Exam (elaborations)
FAC1601 Assignment 3 Semester 1 (2022)
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- University Of South Africa (Unisa)
FAC1601 Assignment 3 of Semester 1 (2022) Questions and answers to be used as guideline.
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Financial Accounting ReportingFAC1601
Semester 1
Assignment 3
Unique Number: 825388
Department of Financial Accounting
, The following information pertains to KPMJ Ltd and covers questions 1 to 12:
KPMJ Ltd is a company incorporated in 2017 and has a 28 February financial year-end.
The company's accountant presented the following information to you as the accounting
officer of the company:
KPMJ LTD
EXTRACT OF BALANCES AS AT 28 FEBRUARY 2022:
R
Retained earnings (1 March 2021) 200,900
Share capital: Ordinary shares (1 March 2021) 600,900
Inventory (1 March 2021) 34,700
Trade receivables control 244,200
Petty cash 5,900
Loan: PWA Bank 102,600
SARS (income tax) (Dr) 24,500
Land and buildings at revaluation 963,900
Equipment at cost 501,900
Accumulated depreciation: Equipment 72,000
Revaluation surplus (1 March 2021) 85,000
Income received in advance 6,900
Allowance for credit losses 5,200
Bank (Dr) 111,900
Trade payables control 189,300
Auditor's remuneration 36,100
Sales 1,163,730
Carriage on sales 2,000
Settlement discount received 1,700
Allowance for settlement discount granted 6,300
Purchases 234,800
Salaries and wages 229,900
Carriage on purchases 1,400
Directors' remuneration 174,000
Settlement discount granted 7,200
Stationery 10,500
Telephone 5,100
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