FA.C2601 EXA.M PA.CK 2021
FA.C2601
EXA.M PA.CK
, UNIVERSITY EXA.MINA.TIONS
Ja.nua.ry/Februa.ry 2021
FA.C2601
FINA.NCIA.L A.CCOUNTING FOR COMPA.NIES
100 Ma.rks
Dura.tion 2 Hours
This pa.per consists of 8 pa.ges.
Instructions:
Downloa.d this pa.per a.s soon a.s it ha.s been a.ccessed.
Remember to complete a.nd a.dhere to the Honesty Decla.ra.tion.
Plea.se uploa.d submission in PDF-forma.t, single file not la.rger tha.n 20Mb before the expiry of the
due time.
THIS PA.PER CONSISTS OF EIGHT (8) PA.GES
PLEA.SE NOTE:
1. This pa.per consists of THREE (3) questions.
2. A.ll questions must be a.nswered.
3. Ba.sic ca.lcula.tions, where a.pplica.ble, must be shown.
4. Ensure tha.t you a.re ha.nded the correct exa.mina.tion a.nswer book (blue for a.ccounting) by
the invigila.tor (only a.pplica.ble for venue ba.sed exa.ms).
5. Ea.ch question a.ttempted must be commenced on a. new (sepa.ra.te) pa.ge.
6. PROPOSED TIMETA.BLE: (A.void devia.ting from this a.s fa.r a.s possible.)
,Question Time in
No Subject Ma.rks minutes
1 Multiple choice questions 10 12
2 Sta.tement of Fina.ncia.l Position a.nd Sta.tement of Profit or
Loss a.nd other Comprehensive Income with releva.nt notes 50 60
3 Profit ca.lcula.tion a.nd Sta.tement of Cha.nges in Equity 40 48
TOTA.L 100 120
[TURN OVER]
, 2 FA.C2601
SUPPLEMENTA.RY EXA.M JA.N/ FEB 2021
QUESTION 1 (10 ma.rks) (12 minutes)
This question must be a.nswered in your exa.mina.tion a.nswer book – plea.se only write down
the number tha.t you think is correct. Ea.ch question ha.s only one correct a.nswer. The ma.rks
per question a.re indica.ted in bra.ckets a.t the end of ea.ch question.
(a) The following list of ba.la.nces a.ppea.r, a.mongst others, in the a.ccounting records of Vusi Ltd on
31 October 2020:
Ordina.ry sha.re ca.pita.l (sha.res issued a.t R2.30 ea.ch) R1 265 000
Proceeds of ordina.ry sha.res issued on 30 June 2020 R 540 000
(Sha.res issued a.t R2.70 ea.ch)
The following decision wa.s ta.ken a.nd ha.s not yet been recorded in the a.ccounting records of Vusi
Ltd a.s a.t 31 October 2020:
The directors decided on a. ca.pita.lisa.tion sha.re issue of 1 sha.re for every 5 sha.res held a.s a.t 31
October 2020 a.t R1,20 per sha.re. Which one of the following options represents the a.mount of
the sha.res tha.t ha.ve to be ca.pita.lised?:
1. R48 000
2. R132 000
3. R180 000
4. R1 985 000
(2)
(b) Sha.ka. Ltd purcha.sed inventory for R644 000 (including VA.T @ 15%) from a. supplier. The
supplier gra.nts a. 6,5% settlement discount for settlement within 30 da.ys. Sha.ka. Ltd a.rra.nged
with a. tra.nsport compa.ny to deliver the inventory to its premises. The delivery compa.ny cha.rged
Sha.ka. Ltd R23 000 (including VA.T @ 15%) for this delivery. A. goods-in-tra.nsit insura.nce wa.s
ta.ken out by Sha.ka. Ltd with its insura.nce brokers to cover a.ny da.ma.ge of the inventory while
in tra.nsit. The premium of this goods-in-tra.nsit a.mounted to R1 500 (excluding VA.T). Sha.ka.
Ltd ha.s a. policy of cla.iming a.ll discounts a.va.ila.ble to it. Wha.t is the purcha.sing cost of the
inventory?:
1. R543 600
2. R545 100
3. R616 904
4. R618 404
(2)
(c) Clever Brokers Ltd underwrites a.n issue of 25 000 ordina.ry sha.res a.t R2.50 ea.ch in Sma.rt Ltd.
The underwriting commission is 8%. If the public ta.kes up 20 000 sha.res, how much is the
commission?:
1. R1 600
2. R2 000
3. R4 000
4. R5 000
(2)
P a g e 2 | 195
FAC2601 EXAMPACK
FA.C2601
EXA.M PA.CK
, UNIVERSITY EXA.MINA.TIONS
Ja.nua.ry/Februa.ry 2021
FA.C2601
FINA.NCIA.L A.CCOUNTING FOR COMPA.NIES
100 Ma.rks
Dura.tion 2 Hours
This pa.per consists of 8 pa.ges.
Instructions:
Downloa.d this pa.per a.s soon a.s it ha.s been a.ccessed.
Remember to complete a.nd a.dhere to the Honesty Decla.ra.tion.
Plea.se uploa.d submission in PDF-forma.t, single file not la.rger tha.n 20Mb before the expiry of the
due time.
THIS PA.PER CONSISTS OF EIGHT (8) PA.GES
PLEA.SE NOTE:
1. This pa.per consists of THREE (3) questions.
2. A.ll questions must be a.nswered.
3. Ba.sic ca.lcula.tions, where a.pplica.ble, must be shown.
4. Ensure tha.t you a.re ha.nded the correct exa.mina.tion a.nswer book (blue for a.ccounting) by
the invigila.tor (only a.pplica.ble for venue ba.sed exa.ms).
5. Ea.ch question a.ttempted must be commenced on a. new (sepa.ra.te) pa.ge.
6. PROPOSED TIMETA.BLE: (A.void devia.ting from this a.s fa.r a.s possible.)
,Question Time in
No Subject Ma.rks minutes
1 Multiple choice questions 10 12
2 Sta.tement of Fina.ncia.l Position a.nd Sta.tement of Profit or
Loss a.nd other Comprehensive Income with releva.nt notes 50 60
3 Profit ca.lcula.tion a.nd Sta.tement of Cha.nges in Equity 40 48
TOTA.L 100 120
[TURN OVER]
, 2 FA.C2601
SUPPLEMENTA.RY EXA.M JA.N/ FEB 2021
QUESTION 1 (10 ma.rks) (12 minutes)
This question must be a.nswered in your exa.mina.tion a.nswer book – plea.se only write down
the number tha.t you think is correct. Ea.ch question ha.s only one correct a.nswer. The ma.rks
per question a.re indica.ted in bra.ckets a.t the end of ea.ch question.
(a) The following list of ba.la.nces a.ppea.r, a.mongst others, in the a.ccounting records of Vusi Ltd on
31 October 2020:
Ordina.ry sha.re ca.pita.l (sha.res issued a.t R2.30 ea.ch) R1 265 000
Proceeds of ordina.ry sha.res issued on 30 June 2020 R 540 000
(Sha.res issued a.t R2.70 ea.ch)
The following decision wa.s ta.ken a.nd ha.s not yet been recorded in the a.ccounting records of Vusi
Ltd a.s a.t 31 October 2020:
The directors decided on a. ca.pita.lisa.tion sha.re issue of 1 sha.re for every 5 sha.res held a.s a.t 31
October 2020 a.t R1,20 per sha.re. Which one of the following options represents the a.mount of
the sha.res tha.t ha.ve to be ca.pita.lised?:
1. R48 000
2. R132 000
3. R180 000
4. R1 985 000
(2)
(b) Sha.ka. Ltd purcha.sed inventory for R644 000 (including VA.T @ 15%) from a. supplier. The
supplier gra.nts a. 6,5% settlement discount for settlement within 30 da.ys. Sha.ka. Ltd a.rra.nged
with a. tra.nsport compa.ny to deliver the inventory to its premises. The delivery compa.ny cha.rged
Sha.ka. Ltd R23 000 (including VA.T @ 15%) for this delivery. A. goods-in-tra.nsit insura.nce wa.s
ta.ken out by Sha.ka. Ltd with its insura.nce brokers to cover a.ny da.ma.ge of the inventory while
in tra.nsit. The premium of this goods-in-tra.nsit a.mounted to R1 500 (excluding VA.T). Sha.ka.
Ltd ha.s a. policy of cla.iming a.ll discounts a.va.ila.ble to it. Wha.t is the purcha.sing cost of the
inventory?:
1. R543 600
2. R545 100
3. R616 904
4. R618 404
(2)
(c) Clever Brokers Ltd underwrites a.n issue of 25 000 ordina.ry sha.res a.t R2.50 ea.ch in Sma.rt Ltd.
The underwriting commission is 8%. If the public ta.kes up 20 000 sha.res, how much is the
commission?:
1. R1 600
2. R2 000
3. R4 000
4. R5 000
(2)
P a g e 2 | 195
FAC2601 EXAMPACK
