FAC1502_2010_TL_102_2_E.DOC
5. MAY 2009 EXAMINATION PAPER WITH SUGGESTED SOLUTION
This paper consists of 6 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. The answer to each question must be commenced on a new (separate) page.
6. Please do not answer the paper in pencil.
7. PROPOSED TIMETABLE (try not to deviate from this):
Question Subject Marks Time in
minutes
1 Cash journals 20 24
2 Statement of changes in equity 6 7
3 Note to financial statements 24 29
4 Statement of comprehensive income 27 32
5 Non-profit organization accounting 23 28
, TOTAL 100 120
QUESTION 1 (20 marks) (24 minutes)
Dr. P. Heal is a general medical practitioner and is registered as a VAT vendor.
For the month of March 2009 the following transactions took place:
1 March Issued cheque 114 to the amount of R1 254, to Spacious
Properties for rental. K. Kelly paid her account of R275 and receipt 450
was issued to her. Issued receipt 451 to J. Jail who paid R1 710 for consulting
fees.
2 March The Electricity statement of R855 was paid by cheque number 115.
Cheque 116 was issued to Pharmacy Trading, for payment due on the practice’s medicine
account of R2 300.
4 March Received an invoice from Pharmacy Trading who supplied medicine to the value of R5
000 on credit.
9 March Receipt 452 issued to Y. Old for the amount of R383 in full settlement of his
account of R440.
10 March Paid R300 to Fillup Garage for petrol (cheque 117) (Note: No VAT applicable on
petrol). 12 March Deposited R9 120 into the bank account for fees earned (Receipts 453
and 491).
Dr. P. Heal withdrew R1 000 (cheque 118) and purchased Christmas gifts for his wife and
family.
15 March K. Legodi consulted Dr. Heal and was charged R400.
ADDITIONAL INFORMATION:
1. VAT is calculated at 14% and is included in all the amounts in the above
transactions.
2. The debtors control account showed a balance of R20 314 as at 28 February 2009.
REQUIRED:
Prepare the cash receipts journal (CRJ) and cash payments journal (CPJ) of Dr. P. Heal for the
month ending 31 March 2009. Provide for the following analysis columns:
• Cash receipts journal: (10) o Bank, Debtors, Fees earned, VAT output,
VAT input and Sundries.
• Cash payments journal: (10) o Bank, Creditors, VAT input and Sundries.
,QUESTION 2 (6 marks) (7 minutes)
The following account appeared, inter alia, in the general ledger of Bopa Stores on 30 April 2009,
the end of the financial year.
Dr CAPITAL Cr
2009 R 2008 May R
April 30 Drawings GJ213 15 000 2009 Jan 1 Balance b/d 500 000
Profit or Loss GJ219 77 000 Febr
Balance c/d 553 000 10 Bank 100 000
20 Equipment 45 000
2009 May
645 000 645 000
1 Balance b/d 553 000
REQUIRED:
Prepare the Statement of Changes in Equity for the year ended 30 April 2009.
QUESTION 3 (24 marks) (29 minutes)
On 28 February 2009, the end of the financial year, the following accounts appeared, amongst
others, in the General Ledger of Berta Traders:
Dr LAND AND BUILDINGS (at cost) Cr
2008 R
March 1 Balance b/d 500 000
Jul 1 Lowveld Bank GJ44 200 000
700 000
Dr VEHICLES (at cost) Cr
2008 R 2008 R
March 1 Balance b/d 240 000 Apr 1 Realisation GJ1 65 000
May 1 Gumbi Motors GJ12 90 000 2009 295 000
Sept 30 China Cycles GJ3 30 000 Feb 28 Balance c/d
2009 360 000 360 000
March 1 Balance b/d 295 000
, QUESTION 3 (continued)
Dr EQUIPMENT (at cost) Cr
2008 R 2008 R
March 1 Balance b/d 130 000 April 1 Realisation GJ11 16 000
Jun 30 SS Furnitures GJ10 25 000 Dec 1 Realisation GJ22 14 000
2009 125 000
Febr 28 Balance c/d
2009 155 000 155 000
March 1 Balance b/d 125 000
Dr ACCUMULATED DEPRECIATION ON VEHICLES Cr
2008 R 2008 R
Apr 1 Realisation GJ24 43 000 March 1 Balance c/d 95 000
2009 112 000 Apr 1 Depreciation GJ23 2 000 58
Febr 28 Balance c/d Dec 31 Depreciation GJ88 000
155 000 2009 155 000
March 1 Balance b/d 112 000
Dr ACCUMULATED DEPRECIATION ON EQUIPMENT Cr
2009 R 2008 R
Feb 1 Realisation GJ24 11 000 March 1 Balance c/d 51 000 8
28 Balance c/d 66 000 Apr 1 Depreciation GJ13 000
Febr 1 Depreciation GJ90 6 000 12
28 Depreciation GJ91 000
77 000 2009 77 000
March 1 Balance b/d 66 000
REQUIRED:
Prepare the note on Property, Plant and Equipment that accompanies the Financial Statements
as at 28 February 2009.
5. MAY 2009 EXAMINATION PAPER WITH SUGGESTED SOLUTION
This paper consists of 6 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. The answer to each question must be commenced on a new (separate) page.
6. Please do not answer the paper in pencil.
7. PROPOSED TIMETABLE (try not to deviate from this):
Question Subject Marks Time in
minutes
1 Cash journals 20 24
2 Statement of changes in equity 6 7
3 Note to financial statements 24 29
4 Statement of comprehensive income 27 32
5 Non-profit organization accounting 23 28
, TOTAL 100 120
QUESTION 1 (20 marks) (24 minutes)
Dr. P. Heal is a general medical practitioner and is registered as a VAT vendor.
For the month of March 2009 the following transactions took place:
1 March Issued cheque 114 to the amount of R1 254, to Spacious
Properties for rental. K. Kelly paid her account of R275 and receipt 450
was issued to her. Issued receipt 451 to J. Jail who paid R1 710 for consulting
fees.
2 March The Electricity statement of R855 was paid by cheque number 115.
Cheque 116 was issued to Pharmacy Trading, for payment due on the practice’s medicine
account of R2 300.
4 March Received an invoice from Pharmacy Trading who supplied medicine to the value of R5
000 on credit.
9 March Receipt 452 issued to Y. Old for the amount of R383 in full settlement of his
account of R440.
10 March Paid R300 to Fillup Garage for petrol (cheque 117) (Note: No VAT applicable on
petrol). 12 March Deposited R9 120 into the bank account for fees earned (Receipts 453
and 491).
Dr. P. Heal withdrew R1 000 (cheque 118) and purchased Christmas gifts for his wife and
family.
15 March K. Legodi consulted Dr. Heal and was charged R400.
ADDITIONAL INFORMATION:
1. VAT is calculated at 14% and is included in all the amounts in the above
transactions.
2. The debtors control account showed a balance of R20 314 as at 28 February 2009.
REQUIRED:
Prepare the cash receipts journal (CRJ) and cash payments journal (CPJ) of Dr. P. Heal for the
month ending 31 March 2009. Provide for the following analysis columns:
• Cash receipts journal: (10) o Bank, Debtors, Fees earned, VAT output,
VAT input and Sundries.
• Cash payments journal: (10) o Bank, Creditors, VAT input and Sundries.
,QUESTION 2 (6 marks) (7 minutes)
The following account appeared, inter alia, in the general ledger of Bopa Stores on 30 April 2009,
the end of the financial year.
Dr CAPITAL Cr
2009 R 2008 May R
April 30 Drawings GJ213 15 000 2009 Jan 1 Balance b/d 500 000
Profit or Loss GJ219 77 000 Febr
Balance c/d 553 000 10 Bank 100 000
20 Equipment 45 000
2009 May
645 000 645 000
1 Balance b/d 553 000
REQUIRED:
Prepare the Statement of Changes in Equity for the year ended 30 April 2009.
QUESTION 3 (24 marks) (29 minutes)
On 28 February 2009, the end of the financial year, the following accounts appeared, amongst
others, in the General Ledger of Berta Traders:
Dr LAND AND BUILDINGS (at cost) Cr
2008 R
March 1 Balance b/d 500 000
Jul 1 Lowveld Bank GJ44 200 000
700 000
Dr VEHICLES (at cost) Cr
2008 R 2008 R
March 1 Balance b/d 240 000 Apr 1 Realisation GJ1 65 000
May 1 Gumbi Motors GJ12 90 000 2009 295 000
Sept 30 China Cycles GJ3 30 000 Feb 28 Balance c/d
2009 360 000 360 000
March 1 Balance b/d 295 000
, QUESTION 3 (continued)
Dr EQUIPMENT (at cost) Cr
2008 R 2008 R
March 1 Balance b/d 130 000 April 1 Realisation GJ11 16 000
Jun 30 SS Furnitures GJ10 25 000 Dec 1 Realisation GJ22 14 000
2009 125 000
Febr 28 Balance c/d
2009 155 000 155 000
March 1 Balance b/d 125 000
Dr ACCUMULATED DEPRECIATION ON VEHICLES Cr
2008 R 2008 R
Apr 1 Realisation GJ24 43 000 March 1 Balance c/d 95 000
2009 112 000 Apr 1 Depreciation GJ23 2 000 58
Febr 28 Balance c/d Dec 31 Depreciation GJ88 000
155 000 2009 155 000
March 1 Balance b/d 112 000
Dr ACCUMULATED DEPRECIATION ON EQUIPMENT Cr
2009 R 2008 R
Feb 1 Realisation GJ24 11 000 March 1 Balance c/d 51 000 8
28 Balance c/d 66 000 Apr 1 Depreciation GJ13 000
Febr 1 Depreciation GJ90 6 000 12
28 Depreciation GJ91 000
77 000 2009 77 000
March 1 Balance b/d 66 000
REQUIRED:
Prepare the note on Property, Plant and Equipment that accompanies the Financial Statements
as at 28 February 2009.
