Exam (elaborations)

FAC2601 EXAM PACK 2022

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University Of South Africa

FAC2601 EXAM PACK 2022 FAC2601 - Financial Accounting And Reporting The following information regarding share capital in the accounting records of Mbaso Ltd was obtained on 28 February 2021: R Ordinary share capital at date of incorporation.........................................................

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fac2601
fac2601 exam pack 2022
fac2601 exam pack
fac2601 financial accounting and reporting
financial accounting and reporting

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FAC2601 EXAM
PACK 2022

, February 2022 (Supplementary)

FAC2601

Financial Accounting for Companies

100 marks
2 hours

This paper consists of eight (8) pages.

Instructions:

1. This paper consists of THREE (3) questions.

2. All questions must be answered.

3. Basic calculations, where applicable, must be shown.

4. Each question attempted must commence on a new (separate) page.

5. PROPOSED TIMETABLE: (Avoid deviating from this as far as possible.)

Question Time in
no Subject Marks minutes
1 Multiple choice questions 10 12
2 Statement of Financial Position and relevant notes 45 54
3 Statement of Profit or Loss and Other 45 54
Comprehensive Income with relevant notes
TOTAL 100 120

Download this paper as soon as it has been accessed.

Remember to complete and adhere to the Honesty Declaration.

Please upload your submission in PDF-format: a single file not larger than 20Mb, before
the expiry of the available time. (https://cas.myexams.unisa.ac.za).

Additional student instructions:
1. Students must upload their answer scripts in a single PDF file (answer scripts
must not be password protected or uploaded as “read only” files).

2. NO emailed scripts will be accepted.

3. Students are advised to preview submissions (answer scripts) to ensure
legibility and that the correct answer script file has been uploaded.

4. Students are permitted to resubmit their answer scripts should their initial
submission be unsatisfactory.

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, 2 FAC2601
February (Sup) 2022

5. Incorrect file format and uncollated answer scripts will not be considered.

6. Incorrect answer scripts and/or submissions made on unofficial examinations
platforms will not be marked and no opportunity will be granted for
resubmission.

7. Mark awarded for incomplete submission will be the student’s final mark. No
opportunity for resubmission will be granted.

8. Mark awarded for illegible scanned submission will be the student’s final mark.
No opportunity for resubmission will be granted.

9. Submissions will only be accepted from registered student accounts.

10. Students suspected of dishonest conduct during the examinations will be
subjected to disciplinary processes. UNISA has a zero tolerance for
plagiarism and/or any other forms of academic dishonesty.

11. Students are provided one hour to submit their answer scripts after the official
examination time. Submissions made after the official examination time will be
rejected by the examination regulations and will not be marked.

12. Students experiencing network or load shedding challenges are advised to
apply together with supporting evidence for an Aegrotat within 3 days of the
examination session.

13. Students experiencing technical challenges, contact the SCSC 080 000 1870
or email or refer to Get-Help for the list of
additional contact numbers. Communication received from your myLife
account will be considered.

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, 3 FAC2601
February (Sup) 2022

QUESTION 1 (10 marks)(12 minutes)

This question must be answered in your examination answer book. Each question has only one
correct answer. The marks per question are indicated in brackets at the end of each question.

Questions (a) to (c) are based on the following information:

The following information regarding share capital in the accounting records of Mbaso Ltd was obtained
on 28 February 2021:
R
Ordinary share capital at date of incorporation................................................................... 5 000 000
Proceeds on 800 000 ordinary shares issued – 31 August 2020 ....................................... 1 200 000
20 000 10% Cumulative preference shares ....................................................................... 400 000

Additional information:

i. 4 000 000 Ordinary shares were issued at incorporation on 1 March 2018, while the cumulative
preference shares were issued on 1 March 2019.

ii. The following decision was made by the directors and must still be recorded:

A capitalisation issue of shares must be made on 31 December 2020 to ordinary shareholders in
the ratio of one ordinary share, at R1,75 for every 3 ordinary shares held. This was the first
capitalisation issue since incorporation.

iii. An ordinary dividend of 5c per share was declared by the company to shareholders registered on
28 February 2021. No dividends were declared or paid by the company in the previous financial
year. Ignore the impact of dividends withholding tax.

(a) The number of ordinary shares capitalised is:

1. 1 333 333 shares
2. 2 066 667 shares
3. 1 600 000 shares
4. 266 667 shares (2)

(b) The amount of the ordinary dividend payable on 28 February 2021 is as follows:

1. R240 000
2. R320 000
3. R250 000
4. R310 000 (2)

(c) The amount of the preference dividend payable on 28 February 2021 is as follows:

1. R 2 000
2. R 4 000
3. R40 000
4. R80 000 (2)

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