.
R (10,000)
d.
R 10,000
Clear my choice
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