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Exam (elaborations)

FAC1502 Exam Pack 2019

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2019/2020 Written for academic year
Institution University Of South Africa (Unisa)
Course FAC1502 - Financial Accounting Principles, Concepts and Procedures (FAC1502)
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These are Exam questions and solutions as well as those that were found in assignments, study guides and practice questions. When you work through these together with explanations in your study guide, you will gain an excellent understanding of concepts, theories, techniques and methods which will allow you to answer exam questions. This will save you much needed time in your studies which you can allocate to other modules.

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TABLE OF CONTENTS

CHAPTER PAGE

MAY/JUNE 2019
OCTOBER/NOVEMBER 2018
MAY/JUNE 2018 FIRST PAPER
MAY/JUNE 2018 SECOND PAPER
OCTOBER/NOVEMBER 2017
MAY/JUNE 2017 FIRST PAPER
MAY/JUNE 2017 SECOND PAPER
OCTOBER/NOVEMBER 2016
MAY/JUNE 2016
OCTOBER/NOVEMBER 2015
MAY/JUNE 2015
OCTOBER/NOVEMBER 2014
MAY/JUNE 2014
OCTOBER/NOVEMBER 2013
MAY/JUNE 2013




FAC1502
www.tutorialscampus.co.za +27 (71) 224 5255

,MAY/ JUNE 2019
QUESTION 1
(a) Dr Trade receivables control account Cr
Date Details Amount Date Details Amount
2017 R 2018 R
Bank and
1-Mar Balance b/d 40800 28-Feb disc(207420+900) 208320
Sales
2018 returns(4000+100) 4100
28-Feb Sales (276080-750) 275330 Credit losses 1500
Bank(R/D
cheque)(12800+450) 13250 Balance c/d 115630
Interest received 170
329550 329550
1-Mar Balance b/d 115630




(b) Dr Allowance for credit losses account Cr
Date Details Amount Date Details Amount
2018 R 2017 R
28-Feb Trade receivables control 1500 1-Mar Balance b/d 2040
Balance c/d 4000 2018
28-Feb Credit losses 3460
5500 5500
1-Mar Balance b/d 4000

,QUESTION 2
Calculation of capital as at 30 June
(a) 2018

Assets R
Vehicles (c 1) 33120
Furniture and fittings (c2) 29150
Inventory 21770
Trade receivables control 8870
Bank 25000
Prepaid expenses 360
118270

Liabilities (42,900)
Long term borrowings 30000
Trade payables control 9500
Accrued expenses 3400

Capital 161,170

Calculations

1. Vehicles at carrying amount on 30 June 2018
R
Cost 28800
Accumulated depreciation
(28800*15%) (4,320)

Carrying amount 33,120

2. Furniture and fittings at carrying amount on 30 June 2018
R
Cost 26500
Accumulated depreciation
(26500*10%) (2,650)

Carrying amount 29,150

, (b) BIBI Traders
Statement of financial position as art 30 June 2018
ASSETS R
Non-current
assets 41360
Property, Plant and Equipment (c1) (20160+21200) 41360
Current assets 60659
Inventories(27669+625+150) 28444
Trade and other receivables(12350-500+365) 12215
Cash and cash equivalents 20000
Total assets 102019
EQUITY AND LIABILITIES
Equity 72019
Capital(102019-30000) 72019
Total liabilities 30000
Non-current liabilities 15000
Long term borrowings 15000
Current liabilities 15000
Trade and other payables 15000
Total Equity and Liabilities 102019

Calculations
1. Property plant and equipment
Vehicles
Cost 28800

Accumulated depreciation(28800*15%*2yrs) (8,640)

Carrying amount 20,160

Furniture and fittings
Cost 26500

Accumulated depreciation(26500*10%*2yrs) (5,300)

Carrying amount 21,200

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