Case FAC_2601_Exam_Pack__Mega_Tutors_2021

MEGA TUTORS




FAC2601

2016 REVISION PACK




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, CONTENTS
MAY/JUNE 2015………………………………………………3

OCT/NOV 2015………………………………………………..11

OCT/NOV 2016………………………………………………..20




FAC 2601 MAY-JUNE 2015 Solutions

Question 1


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, 1. JUPITER LTD

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED
FEBRUARY 2015

Notes R
Revenue (notes) 14000.000
Cost of sales (5600 000)
Gross profit 8400.000
Other income 152.000
(36000 (NOTE1)+40.000(NOTE2)+50.000(NOTE1)+26.000(NOTE1)
Administrative expenses (4340 000)
Distribution cost (536 000)
Other operating expenses (740.000-16 200)(NOTE2) (723.800)
Finance costs (12%x 180.000x 6/12) (16 200)
Profit before tax 1 2936 000
Income tax expense (818 380)
Profit for the year 2 117 620
Other comprehensive income 120 000
-Financial assets at fair value through other comprehensive income –fair
value adjustment{(5 000x R12)-R40 000) 20 000
-Revaluation surplus (R1000 000-R900 000) 100 000
Total comprehensive income for the year
2 237 620
2 JUPITER LTD
NOTES FOR THE YEAR ENDED 28 FEBRUARY 2013

1Profit before tax is disclosed after taking the following ,amongst others
,into account

Revenue
Revenue consist of ;
Continuing operations –Turn over 9Calculations 1) 14 000 000
Other incomes
Financial assets at fair value through profit or loss –fair value adjustment
(100 000x 0,50(R3,00-R2,50) 50 000

Profit on sale of non –current assets
[170 000-(160 000-160 000Depreciation)] 26000
Income from subsidiarys;
-Dividends 24 000
Interest 12 000
Income from financial assets ;
Listed investments
-Dividends 40 000




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