Tutorial letter 102/3/2022
FAC1601
Financial Accounting Reporting Semesters 1 and 2
Department of Financial Accounting
Dear Student
ERRATA: TUTORIAL LETTER - TL501/3/2022
Find herewith ANNEXURES A and B which replaces EXERCISES 7.6 and 9.2 in TL5...
Find herewith ANNEXURES A and B which replaces EXERCISES 7.6 and 9.2 in
TL501/3/2022.
We would like to emphasise that the prescribed textbook is the 8th edition of About
Financial Accounting, Volume 2. This latest edition contains a revised Conceptual
Framework for International Financial Reporting Standards (IFRS), issued in
March 2018 and amendments to IAS 1 – Presentation of Financial Statements all
of which are examinable.
Wishing your all the best on your
studies. FAC1601 Lecturers
2
, FAC1601/
ANNEXURE A:
EXERCISE 7.6: Financial statements
The following information relates to Njabulo Traders Limited:
TRIAL BALANCE AS AT 28 FEBRUARY 20.8
R
Share capital: ordinary 160 000
shares.....................................................................
Share capital: preference 100 000
shares.................................................................
Revaluation surplus (1 March 10 000
20.7).............................................................
Retained earnings (1 March 20.7) 5 000
...............................................................
Mortgage.......................................................................................... 80 000
...........
Trade payables 70 000
control................................................................................
Trade receivables control 150 000
............................................................................
Inventory (1 March 20.7) 90 000
.............................................................................
SARS (Income tax) (Cr) 15 000
..............................................................................
Sales................................................................................................. 975 000
..........
Purchases ........................................................................................ 700 000
...........
Salaries and 95 450
wages.....................................................................................
Bank 15 000
overdraft...........................................................................................
..
Interest on bank overdraft 2 000
...........................................................................
Interest on mortgage 8 550
...................................................................................
Investments at cost 45 000
.....................................................................................
Land and buildings (at 158 000
valuation).................................................................
Vehicles (at 60 000
cost).........................................................................................
Furniture and equipment (at cost) 52 000
...............................................................
Stationery......................................................................................... 3 000
...........
Dividend 5 000
income..........................................................................................
Allowance for credit losses 5 000
..........................................................................
3
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