FAC1602 ASSIGNMENT 5
Code:152590
Due Date: 11 JUNE
2024
, Question 1 The information below relates to questions 1 – 20.
Answer saved
Kroonz Steel CC, is a close corporation based in Kroonstad, Free State Province. The CC specialises in
Marked out of
the manufacturing of a wide variety of steel building materials, catering to both the local and regional
2.50
markets. The company prides itself on its commitment to quality and innovation in steel products, which
FAC1602-24-S1 Welcome Message
include beams,Assessment
columns, and5custom steel fabrications for various construction projects.
QUIZ The following information has been presented to assist in the preparation of the statement of cash
Time left 2:32:37
2023 2022
R R
Trade receivables control 97,700 93,200
Prepaid advertising expense 19,400 16,800
Bank 184,200 270,700
Inventory 54,800 32,700
Dividend receivable 19,600 92,400
Investment (at fair value) 182,300 42,300
Fixed deposit 23,900 16,900
Machinery (at cost) 561,500 519,700
Accumulated depreciation: Machinery 162,900 73,000
Land and buildings (at cost) 1,026,000 669,200
Loans to members 130,000 48,000
Trade payables control 175,200 87,800
Current tax payable 82,200 56,300
Long-term loan 362,600 260,000
Accrued security expenses 7,100 3,200
Members’ contributions 1,631,900 1,416,300
Retained earnings 306,000 112,000
Distribution to members payable 100,100 142,700
Loans from members 152,000 0
the year
ended 31 August 2023:
R
Product sales 955,100
Sales delivery expenses 18,400
Cost of goods sold 446,900
Investment income: dividend income 17,600
Fair value gain on listed investments 23,200
Interest income on loans to members 15,800
Interest expense on loans from members 18,200
Interest expense on long term loans 13,700
Income tax expense 128,800
10,100
Rental expenses 24,400
Machine repairs and maintenance 29,500
Travel expenses 34,700
Water and electricity 55,000
Depreciation on machinery 103,900
Additional information
1. All inventories are purchased and sold on credit.
2. deposit at KR Bank maturity date is 30 September 2027
3. Investments consist of the following:
9 000 Ordinary shares in Mjozini Limited -
4. Interest on loans advanced to and received from members is capitalised. All loans to members are
immediately callable whilst the total amount owing to members is payable on 31 August 2026.
, 5. Machinery with a cost price of R40 500 and accumulated depreciation of R19 200 was sold for
cash. A replacement machinery was bought on 30 June 2023.
6. The additional member’s contributions include a piece of land worth R90 800.
7. 000.
Which of the following alternatives represents the correct amount that must be disclosed as cash
from operating activities section in the statement of cash
a. R 950,600
b. R 959,000
c. R 959,600
d. R 955,100
Clear my choice
Question 2 Which of the following alternatives represents the correct amount that must be disclosed as additional
Answer saved
Marked out of
2.50
a. R (66,200)
b. R 0
c. R (82,000)
d. R (97,800)
Clear my choice
Question 3 Which of the following alternatives represents the correct amount that must be disclosed as additional
Answer saved from operating activities section in the statement of cash
Marked out of
2.50
a. R(82,000)
b. R(66,200)
c. R(97,800)
d. R 0
Clear my choice
Question 4 Which of the following alternatives represents the correct amount that must be disclosed as
Answer saved investments in property, plant and equipment to expand operating capacity additions to land and
Marked out of
2.50 Steel CC for the year ended 31 August 2023?
a. R (266,000)
b. R (266,800)
c. R 0
d. R (356,800)
Clear my choice
Code:152590
Due Date: 11 JUNE
2024
, Question 1 The information below relates to questions 1 – 20.
Answer saved
Kroonz Steel CC, is a close corporation based in Kroonstad, Free State Province. The CC specialises in
Marked out of
the manufacturing of a wide variety of steel building materials, catering to both the local and regional
2.50
markets. The company prides itself on its commitment to quality and innovation in steel products, which
FAC1602-24-S1 Welcome Message
include beams,Assessment
columns, and5custom steel fabrications for various construction projects.
QUIZ The following information has been presented to assist in the preparation of the statement of cash
Time left 2:32:37
2023 2022
R R
Trade receivables control 97,700 93,200
Prepaid advertising expense 19,400 16,800
Bank 184,200 270,700
Inventory 54,800 32,700
Dividend receivable 19,600 92,400
Investment (at fair value) 182,300 42,300
Fixed deposit 23,900 16,900
Machinery (at cost) 561,500 519,700
Accumulated depreciation: Machinery 162,900 73,000
Land and buildings (at cost) 1,026,000 669,200
Loans to members 130,000 48,000
Trade payables control 175,200 87,800
Current tax payable 82,200 56,300
Long-term loan 362,600 260,000
Accrued security expenses 7,100 3,200
Members’ contributions 1,631,900 1,416,300
Retained earnings 306,000 112,000
Distribution to members payable 100,100 142,700
Loans from members 152,000 0
the year
ended 31 August 2023:
R
Product sales 955,100
Sales delivery expenses 18,400
Cost of goods sold 446,900
Investment income: dividend income 17,600
Fair value gain on listed investments 23,200
Interest income on loans to members 15,800
Interest expense on loans from members 18,200
Interest expense on long term loans 13,700
Income tax expense 128,800
10,100
Rental expenses 24,400
Machine repairs and maintenance 29,500
Travel expenses 34,700
Water and electricity 55,000
Depreciation on machinery 103,900
Additional information
1. All inventories are purchased and sold on credit.
2. deposit at KR Bank maturity date is 30 September 2027
3. Investments consist of the following:
9 000 Ordinary shares in Mjozini Limited -
4. Interest on loans advanced to and received from members is capitalised. All loans to members are
immediately callable whilst the total amount owing to members is payable on 31 August 2026.
, 5. Machinery with a cost price of R40 500 and accumulated depreciation of R19 200 was sold for
cash. A replacement machinery was bought on 30 June 2023.
6. The additional member’s contributions include a piece of land worth R90 800.
7. 000.
Which of the following alternatives represents the correct amount that must be disclosed as cash
from operating activities section in the statement of cash
a. R 950,600
b. R 959,000
c. R 959,600
d. R 955,100
Clear my choice
Question 2 Which of the following alternatives represents the correct amount that must be disclosed as additional
Answer saved
Marked out of
2.50
a. R (66,200)
b. R 0
c. R (82,000)
d. R (97,800)
Clear my choice
Question 3 Which of the following alternatives represents the correct amount that must be disclosed as additional
Answer saved from operating activities section in the statement of cash
Marked out of
2.50
a. R(82,000)
b. R(66,200)
c. R(97,800)
d. R 0
Clear my choice
Question 4 Which of the following alternatives represents the correct amount that must be disclosed as
Answer saved investments in property, plant and equipment to expand operating capacity additions to land and
Marked out of
2.50 Steel CC for the year ended 31 August 2023?
a. R (266,000)
b. R (266,800)
c. R 0
d. R (356,800)
Clear my choice
