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FAC1602 ASSIGNMENT 4
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- University Of South Africa (Unisa)
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UNISA 2023 FAC1602-23-S2 Welcome Message Assessment 4QUIZ
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, Question 1
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The information below relates to the questions below:
Sidvokodvo CC is an entity in the business of providing software solutions and
maintenance in the logistics sector. The members of the CC have presented you
with the following information for the preparation of the statement of cash flows
for the financial year ended 31 August 2023:
Extract from the statement of financial position as at 31 August 2023:
2023 2022
R R
Retained earnings 260,400 91,000
Distribution to members payable 88,200 124,300
Members’ contributions 1,436,300 1,230,500
Long-term loan 319,300 226,000
Current tax payable 71,200 51,200
Trade payables control 167,500 92,200
Loans from members 145,300 21,000
Accrued IT expenses 7,100 3,500
Computer equipment (at cost) 528,700 483,000
Land and buildings (at cost) 965,900 622,200
Accumulated depreciation: Computer equipment 148,400 63,500
Fixed deposit 21,200 16,300
Prepaid security expenses 16,700 15,100
Trade receivables control 84,200 79,500
Loans to members 109,800 42,700
Investment (at fair value) 183,500 44,300
Dividend receivable 19,600 90,600
Inventory 53,400 33,600
Bank 179,100 275,800
Extract from the statement of profit or loss and other comprehensive income
for the year ended 31 August 2023:
R
Operating expenses 20,000
Travel expenses 26,700
IT expenses 45,100
Security expenses 24,200
Depreciation on computer equipment 71,300
Interest expense on loans from members 15,300
Interest expense on long term loans 12,300
Interest income on loans to members 15,700
Investment income: dividend income 16,500
Profit on sale of computer equipment 8,100
Cost of sales 437,400
Revenue 934,800
Fair value gain on listed investments 23,100
Income tax expense 107,100
Additional information
1. It is the CC’s policy to present cash flows from operating activities using the
direct method.
2. The CC’s investments consist of ordinary shares in Phuzumoya Limited,
company that provides security services across various sidings in the country.
3. For the purposes of optimising the working capital cycle of the CC, all
inventories are purchased and sold on credit.
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