FAC1502 Exam Pack Semester 2 LATEST 2021

FAC1502 Exam Pack Semester 2/ FAC1502 Exam Pack Semester 2/ FAC1502 Exam Pack Semester 2 (a) Prepare the note for property, plant and equipment in the financial statements of Sweet Tooth for the year ended 31 December 2015 The total column need not be shown (b) Prepare the statement of financial position of Sweet Tooth as at 31 December 2015 27 20 14 | P a g e Please note Your answer must comply with the requirements of International Financial Reporting Standards (IFRS) appropriate to the business of the sole trader [47) Question 3: Answer Note: Property, Plant and Equipment Land & buildings Vehicles Furniture & equipment Carrying amount: 1/4/2014 550 000 60 000 Cost Accumulated depreciation 550 000 120 000 (60 000) 26 345 (12345) Depreciation Additions Disposals (10 288) 145 750 (57 000) (10 882) 12 070 Cost Accumulated depreciation (120 000) 63 000 Carrying amount: 31/3/2015 550 000 550 000 138 462 138 462 15 188 Cost Accumulated depreciation 550 000 145 750 (7 288) 38 415 (23 227) Sweet tooth Statement of financial position as at 31 December 2015 Assets Non-current assets Property, plant and equipment 703 650 703 650 (550 000 + 138 462 + 15 188) Financial assets / Fixed deposit Current assets 114 845 Inventory (35 200 + 490 + 1 965) 37 655 Trade and other receivables 71 390 (60 890 - 4 500 + 15 000 (1)) Accrued income: (90 000 - (7 500 x 6) - (15 000 x 2) = 15 000) Prepayments 4 800 Cash and cash equivalents 1 000 Total assets 818 495 Equity & liabilities Owner's equity Capital 344 212 Non-current liabilities 380 000 Loan: Busy Bank (400 000 - 20 000) Current liabilities 94 283 Trade and other payables 59 633 (53 633 + 6 000) Short term portion of loan 20 000 Bank overdraft 14 650 Total equity & liabilities 818 495 Question 4: Multiple choice questions –Theory (5) Commence this question on a new (separate) page Answer the following multiple choice questions by indicating the number of the question and the chosen option next to it in brackets, for example, question 6 (c) 1 Match the following general ledger account to one of the listed categories Water and electricity 15 | P a g e Choose one of the follow1ng options for the above mentioned general ledger account (a) Income (b) Expenditure (c) Non-current assets (d) Current assets (e) Current liabilities 2 Match the following general ledger account to one of the listed categories Bank overdraf Choose one of the following opt1ons for the abovementioned general ledger account (a) Income (b) Expenditure (c) Non-current assets (d) Current assets (e) Current liabilities 3 Match the following general ledger account to one of the listed categories Vehicles for a vehicle dealership Choose one of the following options for the abovementioned general ledger account (a) Income (b) Expenditure (c) Non-current assets (d) Current assets (e) Current hab1l1tles 4 When a cheque, received from a debtor, IS returned from the bank and marked "refer to drawer", the transaction will be recorded in the Journal (a) Cash receipts Journal (b) Cash payments Journal (c) Sales Journal (d) Purchases return Journal (e) Sales return Journal (1) 5 Post the closing Journal entry for settlement discount granted by showing which account will be debited and which account will be credited? (a) Debit cost of sales, Credit settlement discount granted (b) Debit sales, Credit settlement discount granted (c) Debit settlement discount granted, Credit cost of sales (d) Debit settlement discount granted, Credit sales (e) Debit settlement discount granted, Credit settlement discount received