lOMoAR cPSD| 64694231
FAC1502
EXAM PACK
, lOMoAR cPSD| 64694231
This question paper consists of 5 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):
TIME
QUESTION TOPIC MARKS
(minutes)
1 Closing entries 27 32
2 Financial statements 25 30
3 General ledger accounts 31 38
, lOMoAR cPSD| 64694231
4 Incomplete records 17 20
TOTAL 100 120
QUESTION 1 (27 marks) (32 minutes)
Commence this question on a new (separate) page.
The following information was obtained from the books of XYZ Traders.
POST-ADJUSTMENT TRIAL BALANCE OF XYZ TRADERS AS AT 30
JUNE 2011
Debit Credit
R R
Capital 100 000
............................................................................................... 2 445
Drawings 200
........................................................................................... 000
Land and buildings at cost 120 000
................................................................. Vehicles at cost 65 54 700
................................................................................. Furniture 000 22 700
and fittings at cost .............................................................
Accumulated depreciation on vehicles (30 June 2011)
...................... Accumulated depreciation on furniture and
6
fittings (30 June 2011) ...
Debtors control 780
.................................................................................. 13 150 000
Inventory: Trading (30 June 2010) 550 50 000
..................................................... Bank 7 3 200
.................................................................................................. 775 256 400
Petty 500
cash.......................................................................................... 15 000
Mortgage loan
................................................................................... Loan
from Africa Bank
....................................................................... Creditors 660
control ................................................................................
Sales
................................................................................................. 244 245
15 3 600
400
, lOMoAR cPSD| 64694231
Carriage on purchases 2
...................................................................... 400
Commission income 3 155
.......................................................................... Credit losses 300
...................................................................................... 154 880
Depreciation
......................................................................................
Insurance 1
..........................................................................................
338
Packing materials
.............................................................................. Purchases 553
.........................................................................................
Purchases returns 56
............................................................................. Rent income 775
...................................................................................... Sales 4
returns ..................................................................................... 400
Settlement discount granted
..............................................................
Settlement discount received
............................................................. Wages
...............................................................................................
Water and electricity
..........................................................................
656 000 656 000
Additional information:
On 1 July 2011 trading inventory had a balance of R14 885.
REQUIRED:
1.1 Show the journal entries for bringing the closing inventory at 30 June 2011 into
account. (3) 1.2 Show the journal entries for the closing of the applicable accounts
(closing entries) at
30 June 2011. (14)
1.3 Complete the trading account and the profit or loss account in the general ledger
of XYZ Traders for the year ending 30 June 2011. (10) QUESTION 2 (25
marks) (30 minutes)
Commence this question on a new (separate) page.
The following list of balances was extracted from the general ledger of M&S, a general dealer
at 28 February 2011:
R
FAC1502
EXAM PACK
, lOMoAR cPSD| 64694231
This question paper consists of 5 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):
TIME
QUESTION TOPIC MARKS
(minutes)
1 Closing entries 27 32
2 Financial statements 25 30
3 General ledger accounts 31 38
, lOMoAR cPSD| 64694231
4 Incomplete records 17 20
TOTAL 100 120
QUESTION 1 (27 marks) (32 minutes)
Commence this question on a new (separate) page.
The following information was obtained from the books of XYZ Traders.
POST-ADJUSTMENT TRIAL BALANCE OF XYZ TRADERS AS AT 30
JUNE 2011
Debit Credit
R R
Capital 100 000
............................................................................................... 2 445
Drawings 200
........................................................................................... 000
Land and buildings at cost 120 000
................................................................. Vehicles at cost 65 54 700
................................................................................. Furniture 000 22 700
and fittings at cost .............................................................
Accumulated depreciation on vehicles (30 June 2011)
...................... Accumulated depreciation on furniture and
6
fittings (30 June 2011) ...
Debtors control 780
.................................................................................. 13 150 000
Inventory: Trading (30 June 2010) 550 50 000
..................................................... Bank 7 3 200
.................................................................................................. 775 256 400
Petty 500
cash.......................................................................................... 15 000
Mortgage loan
................................................................................... Loan
from Africa Bank
....................................................................... Creditors 660
control ................................................................................
Sales
................................................................................................. 244 245
15 3 600
400
, lOMoAR cPSD| 64694231
Carriage on purchases 2
...................................................................... 400
Commission income 3 155
.......................................................................... Credit losses 300
...................................................................................... 154 880
Depreciation
......................................................................................
Insurance 1
..........................................................................................
338
Packing materials
.............................................................................. Purchases 553
.........................................................................................
Purchases returns 56
............................................................................. Rent income 775
...................................................................................... Sales 4
returns ..................................................................................... 400
Settlement discount granted
..............................................................
Settlement discount received
............................................................. Wages
...............................................................................................
Water and electricity
..........................................................................
656 000 656 000
Additional information:
On 1 July 2011 trading inventory had a balance of R14 885.
REQUIRED:
1.1 Show the journal entries for bringing the closing inventory at 30 June 2011 into
account. (3) 1.2 Show the journal entries for the closing of the applicable accounts
(closing entries) at
30 June 2011. (14)
1.3 Complete the trading account and the profit or loss account in the general ledger
of XYZ Traders for the year ending 30 June 2011. (10) QUESTION 2 (25
marks) (30 minutes)
Commence this question on a new (separate) page.
The following list of balances was extracted from the general ledger of M&S, a general dealer
at 28 February 2011:
R
