FAC1601 ASSESSMENT 5 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS(WITH WORKINGS AND EXCEL SHEET)
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Financial Accounting and Reporting (FAC1601)
Instelling
University Of South Africa (Unisa)
THIS DOCUMENT CONTAINS FAC1601 ASSESSMENT 5 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS WITH WORKINGS AND AN INTERACTIVE EXCEL SHEET WHEN YOU JUST NEED TOFILL IN VALUES AS PER YOU SPECIFIC QUESTIONS AND IT AUTOMATICALLY CALCULATES THE STATEMENT NEEDED. IF YOU HAVE ANY QUESTIONS PLEASE ME ON
Extract from the statement of
financial position as at 31 August
2024:
2024 2023
R R
Loans to members 191,400 63,400
Loans from members 251,500 36,500
Accrued expense (marketing expens 12,600 18,400
Current tax payable 97,900 77,500
Distribution to members payable 152,600 201,500
Trade payables control 290,000 152,900
Inventory 93,600 51,100
Trade receivables control 151,500 178,000
Prepayments (security expense) 35,900 28,800
Accrued income (rental) 11,400 11,500
Retained earnings 414,300 136,000
Members’ contributions 2,010,900 1,702,100
Long-term loan 552,600 368,300
Bank 371,100 570,000
Machinery (at cost) 990,900 874,200
Accumulated depreciation: Machiner 244,200 130,000
Land and buildings (at cost) 1,969,600 1,226,400
Investments 380,200 -
Dividend receivable 34,400 155,500
Extract from the statement of
profit or loss and other
comprehensive income for the
year ended 31 August 2024:
R
Profit on sale of machinery 15,300
Cost of sales 777,200
Depreciation on machinery 147,400
Fair value loss on listed investments 31,400
Income tax expense 209,600
Interest expense on loans from
29,600
members
,Interest income on loans to
24,200
members
Investment income: dividend
22,500
income
Interest expense on long term loans 22,500
Repairs and maintenance 51,200
Telephone expenses 43,300
Other operating expenses 33,300
Revenue 1,554,900
Water and electricity 95,600
Rental income 71,900
Machinery at cost 32400
Accumulated depreciation 13500
Distribution tomembers 142000
Additional contributions from
members 182200
fixed deposit at Garden Bank 102000
ordinary shares in Karoo Limited 278,200 26000 shares
Profit Distribution 142000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipt from customers 1653400
Cash paid to suppliers and employees -918900
Cash generated from operations xxx
Dividends received 143,600
Interest paid -22,500
Income tax paid -189,200
Distribution to members paid -190,900
Acquisition of listed investment -278,200
Proceeds from loans from members 0
Acquisition of fixed deposit 0
Additional loans advanced to member -103,800
, Net cash from operating activities xxx
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in property, plant and
equipment to expand operating
capacity
Improvement of land and buildings -743,200
Investments in property, plant and
equipment to maintain operating
capacity
Additions to machinery -149,100
Proceeds on sale of machinery 34,200
Acquisition of fixed deposit -102000
Net cash used in investing activities xxx
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from members’ contributions 308,800
Proceeds from loans from members 185,400
Proceeds from long-term borrowing 184,300
Net cash from financing activities Xxx xxx
Net increase in cash and cash equivalentXxx xxx
Cash and cash equivalents at beginning 570000
Cash and cash equivalents at end of yea 371100
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