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Mancosa Financial Accounting 2B past papers
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Its also called Financial Statement Analysis and Reporting Standards. These are past osa papers with no answers
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FINAL ONLINE SUMMATIVE ASSESSMENTPROGRAMME Bachelor of Commerce in Accounting
MODULE Financial Statement Analysis and Reporting Standards
YEAR Two (2)
INTAKE January 2024 Semester 2
DATE 13 November 2024
TOTAL MARKS 100
,SECTION A [100 MARKS]
Answer ALL the questions in this section.
QUESTION 1 (10 Marks)
Define the following terms:
1.1 No-redeemable preference shares (2 Marks)
1.2 Non-participating preference shares (2 Marks)
1.3 Redeemable preference shares (3 Marks)
1.4 Participating preference shares (3 Marks)
QUESTION 2 (25 Marks)
On 1 January 2011 (date of incorporation) Technocrat Limited issued:
- 100 000 ordinary shares at R3,50 each.
- 50 000 10% non-cumulative, non-redeemable preference shares at R2 each.
- Half of the authorised ordinary and preference shares have been issued.
The preference dividends are discretionary dividends. All preference dividends were declared and paid
before year end with the exception of 2016, when the preference dividend was declared but not yet paid at
31 December 2016.
REQUIRED:
Provide all journal entries from the date of issue of the preference and ordinary shares to 31 December
2016.
,QUESTION 3 (40 Marks)
Use the information below to answer the questions that follow.
2024 2023
ASSETS
Non-current assets 5 075 000 3 850 000
Land and buildings 3 150 000 1 575 000
Listed investment at Cost 1 925 000 2 275 000
Current assets 5 264 000 2 353 750
Inventories 2 625 000 656 250
Trade debtors 2 625 000 612 500
Cash and cash equivalents 14 000 1 085 000
Total assets 10 339 000 6 203 750
EQUITY AND LIABILITIES
Capital and reserves 4 747 750 3 395 000
Issued share capital and reserves 4 747 750 3 395 000
Non-current liabilities
Non-current loan 3 500 000 1 400 000
Debentures 1 050 000 1 050 000
Deferred tax 700 000 183 750
Trade and other payables 341 250 175 000
10 339 000 6 203 750
, 2024 2023
Revenue from sales 8 750 000 5 250 000
Cost of sales 5 250 000 2 625 000
Gross profit 3 500 000 2 625 000
Total other expenses 1 400 000 507 500
Profit before finance charges 2 100 000 2 117 500
Finance charges (all relating to non-current liabilities) 175 000 17 500
Profit before tax 1 925 000 2 100 000
Taxation expense 577 500 630 000
Profit for the year 1 347 500 1 470 000
Other comprehensive income 0 0
Total comprehensive income 1 347 500 1 470 000
Market share price 1.25 1.00
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