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FAC1601 ASSESSMENT 4 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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THIS DOCUMENT CONTAINS FAC1601 ASSESSMENT 4 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE IT CORRECTLY AS A GUIDE
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Qumbu Energy Ltd installs wind power turbines for renewable energy projects in ORTambo District Municipality in the Eastern Cape. The company services government
contracts and private energy firms, operating from Qumbu with projects mainly along the
OSCAR THE TUTOR
oscardiura@gmail.com
municipality. In 2023/2024, Qumbu Energy completed three major installations, growing
+27737560989 rapidly as renewable energy demand rises.
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA tutorials
The following financial information is presented to you to assist in the preparation of
financial statements:
Extract from the statement of financial position information as at 28 February 2024:
2024 2023
R R
Trade payables control 52,300 32,400
Interest payable 17,000 12,300
Dividends payable 15,200 24,300
Long-term loan: IDD Corporation 129,500 346,800
Current tax receivable 38,300 13,800
Bank 71,600 49,500
Inventory 91,200 70,400
Dividends receivable 30,900 18,800
Listed investment at fair value 487,400 391,400
Interest receivable 7,700 11,600
Trade receivables control 86,200 80,700
Loans to director 294,700 313,500
Retained earnings 1,399,800 820,700
Share capital 1,219,000 1,076,700
, Revaluation reserve 252,100 177,500
Machinery and equipment at cost 307,100 385,700
Accumulated depreciation: Machinery and equipment 53,600 19,200
Buildings 1,169,000 695,500
Extract from the statement of profit or loss and other comprehensive income information
for the year ended 28 February 2024:
R
Depreciation (machinery and equipment) 61,600
Interest income 13,600
Profit on sale of machinery and equipment 16,600
Loss on financial assets at fair value through profit or loss 31,800
Income tax expense 216,900
Investment income: Dividend received 16,000
Rental income 29,100
Interest expense 12,500
Additional information
1. The company uses the indirect method to present the statement of cash flows.
2. The sale or purchase of property, plant, and equipment was in cash.
3. Loans to directors are immediately callable
4. Dividends paid to shareholders (in cash) during the year amounted to R240 000.
With regards to Qumbu Energy Ltd, complete the amounts in the EXTRACT of:
,The statement of cash flows for the year ended 29 February 2024. The cash
generated from/(used in) operations is disclosed according to the INDIRECT
METHOD.
Instructions:
1. Round off all your answers to the nearest rand (eg: 50.56 = 51)
2. Don’t use any special characters (&) and don’t use bold in your answer. It will be
marked incorrect.
3. Do not use any abbreviations.
4. Do not use brackets, i.e. (50), for negative amounts. Instead use “–“, i.e. –50, for
all negative amounts.
This is correct = –50
This is not correct = (50)
5. Do not type calculations in the allocated fields. Only input the final answer/amount
you would have calculated.
QUMBU ENERGY LTD
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 29 FEBRUARY 2024
CASH FLOWS FROM OPERATING ACTIVITIES R
Profit before tax 1036000.00
Adjustments for:
Loss on financial assets 31800.00
, Profit on sale of machinery and equipment -16600.00
Depreciation 61600.00
Dividend income -16000.00
Interest income -13600.00
Interest expense 12500.00
Increase in trade receivables -5500.00
Increase in trade payables 19900.00
Increase in inventory -20800.00
Cash generated from operations Xxx xxx
Dividends received 3900.00
Acquisition of listed investments -96000.00
Repayment of loans and receivables: Loan to director -18800.00
Interest paid 7800.00
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