FAC1501 LATEST EXAM PACK

FAC1501 LATEST EXAM PACK S - The study-notes marketplace CTM Tutoring Services 4 SOLUTION 1: MULTIPLE CHOICE QUESTIONS 1.1. 1 1.2. 1 1.3. 4 1.4. 3 R Assets 800 000 Property, plant & Equipment Trade and other receivables 600 000 200 000 Less Liabilities (180 000) Bank overdraft Long – term borrowings 100 000 80 000 Equity 620 000 1.5. 5 R Land & Buildings Vehicles at carrying amount Equipment at carrying amount Fixed deposit 2 904 000 1 645 076 363 364 562 984 Total Non – current assets 5 475 424 1.6. 1 R Creditors Control Accrued expenses Income received in advance 601 880 24 980 9 140 Current assets 636 000 CTM Tutoring Services OCTOBER NOVEMBER 2017 PAPER S - The study-notes marketplace Downloaded by: shakeerao | Distribution of this document is illegal S - The study-notes marketplace CTM Tutoring Services 5 1.7. 3 1.8. 4 1.9. 4 Assets = Equity + Liabilities Equipment Debtors Bank Capital Income / Expenses Creditors R R R R R R 2017 July 1 7 19 27 + 60 000 +11 000 -7 000 -50 +60 000 -7 000 +11 000 -50 Net Effect +60 000 +53 000 +10 950 1.10. 2 SOLUTION 2: RECORDING OF TRANSACTIONS General ledger Subsidiary Journal Date Account to be debited Account to be credited 2017 August 5 Inventory Creditors` Control Purchases Journal August 7 Debtors Control Cost of Sales Sales Inventory Sales Journal August 14 Packing Materials Inventory General Journal August 23 Bank Debtors` control Cash Receipts Journal August 26 Drawings Inventory General Journal