FAC2601 Assignment 2 Semester 2 2022

FAC2601 UPDATED LATEST
d d




2022 Exam Pack
d d



2015 - 2021
d d

,FAC2601

EXAM PACK
d

, UNIVERSITYd EXAMINATIONS




January/Februaryd2021

FAC2601

FINANCIAL ACCOUNTING FOR COMPANIES
d d d




100dMarks
Durationd2dHours



Thisdpaperdconsistsdofd8dpages.


Instructions:

Downloaddthisdpaperdasdsoondasditdhasdbeendaccessed.dRememb

erdtodcompletedanddadheredtodthedHonestydDeclaration.

PleaseduploaddsubmissiondindPDF-
format,dsingledfilednotdlargerdthand20Mbdbeforedthedexpirydofdthedduedtime.




THISdPAPERdCONSISTSdOFdEIGHTd(8)dPAGESdPLEA

SEdNOTE:

1. ThisdpaperdconsistsdofdTHREEd(3)dquestions.

2. Alldquestionsdmustdbedanswered.

3. Basicdcalculations,dwheredapplicable,dmustdbedshown.

4. Ensuredthatdyoudaredhandeddthedcorrectdexaminationdanswerdbookd(bluedfordaccounting)dbydthed inv
igilatord(onlydapplicabledfordvenuedbaseddexams).

5. Eachdquestiondattempteddmustdbedcommenceddondadnewd(separate)dpage.

6. PROPOSEDdTIMETABLE:d(Avoidddeviatingdfromdthisdasdfardasdpossible.)

Questiond Timedin
No Subject Marks dminute
s
1 Multipledchoicedquestions 10 12
2 StatementdofdFinancialdPositiondanddStatementdofdProfitdordLossd
anddotherdComprehensivedIncomedwithdrelevantdnotes 50 60
3 ProfitdcalculationdanddStatementdofdChangesdindEquity 40 48
TOTAL 100 120

, Stuvia.comd-dThedstudy-notesdmarketplace


2 FAC2601d
SUPPLEMENTARYdEXAMdJAN/dFEBd2021
QUESTIONd1d(10dmarks)d(12dminutes)

Thisdquestiondmustdbedanswereddindyourdexaminationdanswerdbookd–
dpleasedonlydwriteddowndthednumberdthatdyoudthinkdisdcorrect.dEachdquestiondhasdonlydonedcorre

ctdanswer.dThedmarksdperdquestiondaredindicateddindbracketsdatdthedenddofdeachdquestion.

(a) Thedfollowingdlistdofdbalancesdappear,damongstdothers,dindthedaccountingdrecordsdofdVusidLtddond31
dOctoberd2020:




Ordinarydsharedcapitald(sharesdissueddatdR2.30deach)
R1d265d000
Proceedsdofdordinarydsharesdissueddond30dJuned2020
d

Rd540d000d(
SharesdissueddatdR2.70deach)

ThedfollowingddecisiondwasdtakendanddhasdnotdyetdbeendrecordeddindthedaccountingdrecordsdofdVus
idLtddasdatd31dOctoberd2020:

Thed directorsd decidedd ond ad capitalisationd shared issued ofd 1d shared ford everyd 5d sharesd heldd asd atd
31dOctoberd2020datdR1,20dperdshare.dWhichdonedofdthedfollowingdoptionsdrepresentsdthedamountdofdt
hedsharesdthatdhavedtodbedcapitalised?:

1. R48d000
2. R132d000
3. R180d000
4. R1d985d000
(2)

(b) ShakadLtddpurchaseddinventorydfordR644d000d(includingdVATd@d15%)dfromdadsupplier.dThedsupplierd
grantsdad6,5%dsettlementddiscountdfordsettlementdwithind30ddays.dShakadLtddarrangeddwithdadtrans
portdcompanydtoddeliverdthedinventorydtod itsd premises.dTheddeliverydcompanydchargedd ShakadLtdd
R23d000d(includingdVATd@d15%)dfordthisddelivery.dAdgoods-in-
transitdinsurancedwasdtakendoutdbydShakadLtddwithditsdinsurancedbrokersdtodcoverdanyddamagedofdth
edinventorydwhiledindtransit.dThedpremiumdofdthisdgoods-in-
transitdamounteddtodR1d500d(excludingdVAT).dShakadLtddhasdadpolicydofdclaimingdallddiscountsdavail
abledtodit.dWhatdisdthedpurchasingdcostdofdthedinventory?:

1. R543d600
2. R545d100
3. R616d904
4. R618d404
(2)

(c) CleverdBrokersdLtddunderwritesdandissuedofd25d000dordinarydsharesdatdR2.50deachdindSmartdLtd.dTh
edunderwritingdcommissiondisd8%.dIfdthedpublicdtakesdupd20d000dshares,dhowdmuchdisdthedcommissi
on?:

1. R1d600
2. R2d000
3. R4d000
4. R5d000
(2)