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FAC1502 Exam pack 2024(Financial Accounting Principles Concepts and Procedures)
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FAC1502 Exam pack 2024(Financial Accounting Principles Concepts and Procedures) Questions and answers
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FAC1502 EXAM PACK2024
QUESTIONS AND
ANSWERS
FOR ASSISTANCE CONTACT
EMAIL:gabrielmusyoka940@gmail.com
, lOMoARcPSD|44660598
This question paper consists of 5 pages.
PLEASE NOTE:
1. Ensure that you are writing the correct examination paper.
2. Ensure that you are handed the correct examination answer book (BLUE) by the invigilator.
3. All questions must be answered.
4. Basic calculations, where applicable, must be shown.
5. The answer to each question must be commenced on a new (separate) page.
6. Please do not answer the paper in pencil.
7. PROPOSED TIMETABLE (try not to deviate from this):
TIME
QUESTION TOPIC MARKS
(minutes)
1 Closing entries 27 32
2 Financial statements 25 30
3 General ledger accounts 31 38
4 Incomplete records 17 20
TOTAL 100 120
, lOMoARcPSD|44660598
QUESTION 1 (27 marks) (32 minutes)
Commence this question on a new (separate) page.
The following information was obtained from the books of XYZ Traders.
POST-ADJUSTMENT TRIAL BALANCE OF XYZ TRADERS AS AT 30 JUNE 2011
Debit Credit
R R
Capital ............................................................................................... 100 000
Drawings ........................................................................................... 2 445
Land and buildings at cost ................................................................. 200 000
Vehicles at cost ................................................................................. 120 000
Furniture and fittings at cost ............................................................. 65 000
Accumulated depreciation on vehicles (30 June 2011) ...................... 54 700
Accumulated depreciation on furniture and fittings (30 June 2011) ... 22 700
Debtors control .................................................................................. 6 780
Inventory: Trading (30 June 2010) ..................................................... 13 550
Bank .................................................................................................. 7 775
Petty cash.......................................................................................... 500
Mortgage loan ................................................................................... 150 000
Loan from Africa Bank ....................................................................... 50 000
Creditors control ................................................................................ 3 200
Sales ................................................................................................. 256 400
Carriage on purchases ...................................................................... 660
Commission income .......................................................................... 15 000
Credit losses ...................................................................................... 244
Depreciation ...................................................................................... 15 400
Insurance .......................................................................................... 2 400
Packing materials .............................................................................. 3 300
Purchases ......................................................................................... 154 880
Purchases returns ............................................................................. 245
Rent income ...................................................................................... 3 600
Sales returns ..................................................................................... 1 338
Settlement discount granted .............................................................. 553
Settlement discount received ............................................................. 155
Wages ............................................................................................... 56 775
Water and electricity .......................................................................... 4 400
656 000 656 000
Additional information:
On 1 July 2011 trading inventory had a balance of R14 885.
REQUIRED:
1.1 Show the journal entries for bringing the closing inventory at 30 June 2011 into account. (3)
1.2 Show the journal entries for the closing of the applicable accounts (closing entries) at
30 June 2011. (14)
1.3 Complete the trading account and the profit or loss account in the general ledger
of XYZ Traders for the year ending 30 June 2011. (10)
, lOMoARcPSD|44660598
QUESTION 2 (25 marks) (30 minutes)
Commence this question on a new (separate) page.
The following list of balances was extracted from the general ledger of M&S, a general dealer at
28 February 2011:
R
Creditors control 28 900
Fixed deposit (36 month) 5 000
Debtors control 19 200
Bank (Dr) 6 000
Furniture and equipment (at carrying amount) 24 300
Land and buildings 108 000
Mortgage loan (repayable over 20 years) 78 000
Vehicles (at carrying amount) 51 000
Inventories 30 400
Capital (1 March 2010) 150 000
Profit/(Loss) for the year ending 28 February 2011 ?
REQUIRED:
2.1 Prepare the trial balance of M&S as at 28 February 2011. (11)
2.2 Prepare the statement of changes in equity of M&S for the year ended
28 February 2011. (4)
2.3 Prepare the statement of financial position of M&S as at 28 February 2011. (10)
QUESTION 3 (31 marks) (38 minutes)
Commence this question on a new (separate) page.
ABC DEALERS
TRIAL BALANCE AS AT 1 FEBRUARY 2011
R
Bank (Debit balance) ................................ ……………………… 2 150
Cost of sales ............................................................................. 192 000
Trading inventory ...................................................................... 52 000
Sales ........................................................................................ 400 000
VAT Input .................................................................................. 1 600
VAT Output ............................................................................... 1 800
The following subsidiary journals, with only the totals of the analysis columns, appeared in the books of
ABC Dealers at 28 February 2011:
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