FAC1601 Exam Pack 2026

FAC1601
EXAM PACK

, FAC1601 ASSESSMENT 3, MEMO


QUESTION 1 (32 marks)

MVILO TRADERS
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025
R
Revenue R(601 300 – 2 200) 599 100

Cost of sales (304 560)
Purchases R(329 800 + 5 160 – 2 800) 332 160
Inventory (31 August 2011) (27 600)

Gross profit 294 640

Other income 6 400
Credit losses recovered (1) 3 600
Profit on sale of equipment R1 600 – R[14 400 – (13 600 + 2 000)] 2 800

Distribution, administration and other expenses ( 258 519 )
Salaries and wages R[136 000 – (37 200 + 36 100)] 62 700
Depreciation (calc )  52 119
Water and electricity 46 100
Advertising expenses R15 600 – R(15 600 ÷ 13 months) 14 400
Municipal expenses (29 100 – 15 600) 13 500
General expenses 44 200
Telephone expenses 25 500

Finance costs (9 450)
Interest on long-term loan R(162 000 x 14%) x 5/12 9 450

Profit for the year 32 971
Other comprehensive income for the year -
Total comprehensive income for the year 32 971

Calculations:

 Depreciation:
Equipment:
Old equipment: R[(156 000 – 24 200) 131 800 – (26 900 – 13 600) 13 300] x 17% = R1 20 145
New equipment: R24 200 x 17% x 5/12 = R1 714
Disposed equipment: 2 000
(2 000 should have been 200 so that the accumulated depreciation is not higher than the cost of the equipment but a
mark or half mark would have been given for the R2 000. So there was a typing error of an extra zero on 2 000)

Vehicles: R157 000 x 18% = R28 260


TOTAL R52 119


The half mark would have been given for the R2,000 in the calculation.



3