FAC1502 Exam Pack Semester 2 (2026)

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Contents

Accounting Equation Table.................................................8

FAC1502_May 2025............................................................8

Question 1: Statement of profit or loss and other comprehensive income (25)..................................................................8

Question 1: Answer........................9

Question 2: Debtors and creditors control accounts (23)................................10

Question 2: Answer...................... 11

Question 3: Statement of financial position and property, plant and equipment note (47)...............................................11

Question 3: Answer...................... 15

Question 4: Multiple choice questions –Theory (5).........................................16

FAC1502_October 2025....................................................17

Question 1: Property, plant and equipment note and statement of financial position (33)...............................................17

Question 1: Answer...................... 18

Question 2: Income and expenditure statement and Special Fund account of a club (24).................................................19

Question 2: Answer...................... 20

Question 3: Bank reconciliation statement (18)..............................................21

Question 3: Answer...................... 22

Question 4: Debtors control and reconciliation (20)........................................23

Question 4: Answer...................... 24

Question 5: Multiple choice questions (5).......................................................24

FAC1502_ Assignment 1, Semester 1_ 2017.....................25

FAC1502_ Assignment 2, Semester 1_ 2017.....................30

FAC1502_ Assignment 1, Semester 2_ 2017.....................35

FAC1502_ Assignment 2, Semester 2_ 2017.....................40

FAC1502 OCT/NOV 2008...................................................45

Question 1: Cash transactions and bank reconciliation (25)............................45

Question 1: Answer..................... 47

Question 2: Debtors control account (18).......................................................47

Question 2: Answer..................... 48

Question 3: Incomplete records (25)...............................................................49

Question 3 : Answer.................... 49

Question 4: Closing entries (32)...51

Question 4 : Answer.................... 52

FAC1502_May 2024..........................................................53

Question 1: Cash Journals (20).....53

Question 1: Answer...................... 53

Question 2: Statement of changes in equity (6)..............................................54

Question 2: Answer...................... 54

Question 3: Note to financial statements (24).................................................55

Question 3: Answer...................... 55

Question 4: Statement of comprehensive income (27)...................................56

Question 4: Answer...................... 57

Question 5: Non-profit organization accounting (23)......................................58

Question 5: Answer...................... 59

FAC1502 October 2024.....................................................60

Question 1: Bank reconciliation (20)...............................................................60

Question 1: Answer...................... 62

Question 2: Financial statements(30)..............................................................63

Question 2: Answer...................... 64

Question 3: General ledger accounts (26).......................................................67

Question 3: Answer...................... 68

Question 4: Gross profit determination (13)...................................................70

Question 4: Answer...................... 70

Question 5: Note: Property, Plant and Equipment (11)...................................71

Question 5: Answer...................... 72

FAC1502_May 2023..........................................................73

Question 1: Creditors Reconciliation (11)........................................................73

Question 1: Answer...................... 74

Question 2: Adjustments (17).......75

Question 2: Answer...................... 76

Question 3: Incomplete Records (25)..............................................................78

Question 3: Answer...................... 79

Question 4: Closing entries and Final Accounts (26)........................................81

Question 4: Answer...................... 83

Question 5: Cash Journals, VAT (21)................................................................85

Question 5: Answer...................... 86

FAC1502 October 2023.....................................................86

Question 1: Short Questions (32).86

Question 2: Accounting Equation (18).............................................................93

Question 2: Answer...................... 93

Question 3: Asset Realisation (15)95

Question 3: Answer...................... 95

Question 4: Financial Statements (35).............................................................96

Question 4: Answer...................... 97

FAC1502 May 2022.........................................................100

Question 1: Bank reconciliation (13).............................................................100

Question 3: Adjustments Journals, trial balance and statement of comprehensive income (49).....................................105

Question 3: Answer.................... 106

Question 4: Depreciation and asset realisation (23)......................................110

Question 4: Answer.................... 110

FAC1502 October 2022...................................................112

Question 1: Closing entries (27).112

Question 1: Answer.................... 113

Question 2: Financial statements (25)...........................................................116

Question 2: Answer.................... 116

Question 3: General ledger accounts (31).....................................................118

Question 3: Answer.................... 119

Question 4: Incomplete records (17).............................................................121

Question 4: Answer.................... 121

FAC1502 May 2023.........................................................123

Question 1: Financial statement (28)............................................................123

Question 1: Answer.................... 124

Question 2: Property, plant and equipment (36)...........................................126

Question 2: Answer.................... 127

Question 3: Incomplete records (7)...............................................................128

Question 3: Answer.................... 129

Question 4: Bank reconciliation (13).............................................................130

Question 4: Answer.................... 131

Question 5: General ledger accounts (16).....................................................131

Question 5: Answer.................... 133

FAC1502 October 2023...................................................134

Question 1: Cash transactions and bank reconciliation (26)..........................134

Question 1: Answer.................... 136

Question 2: Statement of financial Positioned general ledger accounts (final) (27).........................................................137

Question 2: Answer.................... 138

Question 3: The adjusting Journal and statement if profit or loss and other comprehensive Income (27)......................140

Question 3: Answer.................... 141

Question 4: Property, plant and equipment (20)...........................................143

Question 4: Answer.................... 143

FAC1502 May 2023.........................................................144

Question 1: Statement of profit or loss and other comprehensive income (33)..............................................................144

Question 3: Incomplete records and statement of financial position (23).....150

Question 3: Answer.................... 151

Question 4: General ledger accounts and property, plant and equipment (25)...............................................................154

Question 4: Answer.................... 155

FAC1502 October 2023...................................................158

Question 1: Bank reconciliation (23).............................................................158

Question 1: Answer.................... 159

Question 2: Debtors- and creditors control accounts (23).............................162

Question 2: Answer.................... 163

Question 3: Property, plant and equipment note and statement of financial position (30).............................................165

Question 3: Answer.................... 166

Question 4: Membership fees account and income and expenditure (24)....171

Question 4: Answer.................... 172

FAC1502 May 2024.........................................................174

Question 1: Statement of prof1t or loss and other comprehensive income, statement of changes in equity and statement of financial position (equity and liability section (35)....................................174

Question 1: Answer.................... 175

Question 2: Membership fees account (8)....................................................176

Question 2: Answer.................... 177

Question 3: Depreciation trading in of old and purchase of new non-current assets (13)...............................................177

Question 3: Answer.................... 177

Question 4: Bank reconciliation statement (25)............................................178

Question 4: Answer.................... 179

Question 5: Incomplete records Ledger accounts (19)..................................180

Question 5: Answer.................... 180

FAC1502 October 2024...................................................181

Question 1: Bank reconciliation statement (26)............................................181

Question 1: Answer.................... 183

Question 2: Journal entries (20).184

Question 2: Answer.................... 185

Question 3: Statement of profit or loss and other comprehensive income and the note on property, plant and fulfilment (38)............................................. 186

Question 3: Answer.................... 188

Question 4: Asset realisation ledger accounts (16)........................................188

Question 4: Answer.................... 189

FAC152 May 2015............................................................................190

Question 1: General ledger accounts – Adjustments (25).............................................190

Question 1: Answer.................................................................. 191

Question 2: Property, plant and equipment note and statement of financial position (asset section) (24).....................192

Question 2: Answer.................... 193

Question 3: Bank reconciliation (25).............................................................195

Question 3: Answer.................... 196

Question 4: Income and expenditure statement of a club (26).....................197

Question 4: Answer.................... 198

FAC1502 October 2015...................................................200

Question 1: Creditors control account (24)...................................................200

Question 1: Answer.................... 201

Question 2: Bank reconciliation statement (20)............................................201

Question 2: Answer.................... 202

Question 3: Statement of financial position and the note for property, plant and equipment (31).................................202

Question 3: Answer.................... 203

Question 4: Income and expenditure statement of a club (25).....................205

Question 4: Answer.................... 206

FAC1502_May 2017 Paper 2...........................................207

Question 1: Trade receivables control and trade payables control (24).........207

Question 1: Answer.................... 208

Question 2: Membership fees account and statement of income and expenditure (33).................................................208

Question 2: Answer.................... 209

Question 3: Statement of financial position and note for property, plant and equipment (38).......................................210

Question 3: Answer.................... 212

Question 4: Multiple choice questions- Theory (5)...................................213

FAC1502 May 2017 Paper 1............................................214

Question 1: Bank reconciliation statement (24)............................................214

Question 1: Answer.................... 215

Question 2: Incomplete records- Statement of profit or loss and other comprehensive income and ledger accounts (33)

................................................... 216

Question 2: Answer.................... 217

Question 3: Property, plant and equipment note and statement of financial position (38).............................................219

Question 3: Answer.................... 220

Question 4: Multiple choice questions – Theory (5)......................................221

FAC1502 October 2017 Paper 1......................................222

Question 1: Bank reconciliation statement (30)............................................222

Question 1: Answer.................... 223

Question 3: Property, plant and equipment note and general ledger accounts (32)........................................................225

Question 3: Answer.................... 226

Question 4: Multiple choice questions – Theory (5)......................................227

FAC1502_Feb 2018.........................................................228

Question 1: Statement of profit or loss and other comprehensive income (22)..............................................................228

Question 1: Answer.................... 229

Question 2: Statement of financial position (25)...........................................230

Question 2: Answer.................... 231

Question 3: Bank reconciliation statement and general journal (48)............232

Question 3: Answer.................... 234

FAC1502 May 2018 Paper 2............................................235

Question 1: Bank reconciliation statement (22)............................................235

Question 1: Answer.................... 236

Question 2: Statement of financial position and note for property, plant and equipment (43).......................................237

Question 2: Answer.................... 238

Question 3: Trade receivables control and trade payables control accounts (30)............................................................239

Question 3: Answer.................... 240

Question 4: Multiple-choice questions – Theory (5).....................................241

FAC1502 June 2018 Paper 1............................................242

Question 1: Bank reconciliation statement (27)............................................242

Question 1: Answer:................... 243

Question 2: Statement of financial position and note for property, plant and equipment (43).......................................244

Question 2: Answer:................... 245

Question 3: Membership fees account, trading- and income and expenditure statement (25).......................................246

Question 3: Answer:................... 247

Question 4 : Multiple choice questions – Theory (5).....................................248

FAC1502_Oct 2018.........................................................249

Question 1: Bank reconciliation statement (25)............................................249

Question: Answer....................... 250

Question 2: Statement of profit or loss and other comprehensive income (34)..............................................................251

Question 2: Answer.................... 253

Question 3: Membership fees account, statement of changes and statement of financial position (36).........................253

Question 3: Answer.................... 254

Question 4: Multiple choice questions (5).....................................................255

FAC1502_May 2019........................................................255

Question 1: Trade receivables control account and allowance for credit losses account (19)..........................................256

Question 2: Incomplete records and statement of financial position (27).....257

Question 2: Answer.................... 258

Question 3: Note for property, plant and equipment (27).............................258

Question 3: Answer.................... 259

Question 4: Bank reconciliation statement (22)............................................259

Question 4: Answer.................... 260

Question 5: Multiple-choice questions (5)....................................................260

FAC1502_Sem 1 2019: Assignment 1 678102.................261

FAC1502_Semester 1 Assignment 2 _ 2019: 726298......265

FAC1502 Assignment 1_Semester 1 2018: 763260.........271

FAC1502: Semester2: Assignment 1: 702687.................275

FAC1502 Assignment 2: Semester 2_2018: 709075........282

FAC1502 Semester 2: Assignment 1: 895099..................286

FAC1502 Semester 2: Assignment 2: 870281..................290

FAC1502_102_2019_3....................................................294

Question 1: Asset realisation (30)..................................................................294

Question 1: Answer................... 294

Question 2: Bank reconciliation statement (18)............................................297

Question 2: Answer................... 299

Question 3: Adjustment, closing journals and financial statements (96).......300

Question 3: Answer................... 301

Question 4: Trade receivables and trade payables control accounts (27).....305

Question 4: Answer................... 306

Question 5: Non-profit organisations (32).....................................................307

Question 5: Answer................... 308

Question 6: Incomplete records (20).............................................................309

Question 6: Answer................... 310

ASSIGNMENT 01 (SEMESTER 2): 895099 – 2019.............31ASSIGNMENT 02 (SEMESTER 2) 870281 – 2019..............316

Accounting Equation Table

The table below presents a useful overview of the accounting equation and the related sub-categories of the elements of financial statements. Examples of relevant ledger accounts are provided under each category

ASSETS	= EQUITY		+ LIABILITIES Debit (–) Credit (+)
Debit (+) Credit (–) Debit (–) Credit (+)			+ LIABILITIES Debit (–) Credit (+)
NON-CURRENT	* DRAWINGS	* CAPITAL	NON-CURRENT
ASSETS			LIABILITIES
Land and buildings	EXPENSES	INCOME	Long-term loans
Equipment	Cost of sales	Sales	Mortgage
Vehicles	Rental expenses	Rental income
Furniture	Interest expense	Interest income
Machinery	Wages and salaries	Dividend income	CURRENT LIABILITIES
Goodwill	Advertising	Commission income	Short term loans
Investments (financial)	Insurance expenses	Credit losses	Trade payables control
CURRENT ASSETS	recovered Repairs and maintenance	Profit on sale of a non- current asset	Bank overdraft Current portion of long-
Trading inventory	Telephone expenses		term loans
Trade receivables control Prepaid expenses Accrued income Bank Petty cash Cash float	Water and electricity Credit losses Postage Rates and taxes Stationery Consumables Packaging materials Loss on sale of a non- current asset		Accrued expenses Income received in advance

FAC1502_May 2025

Question 1: Statement of profit or loss and other comprehensive income (25)

Commence this question on a new (separate) page

The following information is provided to you by the accountant of N&N Enterprises

N&N ENTERPRISES TRIAL BALANCE AS AT 31 DECEMBER 2024

	Debit	Credit
	R	R
Capital		130 000
Drawings	11 000
Mortgage		50 000
Land and Buildings (at cost) (1 January 2015)	81 000
Furniture and Equipment (at cost) (1 January 2015)	14 000
Bank	14 000
Inventory (1 January 2015)	100 000
Debtors control	82 000
Fixed deposit	37 200
Creditors Control		90 000
Sales		500 000
Purchase	283 000
Interest on fixed deposit		800
Rental Income		2 400

Freight Charges on purchase	5 000
Advertising Expenses	9 800
Insurance Expenses	5 000
Credit losses	2 600
Administration Expenses	30 000
Municipal taxes	9 600
Interest on Mortgage	3 000
Water, Electricity and telephone expenses	10 000
Salaries	76 000
	773 200	773 200

FAC1502 Exam Pack Semester 2 More Questions for 2025

Additional informationThe following year-end adjustments still to be made are as follows1. On 1 September 2015, N&N Enterprises Imported inventory to the amount of R39 000. The additional costs regarding this imported inventory were as follows shipping fees, R2 800, import duties, R3 300, and delivery fees, R4 100. Inventory to the amount of R5 000 was damaged and sent back. The import contract stipulates that the cost of modifying these products for the South African market will amount to R2 600. These transactions have not yet been recorded in the accounting records of N&N Enterprises.

2. On 1 August 2015, N&N Enterprises rented out a part of their premises to Oil Traders for 12 months. A cheque for R2

400 for the entire year's rent was received on the same date.

3. Additional interest earned on the fixed deposit amounted to R1 060, but has not yet been received

4. An amount of R3 500 of the insurance expenses was prepaid for the next year

5. The advertising expenses includes a payment of R2 400 made to the Count News Magazine for advertisements to be published from January 2025

6. Salaries earned by employees but not yet paid as at 31 December 2015, amounts to R800

7. The mortgage bears Interest at a rate of 8% per annum payable quarterly m arrears on the first day of January, April, July and October The loan was entered 1nto on 31 December 2024 No repayment of the capital amount was made during the year

8. Furniture and equipment is depreciated at 10% per annum, using the straight-line method. Land and buildings are not depreciated

9. The closing inventory on 31 December 2015 was valued at the lowest of cost or net realisable value to the amount of

R72 000.

REQUIRED

Prepare the statement of profit or loss and other comprehensive income of N&N 25

Enterprises for the year ended 31 December 2015

Please note

Your answer must comply w1th the requirements of International Financial Reporting

Standards (I FRS) appropriate to the business of the sole trader

Question 1: Answer

N&N Enterprises

Statement of profit or loss and other comprehensive income for the year ended 31 December

2015

Revenue 500 000

Cost of sales (323 800)

Opening inventory 100 000

Purchases (283 000 - 5 000 + 2 600) 280 600

Freight on purchases	5 000
Additional & Import costs (2 800 + 3 300 + 4 100)	10 200
Closing inventory	(72 000)
Gross profit	176 200
Other income	2 860
Interest on fixed deposit (800 + 1 060)	1 860
Rental income (2 400 - (2 400 x 7/12 = 1 400)	1 000
Distribution, admin and other expenses	(139 300)
Advertising (9 800 - 2 400)	7 400
Insurance (5 000 - 3 500)	1 500
Credit losses	2 600
Admin expenses	30 000
Municipal taxes	9 600
Water and electricity & telephone	10 000
Salaries (76 000 + 800)	76 800
Depreciation (14 000 x 10%)	1 400
Finance costs	(4 000)
Interest on mortgage (50 000 x 8%)	4 000
Profit for the year	35 760
Other comprehensive income for the year	0
Total comprehensive income for the year	35 760

Question 2: Debtors and creditors control accounts (23) Commence this question on a new (separate) page.
The following information was extracted from the accounting records of Zizobenza Traders at
31 March 2025, the financial year-end of the enterprise
1 Totals of the subsidiary Journals
Sales Journal (Sales plus VAT)	R 16 840
Purchases Journal (Purchases plus VAT)	12 480
Sales returns Journal (Sales returns plus VAT)	1 200
Purchases returns Journal (Purchases returns plus VAT)	820
Sales column in the cash receipts Journal	24 560
Purchase column in the cash payments Journal	34 670
Debtors control column in the cash receipts Journal	22 750
Debtors control column in the cash payments Journal	3 200
Settlement d1scount granted column in the cash receipts	3 500
Creditors control column in the cash payments Journal	32 980
Settlement discount received column in the cash payments Journal	2 890

2 Sundry Journal entries:

	Debit	Credit
Debtors control	R 2 760	R 430
General ledger	4 570	560
Creditors control	-	840

3. Balance at 1 March 2025:

	Debit	Credit
Debtors control	R 32 780	R	1 780
Creditors control	2 020		24 720
Allowance for credit losses	-		1 538

Additional information

1. An additional amount of R1 450 relating to a debtor that disappeared should be written off as irrecoverable

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