FAC2601 EXAM PACK
EXAM REVISION PACK 2015
Written by Class of 2015
Together We Pass
www.togetherwepass.co.za
Tel: 021 958 2567
,Welcome
If you are reading this message then you are doing(FAC2601) with UNISA. These are being compiled by our
Together We Pass team for our students who are registered for FAC2601 this term, and will be built upon year
on year to create the best set of questions, with suggested solutions, with the possibility of including hints and
tips in the future.
Please note that this is not the exam scope, but this document will work as supplementary study material which
will help you prepare for the coming exams. It’s work in progress and we will make changes and amendments to
the document as we progress.
Good luck this term, and we look forward to working with you!
Our contact details should you need help:
Together We Pass
PHONE 021 591 0673
EMAIL
WEB www.togetherwepass.co.za
FB
www.facebook.com/togetherwepass
GGLE+ Together We Pass on Google Plus
TWITR @togetherwepass
,QUESTION 1
Gold Limited acquired 60 000 of the ordinary shares in Silver Limited on 1 March 2013. On this date
Silver Limited had retained earnings of R15 000 and the carrying amounts of the assets and liabilities
were equal to the fair values.
The following represent the abridged trial balances of Gold Limited and Silver Limited at 28 February
2015:
Gold Silver
Ltd Ltd
Debits R R
Land and buildings 31 500 90 000 -
Machinery and equipment 10 000
Investment in Silver Limited at fair value (cost price: R160 000) Bank 160 000 -
Trade and other receivables 153 500 -
Inventories - 65 000
Taxation 500 112 000
Dividends paid 10 500 10 000
9 000 8 000
365 000 295 000
Credits
Ordinary share capital (R2 shares)
Retained earnings 150 000 160 000
Revaluation surplus Trade 31 500 34 000
and other payables Bank 21 200 -
Profit before tax 125 600 23 750
Dividends received - 48 250
30 700 29 000
6 000 -
365 000 295 000
, REQUIRED:
Draft the consolidated financial statements of Gold Limited and its subsidiary Silver Limited at 28 February 2015.
Notes to the financial statements are not required. Show all calculations
EXAM REVISION PACK 2015
Written by Class of 2015
Together We Pass
www.togetherwepass.co.za
Tel: 021 958 2567
,Welcome
If you are reading this message then you are doing(FAC2601) with UNISA. These are being compiled by our
Together We Pass team for our students who are registered for FAC2601 this term, and will be built upon year
on year to create the best set of questions, with suggested solutions, with the possibility of including hints and
tips in the future.
Please note that this is not the exam scope, but this document will work as supplementary study material which
will help you prepare for the coming exams. It’s work in progress and we will make changes and amendments to
the document as we progress.
Good luck this term, and we look forward to working with you!
Our contact details should you need help:
Together We Pass
PHONE 021 591 0673
WEB www.togetherwepass.co.za
FB
www.facebook.com/togetherwepass
GGLE+ Together We Pass on Google Plus
TWITR @togetherwepass
,QUESTION 1
Gold Limited acquired 60 000 of the ordinary shares in Silver Limited on 1 March 2013. On this date
Silver Limited had retained earnings of R15 000 and the carrying amounts of the assets and liabilities
were equal to the fair values.
The following represent the abridged trial balances of Gold Limited and Silver Limited at 28 February
2015:
Gold Silver
Ltd Ltd
Debits R R
Land and buildings 31 500 90 000 -
Machinery and equipment 10 000
Investment in Silver Limited at fair value (cost price: R160 000) Bank 160 000 -
Trade and other receivables 153 500 -
Inventories - 65 000
Taxation 500 112 000
Dividends paid 10 500 10 000
9 000 8 000
365 000 295 000
Credits
Ordinary share capital (R2 shares)
Retained earnings 150 000 160 000
Revaluation surplus Trade 31 500 34 000
and other payables Bank 21 200 -
Profit before tax 125 600 23 750
Dividends received - 48 250
30 700 29 000
6 000 -
365 000 295 000
, REQUIRED:
Draft the consolidated financial statements of Gold Limited and its subsidiary Silver Limited at 28 February 2015.
Notes to the financial statements are not required. Show all calculations
