FAC1601/QUESTION BANK
DEPARTMENT OF FINANCIAL ACCOUNTING
FAC1601: FINANCIAL ACCOUNTING REPORTING 1
FAC1601 QUESTION BANK
(SEMESTER 1 & SEMESTER 2)
Mr MT Hlongoane
Mrs FM Osman
Mr A Eysele
Mr J van Staden
Mrs B Ntoyanto-Ceki
Module Telephone Number: 012 429 4176
Module E-mail Address:
, FAC1601/QUESTION BANK
CONTENTS
ANNEXURE A: MAY/JUNE 2010 EXAMINATION........................................................................... 3
ANNEXURE B: OCTOBER/NOVEMBER 2010 EXAMINATION .................................................... 11
ANNEXURE C: MAY/JUNE 2011 EXAMINATION ........................................................................ 19
ANNEXURE D: OCTOBER/NOVEMBER 2011 EXAMINATION.................................................... 28
ANNEXURE E: MAY/JUNE 2012 EXAMINATION......................................................................... 37
ANNEXURE F: OCTOBER/NOVEMBER 2012 EXAMINATION .................................................... 44
ANNEXURE G: MAY/JUNE 2010 MEMORANDUM ...................................................................... 53
ANNEXURE H: OCTOBER/NOVEMBER 2010 MEMORANDUM ................................................. 61
ANNEXURE I: MAY/JUNE 2011 MEMORANDUM ........................................................................ 69
ANNEXURE J: OCTOBER/NOVEMBER 2011 MEMORANDUM .................................................. 75
ANNEXURE K: MAY/JUNE 2012 MEMORANDUM ...................................................................... 81
ANNEXURE L: OCTOBER/NOVEMBER 2012 MEMORANDUM .................................................. 86
2
, FAC1601/QUESTION BANK
ANNEXURE A: MAY/JUNE 2010 EXAMINATION
This paper comprises 8 pages.
PLEASE NOTE:
1. Ensure that you are writing the correct examination paper.
2. Ensure that you are handed the correct examination answer book (BLUE) by the invigilator.
3. All questions must be answered.
4. Basic calculations, where applicable, must be shown.
5. Each question must be commenced on a new (separate) page.
6. Please do not answer the paper in pencil.
PROPOSED TIMETABLE
(try not to deviate from this)
Time in
Question Subject Marks minutes
1 Statement of profit or loss and other comprehensive income and
partial current account: Partnership 25 30
2 Change in the ownership structure of a partnership: Valuation
account, capital account and calculation of profit-sharing ratio
16 20
3 Statement of cash flows – CASH FLOWS FROM OPERATING
ACTIVITIES-section: Close corporation 21 25
4 General journal entries pertaining to the issue of shares and
dividends payable: Company 17 20
5 Branch inventory account 21 25
TOTAL 100 120
3
, FAC1601/QUESTION BANK
QUESTION 1 (25 marks)(30 minutes)
Amanda and Sphindile are in a partnership trading as A&S Supermarket. The following information
pertains to the partnership:
1. List of balances as at 31 December 2009
R
Capital: Amanda (1 January 2009) .................................................................................. 350 000
Capital: Sphindile (1 January 2009) ................................................................................ 250 000
Current account: Amanda (1 January 2009) (cr) ............................................................. 60 000
Current account: Sphindile (1 January 2009) (dr) ............................................................ 40 000
Land and buildings at cost .............................................................................................. 494 000
Vehicles at cost ............................................................................................................... 198 000
Accumulated depreciation: Vehicles (1 January 2009) .................................................... 42 000
Debtors control ............................................................................................................... 145 560
Creditors control ............................................................................................................. 106 300
Bank (dr) ......................................................................................................................... 26 582
Fixed deposit: Third National Bank ................................................................................. 19 000
Drawings: Amanda.......................................................................................................... 64 800
Drawings: Sphindile ........................................................................................................ 43 200
Loan to Sphindile ............................................................................................................ 40 800
Loan from Amanda ......................................................................................................... 170 000
Allowance for credit losses .............................................................................................. 2 500
Sales............................................................................................................................... 650 000
Purchases ....................................................................................................................... 304 000
Inventory (merchandise) (1 January 2009) ...................................................................... 70 800
Salaries and wages......................................................................................................... 132 960
Water and electricity ....................................................................................................... 4 700
Interest expense: Loan from Amanda ............................................................................. 5 400
Settlement discount granted ........................................................................................... 3 800
Interest income: Fixed deposit ........................................................................................ 1 710
Stationery consumed ...................................................................................................... 5 000
Telephone expenses....................................................................................................... 26 208
Insurance on purchases ................................................................................................ 4 500
Freight on sales .............................................................................................................. 3 200
2. Partnership agreement:
The partnership agreement stipulates the following:
2.1 The partners Amanda and Sphindile share the profits or losses in the ratio of 3:2
respectively.
2.2 Interest at 10% per annum is allowed on the opening balances of the partners’ capital
accounts.
2.3 Amanda is entitled to a 10% commission on sales.
3. Year-end adjustments:
3.1 Inventory on hand at 31 December 2009:
R
Merchandise 83 000
Stationery (stationery purchased is recorded in the stationery consumed account) 850
QUESTION 1 (continued)
4
DEPARTMENT OF FINANCIAL ACCOUNTING
FAC1601: FINANCIAL ACCOUNTING REPORTING 1
FAC1601 QUESTION BANK
(SEMESTER 1 & SEMESTER 2)
Mr MT Hlongoane
Mrs FM Osman
Mr A Eysele
Mr J van Staden
Mrs B Ntoyanto-Ceki
Module Telephone Number: 012 429 4176
Module E-mail Address:
, FAC1601/QUESTION BANK
CONTENTS
ANNEXURE A: MAY/JUNE 2010 EXAMINATION........................................................................... 3
ANNEXURE B: OCTOBER/NOVEMBER 2010 EXAMINATION .................................................... 11
ANNEXURE C: MAY/JUNE 2011 EXAMINATION ........................................................................ 19
ANNEXURE D: OCTOBER/NOVEMBER 2011 EXAMINATION.................................................... 28
ANNEXURE E: MAY/JUNE 2012 EXAMINATION......................................................................... 37
ANNEXURE F: OCTOBER/NOVEMBER 2012 EXAMINATION .................................................... 44
ANNEXURE G: MAY/JUNE 2010 MEMORANDUM ...................................................................... 53
ANNEXURE H: OCTOBER/NOVEMBER 2010 MEMORANDUM ................................................. 61
ANNEXURE I: MAY/JUNE 2011 MEMORANDUM ........................................................................ 69
ANNEXURE J: OCTOBER/NOVEMBER 2011 MEMORANDUM .................................................. 75
ANNEXURE K: MAY/JUNE 2012 MEMORANDUM ...................................................................... 81
ANNEXURE L: OCTOBER/NOVEMBER 2012 MEMORANDUM .................................................. 86
2
, FAC1601/QUESTION BANK
ANNEXURE A: MAY/JUNE 2010 EXAMINATION
This paper comprises 8 pages.
PLEASE NOTE:
1. Ensure that you are writing the correct examination paper.
2. Ensure that you are handed the correct examination answer book (BLUE) by the invigilator.
3. All questions must be answered.
4. Basic calculations, where applicable, must be shown.
5. Each question must be commenced on a new (separate) page.
6. Please do not answer the paper in pencil.
PROPOSED TIMETABLE
(try not to deviate from this)
Time in
Question Subject Marks minutes
1 Statement of profit or loss and other comprehensive income and
partial current account: Partnership 25 30
2 Change in the ownership structure of a partnership: Valuation
account, capital account and calculation of profit-sharing ratio
16 20
3 Statement of cash flows – CASH FLOWS FROM OPERATING
ACTIVITIES-section: Close corporation 21 25
4 General journal entries pertaining to the issue of shares and
dividends payable: Company 17 20
5 Branch inventory account 21 25
TOTAL 100 120
3
, FAC1601/QUESTION BANK
QUESTION 1 (25 marks)(30 minutes)
Amanda and Sphindile are in a partnership trading as A&S Supermarket. The following information
pertains to the partnership:
1. List of balances as at 31 December 2009
R
Capital: Amanda (1 January 2009) .................................................................................. 350 000
Capital: Sphindile (1 January 2009) ................................................................................ 250 000
Current account: Amanda (1 January 2009) (cr) ............................................................. 60 000
Current account: Sphindile (1 January 2009) (dr) ............................................................ 40 000
Land and buildings at cost .............................................................................................. 494 000
Vehicles at cost ............................................................................................................... 198 000
Accumulated depreciation: Vehicles (1 January 2009) .................................................... 42 000
Debtors control ............................................................................................................... 145 560
Creditors control ............................................................................................................. 106 300
Bank (dr) ......................................................................................................................... 26 582
Fixed deposit: Third National Bank ................................................................................. 19 000
Drawings: Amanda.......................................................................................................... 64 800
Drawings: Sphindile ........................................................................................................ 43 200
Loan to Sphindile ............................................................................................................ 40 800
Loan from Amanda ......................................................................................................... 170 000
Allowance for credit losses .............................................................................................. 2 500
Sales............................................................................................................................... 650 000
Purchases ....................................................................................................................... 304 000
Inventory (merchandise) (1 January 2009) ...................................................................... 70 800
Salaries and wages......................................................................................................... 132 960
Water and electricity ....................................................................................................... 4 700
Interest expense: Loan from Amanda ............................................................................. 5 400
Settlement discount granted ........................................................................................... 3 800
Interest income: Fixed deposit ........................................................................................ 1 710
Stationery consumed ...................................................................................................... 5 000
Telephone expenses....................................................................................................... 26 208
Insurance on purchases ................................................................................................ 4 500
Freight on sales .............................................................................................................. 3 200
2. Partnership agreement:
The partnership agreement stipulates the following:
2.1 The partners Amanda and Sphindile share the profits or losses in the ratio of 3:2
respectively.
2.2 Interest at 10% per annum is allowed on the opening balances of the partners’ capital
accounts.
2.3 Amanda is entitled to a 10% commission on sales.
3. Year-end adjustments:
3.1 Inventory on hand at 31 December 2009:
R
Merchandise 83 000
Stationery (stationery purchased is recorded in the stationery consumed account) 850
QUESTION 1 (continued)
4
