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FAC1601 UNISA ASSESSMENT 4 SEMESTER 2 2024 Qumbu Energy Ltd installs wind power turbines for renewable energy projects in OR Tambo District Municipality in the Eastern Cape. The company services government contracts and private energy rms, operating fro $2.87   Add to cart

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FAC1601 UNISA ASSESSMENT 4 SEMESTER 2 2024 Qumbu Energy Ltd installs wind power turbines for renewable energy projects in OR Tambo District Municipality in the Eastern Cape. The company services government contracts and private energy rms, operating fro

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FAC1601 UNISA ASSESSMENT 4 SEMESTER 2 2024 Qumbu Energy Ltd installs wind power turbines for renewable energy projects in OR Tambo District Municipality in the Eastern Cape. The company services government contracts and private energy rms, operating from Qumbu with projects mainly along the mun...

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  • October 22, 2024
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BMZ ACADEMY




BMZ ACADEMY




@061 262 1185/068 053 8213



BMZ ACADEMY 061 262 1185/068 053 8213

, UNISA  2024  FAC1601-24-S2  Welcome Message  Assessment 4

QUIZ




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Qumbu Energy Ltd installs wind power turbines for renewable energy projects in OR Tambo District Municipality in
the Eastern Cape. The company services government contracts and private energy firms, operating from Qumbu with projects
mainly along the municipality. In 2023, Qumbu Energy completed three major installations, growing rapidly as renewable
energy demand rises.



The following financial information is presented to you to assist in the analysis and interpretation of the performance and the
overall financial health of the business:



Extract from the statement of financial position information as at 28 February 2024:
2024 2023

R R

Share capital 166,000 166,000

Retained earnings (opening) 101,000 17,000

Long-term loan: Ndebele Corporation 142,000 182,000
Machinery and equipment (at carrying amount) 208,000 243,000

Inventories 166,000 175,000

Prepayments 24,000 43,000

Trade payables control 170,000 152,000

Trade receivables control 125,000 93,000
Bank 58,000 44,000

Income tax payable 14,000 25,000

Revenue 609,000 549,000

Purchases 412,000 408,000

Operating and administrative expenses 87,000 78,000
Interest on long-term loan 18,000 21,000

Ordinary dividend paid 9,000 5,000



Additional information

1. The income tax expense for the year ending 2023 amounted to R32 000 and the income tax expense for the current year
is R22 000

2. The opening inventories for the financial year ending 2023 amounted to R96 000.

3. Assume that all purchases and sales are on credit.



The correct gross profit percentage for the financial year ended 28 February 2023 is 30.87%.


True

False

, UNISA  2024  FAC1601-24-S2  Welcome Message  Assessment 4

QUIZ




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