Financial
Reporting &
Regulatory
Frameworks
(FRRF)
ICB ASSIGNMENT 3
QUESTION PAPER
APR 2023 TO MAR 2024
THIS PAPER CONSISTS OF 1 ASSIGNMENT
ASSIGNMENT 3: 5 QUESTIONS
INSTRUCTIONS:
1. ICB Assignments form part of the formative mark and are to be completed in an open book environment.
2. This Question Paper Book contains all the questions for Assignment 3.
3. All questions are to be completed in the Assignment Answer Book.
4. Check that you have the correct number of pages.
5. Please be neat, as illegible handwriting cannot be marked. You must write in blue or black ink. In practice it is
unacceptable for Bookkeepers to use correcting fluid (Tipp-ex). Marks will be deducted for the use of correction fluid.
6. All questions must be completed.
7. This question paper must NOT be returned to the ICB. You must retain this Assignment Question Paper Book.
8. Upon completion of your Assignment, remember to submit (upload) your Assignment Answer Book onto MACCI.
FRRF-ICBASG3–QP-2023.v1 Page 1 of 7
, FINANCIAL REPORTING & REGULATORY FRAMEWORKS (FRRF)
ICB ASSIGNMENT 3 QUESTION PAPER – APR 2023 TO MAR 2024
ASSIGNMENT 3
QUESTION 1 LEASES
Nautical (Pty) Ltd entered into an instalment sale agreement to acquire a motor vehicle on 1 July 2019. Details
relating to the instalment sale agreement include:
R
Cash price of motor vehicle 420 300
Annual instalments 94 500
ISA lease term 5
First instalment payable 30/06/2020
Last instalment payable 30/06/2024
Deposit paid 108 000
Interest rate implicit in the lease 15.6041 %
Required:
Prepare the following in respect of Nautical’s instalment sale agreement:
1.1. Amortisation table for the entire period of the lease.
1.2. Journal entries for the entire period of the lease (ignore depreciation adjustments on the motor vehicle).
FRRF-ICBASG3–QP-2023.v1 Page 2 of 7
Reporting &
Regulatory
Frameworks
(FRRF)
ICB ASSIGNMENT 3
QUESTION PAPER
APR 2023 TO MAR 2024
THIS PAPER CONSISTS OF 1 ASSIGNMENT
ASSIGNMENT 3: 5 QUESTIONS
INSTRUCTIONS:
1. ICB Assignments form part of the formative mark and are to be completed in an open book environment.
2. This Question Paper Book contains all the questions for Assignment 3.
3. All questions are to be completed in the Assignment Answer Book.
4. Check that you have the correct number of pages.
5. Please be neat, as illegible handwriting cannot be marked. You must write in blue or black ink. In practice it is
unacceptable for Bookkeepers to use correcting fluid (Tipp-ex). Marks will be deducted for the use of correction fluid.
6. All questions must be completed.
7. This question paper must NOT be returned to the ICB. You must retain this Assignment Question Paper Book.
8. Upon completion of your Assignment, remember to submit (upload) your Assignment Answer Book onto MACCI.
FRRF-ICBASG3–QP-2023.v1 Page 1 of 7
, FINANCIAL REPORTING & REGULATORY FRAMEWORKS (FRRF)
ICB ASSIGNMENT 3 QUESTION PAPER – APR 2023 TO MAR 2024
ASSIGNMENT 3
QUESTION 1 LEASES
Nautical (Pty) Ltd entered into an instalment sale agreement to acquire a motor vehicle on 1 July 2019. Details
relating to the instalment sale agreement include:
R
Cash price of motor vehicle 420 300
Annual instalments 94 500
ISA lease term 5
First instalment payable 30/06/2020
Last instalment payable 30/06/2024
Deposit paid 108 000
Interest rate implicit in the lease 15.6041 %
Required:
Prepare the following in respect of Nautical’s instalment sale agreement:
1.1. Amortisation table for the entire period of the lease.
1.2. Journal entries for the entire period of the lease (ignore depreciation adjustments on the motor vehicle).
FRRF-ICBASG3–QP-2023.v1 Page 2 of 7
