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FINAL ONLINE SUMMATIVE ASSESSMENTPROGRAMME Bachelor of Commerce in Accounting
MODULE Introduction to Financial Accounting
YEAR One (1)
INTAKE January 2020
DATE 16 November 2020
TOTAL MARKS 100
,Answer ANY FIVE (5) questions below [100 MARKS]
QUESTION 1 (20 Marks)
1.1 John is considering becoming a management accountant in industry. His friend, Penny, is already a financial
accountant in the same industry. He is asking her for advice on a typical day in the office. Why is it probably not a good
idea to consult Penny in this matter? (8 marks)
1.2 Thabo is preparing a business plan for a clothing manufacturing enterprise. He has considered raising capital to buy
the equipment from different sources however he is unsure how to structure his business. Please advise Thabo on his
options and how he could go about it. (12 marks)
QUESTION 2 (20 Marks)
MotoFix is a vehicle parts supplier based in Durban that specialising in the sale of parts for older motor vehicles. It is solely
by owned by Mr. Nkosi who also manages the business at all times. The business started operating on 1 March 2019
during which the following transactions occurred:
Date Description
1 Mr. Nkosi deposits R100 000 into the business bank account
3 Various parts bought from suppliers for R40 000 and paid for in cash
4 Sales made to customer for R5 000 cash with a cost price of R4 000
10 Stationary bought on credit for R3 000
14 Sales made to customer for R10 000 credit with a cost price of R9 000
16 Rental paid for building cash R3 000
25 Salary paid for assistant R8 000
30 Payment of R3 000 for stationary bought on credit
REQUIRED:
Prepare the general journal entries for the month of March 2019.
vmc
,QUESTION 3 (20 Marks)
Mr Smith is the owner of a wholesale store (“Conquer Wholesalers”) that sells merchandise to other business. At the end
of November 2019 you were presented with the following balances from the general ledger:
Dr Cr
Vehicles 200 000
Accumulated depreciation on vehicles 75 000
Trade receivables 70 000
Inventory 145 000
Bank 100 000
Capital 400 000
Trade payables 40 000
515 000 515 000
The following transactions were recorded during December 2019:
1 Inventory with a cost price of R75 000 were sold for R100 000 to XYZ stores on credit.
9 Mr Smith withdraws R50 000 from the business account for personal use.
11 Printer cartridges worth R4 000 is bought on credit from MegaPrint.
20 Rent is paid R5 000 cash.
22 Inventory worth R60 000 is sold for R100 000 cash to Mr King, their biggest customer.
REQUIRED:
1.1 Prepare the statement of comprehensive income for the month ended December 2019. Ignore depreciation.
3.2 Prepare the statement of financial position for the month ended December 2019.
vmc
, QUESTION 4 (20 Marks)
4.1 Peter is currently a sole trader doing consultation in the financial services sector. However, although things are going
well for Peter he could with more expertise and capital to expand his business. Sandy has shown an interest in joining
as part of a partnership. How will this affect Peter and what would his expectation be from Sandy? (10 marks)
4.2 Jane and Peter has decided to start a partnership. Capital contributions of R100 000 (Jane) and R200 000 (Peter) were
made towards the new business. It was agreed that available profits will be shares 40% (Jane) and 60% (Peter). In
addition, a salary of R20 000 will be paid to each partner. Furthermore, 10% will be earned on capital each month.
During the first of month of business sales of R300 000 were realised and operating expenses of R150 000 were
incurred (before partner salaries).
REQUIRED:
Record the above information in the following accounts
Profit and loss
Appropriation account
Current accounts for each partner (10 marks)
QUESTION 5 (20 Marks)
5.1 Company Fabulous Sweets wants to raise capital for investment into its operations that intends to manufacture sweets
and chocolates. Discuss how they will raise capital with specific reference to authorised and share capital. (4 marks)
5.2 Cindy is happy since she is getting 10% dividends each year. Ambie is unhappy since she only receives dividends
sporadically. Explain the background behind these two shareholders. (6 marks)
5.3 ABC Ltd has calculated a net profit before taxation of R250 000 for the year ended 31 December 2019. The taxation for
the is calculated as 30% of net profit before taxation. Capital includes 300 000 x 8% preference shares valued at R1
each. Ordinary share capital consists of 250 000 shares at R1 each. The board of directors have decided to declare a
dividend of R0,20 per share. The balance of retained profit at the beginning of the year was R250 000.
REQUIRED:
Prepare the abridged statement of comprehensive income for the year end 31 December 2019 (10 marks)
vmc
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