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MAC3702 Assignment 1 semester 1 2024
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Stuvia.com - The Marketplace to Buy and Sell your Study MaterialMAC3702-24-S1 Welcome Message Assessment 1
QUIZ
Started on Thursday, 28 March 2024, 10:25 AM
State Finished
Completed on Thursday, 28 March 2024, 11:45 AM
Time taken 1 hour 20 mins
Marks
Grade out of 100.00
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Question 1
Complete
Mark 1.00 out of 1.00
Papraika Limited (also known as “Papraika Stores”) is the largest non-food retailer in South Africa and is listed on the
Johannesburg Stock Exchange (JSE). The company is the leading retailer of clothing, home appliances, stationery,
cosmetics, accessories and cellular products in Southern Africa with more than 3 000 retail stores, the majority of which are
in South Africa. Papraika Stores caters for different LSM groups and also has become one of South Africa’s most trusted
brands.
The recent depreciation of the rand against world’s major currencies (exacerbated by local politics) has sent the JSE share
index into a downward spiral and the shareholders of Papraika Stores Limited have also seen a sharp decline in their
investment value in the company.
The statement of comprehensive income and the statement of nancial position of Papraika Stores Limited are provided
below:
Statement of comprehensive income for the year ending 31 January 2022
R million Notes 2022
Revenue a 23 746
Cost of merchandise (13 252)
Gross pro t 10 494
Other operating income 1 533
Other income b 1 106
Trading expenses c (9 037)
Net nance costs d (1 075)
Pro t before taxation 3 021
Taxation f ( 864)
Pro t for the year 2 157
Statement of nancial position as at 31 January 2022
R million Notes 2022
Non-current assets
Property, plant and equipment 3 336
Other Investments b 4 736
Goodwill 378
Current assets
Inventory 5 116
Trade and other receivables – retail 6 695
Prepayments 946
Cash and cash equivalents 888
Total assets 22 095
Capital and reserves
Share capital 890
Non-distributable reserves 237
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Retained income 8 774
Total equity 9 901
Non-current liabilities
Long-term portion of interest-bearing debt d 5 322
Deferred taxation 435
Post-retirement medical bene ts 217
Current liabilities
Short-term portion of interest-bearing debt d 3 139
Short-term borrowings e 1 246
Trade and other payables 1 835
Total equity and liabilities 22 095
Weighted average number of shares (million) 207
Dividend – Interim (R million) 382
Dividend – Final (R million) 765
Number of retail outlets 3 125
Staff complement 21 981
Share price – closing (cents) 14 144
NOTES
a) Of the R23 746 million sales made during the year, R16 622 million were on credit. Over the years, Papraika Stores has
maintained healthy relations with its suppliers resulting in discounts received and exible terms of payment. Purchases for
the year amounted to R12 120 million of which 90% were sourced on credit. The gross pro t percentage in 2021 nancial
year was 32% (gross pro t for the 2021 nancial year amounted to R9 047 million).
b) Other income relates to dividends received from investments (marketable securities) in listed retail companies outside
the country. This has decreased by almost 4% from the previous years.
c) Trading expenses comprise of:
R million
Trading expenses
Depreciation and amortisation 465
Employee costs 3 210
Occupancy costs 2 043
Net bad debts 948
Other operating costs 2 371
9 037
d) Finance costs for the year amounted to R1 269 million and interest income received on credit bank balance was R194
million. Interest-bearing debt at 31 January 2022 was R10 877 million.
e) The short-term borrowings comprise of unsecured loans. Interest and administration costs on these loans are negligible.
f) The corporate taxation rate is 28% and there were 365 days in the 2022 nancial year.
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Calculate the creditors’ payment period.
1. 51 days
2. 56 days
3. 55 days
4. 61 days
Question 2
Complete
Mark 1.00 out of 1.00
Which of the following statements regarding the asset turnover ratio are more accurate?
a) The ratio shows how many rands of sales are generated from each rand invested in the assets of the business.
b) The ratio indicates effective use of property, plant and equipment in generating revenue for the business.
c) The ratio shows which assets are more effective in generating revenue for the business.
d) The ratio may be used to indicate possible impairments in the assets of the business.
e) The ratio indicates the effectiveness of the assets in producing pro ts for the business.
1. Options (b) and (c)
2. Options (a) and (d)
3. Options (b), (c) and (e)
4. Options (a), (b) and (d)
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