FAC1601 ASSIGNMENT 5 2024 QUESTIONS AND ANSWERS
ANSWERS 1 – 63:
1. c. R 650,600
2. c. R 59,200
3. d. R (17,000)
4. d. R 0
5. a. R 14,300
6. d. R (226,500)
7. b. R 437,300
8. b. R 378,600
9. c. R 10,300
10. c. R 0
11. b. R 101,000
12. a. R 18,200
13. a. R (184,700)
14. e. Statement of cash flows is prepared according to cash basis of accounting. (This
option is incorrect, the correct answer is "Statement of cash flows is prepared
according to the accrual basis of accounting.")
15. d. Capitalization share issue is regarded as a cash item. (This option is incorrect, the
correct answer is "Interest received is a separately disclosable item in the cash flows
from investing activities section.")
16. d. R 18,200
17. c. R (2,100)
18. b. R 16,900
19. c. R 20,500
20. b. R 0
21. d. R 15,600
22. a. R (59,200)
23. a. 80.06
24. d. The average period to collect its outstanding customer invoices improved during
the current financial year.
25. b. 55.94
,26. c. The time (in days) that a company took to pay its supplier invoices to its trade
creditors improved relative to the previous year.
27. b. 9.74
28. d. R 1,257,900
29. c. R 0
30. c. R 172,000
31. d. R 0
32. c. R 0
33. b. R 16,600
34. e. the loan is disclosed separately under current liabilities
35. a. R 62,700 (Note: The loan from Keke is repayable in full on 30 November 2025,
which is within the next financial year, so it should be disclosed under current
liabilities)
36. c. R 1,089,225 (Note: The loan is repayable in four equal annual installments, starting
on 1 December 2024, so only one quarter of the loan should be disclosed as current)
37. a. R 363,075
38. d. R 2,782,000 (Note: The contribution from the new member, Kani, is yet to be
recorded, so the correct amount is R 2,636,600 + R 105,000 + R 40,500)
39. d. R 3,914,000
40. d. R 1,354,600
41. b. R 964,400
42. a. R 519,700
43. c. R 816,100
44. c. R 0
,45. d. R 0
46. d. R 506,100
47. b. the loan is disclosed separately under current assets
48. a. R 0
49. b. R 2,742,600
50. d. R 299,900
51. a. R 454,200
52. d. R 1,368,900
53. b. R 481,703
54. b. R 111,095
55. a. R 138,005
56. a. R 400,184
57. a. R 223,100
58. d. R 142,600 (Note: Khayisa is not a member of the close corporation, so the answer
is not applicable. The members of the close corporation are Odwa, Makhwabe, and
Masonwabe.)
59. a. R 209,000
60. d. R 2,232,000
61. c. R 2,057,900
62. b. R 36,900
63. c. R 262,080
, You have been provided with the following data to aid in the preparation of the statement of cash
flows for Sibasa Supplies Limited, a company that supplies cleaning consumables to public and
private health facilities in the Vhembe District Municipality:
Extract of items from the statement of financial position information as at 28 February 2024:
2024 2023
R R
Dividends receivable 25,800 15,500
Listed investment at fair value 350,200 291,000
Current tax receivable 32,700 12,000
Inventory 94,100 73,600
Interest receivable 2,200 4,800
Trade debtors control 67,400 65,300
Bank (Dr) 60,100 41,800
Loans to director 351,700 334,700
Heating equipment at cost 240,600 296,500
Accumulated depreciation: Heating equipment 52,600 19,400
Land and buildings 1,107,200 669,900
Share capital 990,500 889,500
Retained earnings 1,214,900 699,800
Revaluation reserve 215,500 156,800
Mortgage 107,300 292,000
Dividends payable 15,300 24,800
Trade creditors control 42,500 25,600
Interest payable 17,200 12,900
Extract of items disclosed in the statement of profit or loss and other comprehensive income
information for the year ended 28 February 2024:
R
Loss on sale of heating equipment 15,500
Interest income: loans to directors 13,000
Investment income: Dividends 15,600
Rental income 30,500
Gain on financial assets at fair value through profit or loss 29,600
Interest expense 14,300
ANSWERS 1 – 63:
1. c. R 650,600
2. c. R 59,200
3. d. R (17,000)
4. d. R 0
5. a. R 14,300
6. d. R (226,500)
7. b. R 437,300
8. b. R 378,600
9. c. R 10,300
10. c. R 0
11. b. R 101,000
12. a. R 18,200
13. a. R (184,700)
14. e. Statement of cash flows is prepared according to cash basis of accounting. (This
option is incorrect, the correct answer is "Statement of cash flows is prepared
according to the accrual basis of accounting.")
15. d. Capitalization share issue is regarded as a cash item. (This option is incorrect, the
correct answer is "Interest received is a separately disclosable item in the cash flows
from investing activities section.")
16. d. R 18,200
17. c. R (2,100)
18. b. R 16,900
19. c. R 20,500
20. b. R 0
21. d. R 15,600
22. a. R (59,200)
23. a. 80.06
24. d. The average period to collect its outstanding customer invoices improved during
the current financial year.
25. b. 55.94
,26. c. The time (in days) that a company took to pay its supplier invoices to its trade
creditors improved relative to the previous year.
27. b. 9.74
28. d. R 1,257,900
29. c. R 0
30. c. R 172,000
31. d. R 0
32. c. R 0
33. b. R 16,600
34. e. the loan is disclosed separately under current liabilities
35. a. R 62,700 (Note: The loan from Keke is repayable in full on 30 November 2025,
which is within the next financial year, so it should be disclosed under current
liabilities)
36. c. R 1,089,225 (Note: The loan is repayable in four equal annual installments, starting
on 1 December 2024, so only one quarter of the loan should be disclosed as current)
37. a. R 363,075
38. d. R 2,782,000 (Note: The contribution from the new member, Kani, is yet to be
recorded, so the correct amount is R 2,636,600 + R 105,000 + R 40,500)
39. d. R 3,914,000
40. d. R 1,354,600
41. b. R 964,400
42. a. R 519,700
43. c. R 816,100
44. c. R 0
,45. d. R 0
46. d. R 506,100
47. b. the loan is disclosed separately under current assets
48. a. R 0
49. b. R 2,742,600
50. d. R 299,900
51. a. R 454,200
52. d. R 1,368,900
53. b. R 481,703
54. b. R 111,095
55. a. R 138,005
56. a. R 400,184
57. a. R 223,100
58. d. R 142,600 (Note: Khayisa is not a member of the close corporation, so the answer
is not applicable. The members of the close corporation are Odwa, Makhwabe, and
Masonwabe.)
59. a. R 209,000
60. d. R 2,232,000
61. c. R 2,057,900
62. b. R 36,900
63. c. R 262,080
, You have been provided with the following data to aid in the preparation of the statement of cash
flows for Sibasa Supplies Limited, a company that supplies cleaning consumables to public and
private health facilities in the Vhembe District Municipality:
Extract of items from the statement of financial position information as at 28 February 2024:
2024 2023
R R
Dividends receivable 25,800 15,500
Listed investment at fair value 350,200 291,000
Current tax receivable 32,700 12,000
Inventory 94,100 73,600
Interest receivable 2,200 4,800
Trade debtors control 67,400 65,300
Bank (Dr) 60,100 41,800
Loans to director 351,700 334,700
Heating equipment at cost 240,600 296,500
Accumulated depreciation: Heating equipment 52,600 19,400
Land and buildings 1,107,200 669,900
Share capital 990,500 889,500
Retained earnings 1,214,900 699,800
Revaluation reserve 215,500 156,800
Mortgage 107,300 292,000
Dividends payable 15,300 24,800
Trade creditors control 42,500 25,600
Interest payable 17,200 12,900
Extract of items disclosed in the statement of profit or loss and other comprehensive income
information for the year ended 28 February 2024:
R
Loss on sale of heating equipment 15,500
Interest income: loans to directors 13,000
Investment income: Dividends 15,600
Rental income 30,500
Gain on financial assets at fair value through profit or loss 29,600
Interest expense 14,300
