lOMoARcPSD|3566627
FAC1601-Exam-Pack - Exam pack
Financial Accounting and Reporting (University of South Africa)
StuDocu is not sponsored or endorsed by any college or university
Downloaded by Nico van der Vyver ()
, lOMoARcPSD|3566627
Financial Accounting 1B
Study & Exam Pack for FAC1601 © 2014
This is prepared for UNISA undergraduate students undertaking the module FAC1601. The past exam
papers used as a way of practicing the concept emphasized in the study guide for this module
Compiled by Levison Kamanga (check his profile on www.lucianotutorials.com), for and on behalf of
“Inspired to impact with a difference”
All the questions in this pack were taken from previous exam papers. We hope it will help you in
preparing for your exams. May God grant you the Spirit of understanding; we wish you all the best.
Amen.
Downloaded by Nico van der Vyver ()
, lOMoARcPSD|3566627
2
Contents
Study & Exam Pack for FAC1601 © 2014...................................................................................................... 1
CHAPTER 1: INTRODUCTION ......................................................................................................................... 4
FINANCIAL STATEMENTS OF A PARTNERSHIP .............................................................................................. 7
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME .............................................. 7
OCTOBER-NOVEMBER 2011.................................................................................................................... 11
B. PARTNERSHIPS ........................................................................................................................................ 18
STATEMENT OF CHANGES IN EQUITY ......................................................................................................... 18
OCTOBER-NOVEMBER 2010.................................................................................................................... 18
MAY-JUNE 2012 ...................................................................................................................................... 22
MAY-JUNE 2011 ...................................................................................................................................... 28
Classification of Components ................................................................................................................. 29
Rationale - Why the balance sheet always balances? ............................................................................ 30
Purpose & Importance ............................................................................................................................ 31
MAY- JUNE 2011 ..................................................................................................................................... 32
OCTOBER-NOVEMBER 2012.................................................................................................................... 39
CHAPTER THREE : PARTNERSHIP CHANGES AND LIQUIDATION ................................................................. 45
MAY-JUNE 2011 ...................................................................................................................................... 49
OCTOBER TO NOVEMBER 2012 .............................................................................................................. 51
NOVEMBER 2010 .................................................................................................................................... 56
CHAPTER 4: FINAL ACCOUNTS OF A CLOSE CORPORATION ....................................................................... 62
MAY –JUNE 2011 QUESTION 3................................................................................................................ 68
OCTOBER-NOVEMBER 2011 QUESTION 3............................................................................................... 70
OCTOBER – NOVEMBER 2011 ................................................................................................................ 72
OCTOBER-NOVEMBER 2012.................................................................................................................... 78
CHAPTER 4 .................................................................................................................................................. 82
STATEMENT OF CASH FLOWS ..................................................................................................................... 82
MAY-JUNE 2010 ...................................................................................................................................... 82
MAY JUNE 2010....................................................................................................................................... 84
OCTOBER-NOVEMBER 2010.................................................................................................................... 86
www.lucianotutorials.com
Downloaded by Nico van der Vyver ()
, lOMoARcPSD|3566627
3
OCTOBER- NOVEMBER 2010................................................................................................................... 87
MAY-JUNE 2011 ...................................................................................................................................... 89
OCTOBER- NOVEMBER 2011................................................................................................................... 91
OCTOBER-NOVEMBER 2012.................................................................................................................... 94
MAY-JUNE 2012 ...................................................................................................................................... 98
CHAPTER 6 INTRODUCTION TO COMPANY ACCOUNTS............................................................................ 100
MAY-JUNE 2010 .................................................................................................................................... 100
MAY – JUNE 2010.................................................................................................................................. 101
CHAPTER 7: BRANCH ACCOUNTS .............................................................................................................. 104
MAY-JUNE 2010 .................................................................................................................................... 104
OCTOBER-NOVEMBER 2012.................................................................................................................. 107
CHAPTER 8: INTERPRETATION OF FINAL ACCOUNTS................................................................................ 110
OCTOBER-NOVEMBER 2010 QUESTION 5............................................................................................. 110
OCTOBER – NOVEMBER 2010 ............................................................................................................... 111
OCTOBER-NOVEMBER 2012.................................................................................................................. 112
CHAPTER 8: TIME VALUE OF MONEY ........................................................................................................ 114
OCTOBER-NOVEMBER 2011.................................................................................................................. 114
SOLUTION.................................................................................................................................................. 115
OCTOBER – NOVEMBER 2011 ................................................................................................................... 115
www.lucianotutorials.com
Downloaded by Nico van der Vyver ()
FAC1601-Exam-Pack - Exam pack
Financial Accounting and Reporting (University of South Africa)
StuDocu is not sponsored or endorsed by any college or university
Downloaded by Nico van der Vyver ()
, lOMoARcPSD|3566627
Financial Accounting 1B
Study & Exam Pack for FAC1601 © 2014
This is prepared for UNISA undergraduate students undertaking the module FAC1601. The past exam
papers used as a way of practicing the concept emphasized in the study guide for this module
Compiled by Levison Kamanga (check his profile on www.lucianotutorials.com), for and on behalf of
“Inspired to impact with a difference”
All the questions in this pack were taken from previous exam papers. We hope it will help you in
preparing for your exams. May God grant you the Spirit of understanding; we wish you all the best.
Amen.
Downloaded by Nico van der Vyver ()
, lOMoARcPSD|3566627
2
Contents
Study & Exam Pack for FAC1601 © 2014...................................................................................................... 1
CHAPTER 1: INTRODUCTION ......................................................................................................................... 4
FINANCIAL STATEMENTS OF A PARTNERSHIP .............................................................................................. 7
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME .............................................. 7
OCTOBER-NOVEMBER 2011.................................................................................................................... 11
B. PARTNERSHIPS ........................................................................................................................................ 18
STATEMENT OF CHANGES IN EQUITY ......................................................................................................... 18
OCTOBER-NOVEMBER 2010.................................................................................................................... 18
MAY-JUNE 2012 ...................................................................................................................................... 22
MAY-JUNE 2011 ...................................................................................................................................... 28
Classification of Components ................................................................................................................. 29
Rationale - Why the balance sheet always balances? ............................................................................ 30
Purpose & Importance ............................................................................................................................ 31
MAY- JUNE 2011 ..................................................................................................................................... 32
OCTOBER-NOVEMBER 2012.................................................................................................................... 39
CHAPTER THREE : PARTNERSHIP CHANGES AND LIQUIDATION ................................................................. 45
MAY-JUNE 2011 ...................................................................................................................................... 49
OCTOBER TO NOVEMBER 2012 .............................................................................................................. 51
NOVEMBER 2010 .................................................................................................................................... 56
CHAPTER 4: FINAL ACCOUNTS OF A CLOSE CORPORATION ....................................................................... 62
MAY –JUNE 2011 QUESTION 3................................................................................................................ 68
OCTOBER-NOVEMBER 2011 QUESTION 3............................................................................................... 70
OCTOBER – NOVEMBER 2011 ................................................................................................................ 72
OCTOBER-NOVEMBER 2012.................................................................................................................... 78
CHAPTER 4 .................................................................................................................................................. 82
STATEMENT OF CASH FLOWS ..................................................................................................................... 82
MAY-JUNE 2010 ...................................................................................................................................... 82
MAY JUNE 2010....................................................................................................................................... 84
OCTOBER-NOVEMBER 2010.................................................................................................................... 86
www.lucianotutorials.com
Downloaded by Nico van der Vyver ()
, lOMoARcPSD|3566627
3
OCTOBER- NOVEMBER 2010................................................................................................................... 87
MAY-JUNE 2011 ...................................................................................................................................... 89
OCTOBER- NOVEMBER 2011................................................................................................................... 91
OCTOBER-NOVEMBER 2012.................................................................................................................... 94
MAY-JUNE 2012 ...................................................................................................................................... 98
CHAPTER 6 INTRODUCTION TO COMPANY ACCOUNTS............................................................................ 100
MAY-JUNE 2010 .................................................................................................................................... 100
MAY – JUNE 2010.................................................................................................................................. 101
CHAPTER 7: BRANCH ACCOUNTS .............................................................................................................. 104
MAY-JUNE 2010 .................................................................................................................................... 104
OCTOBER-NOVEMBER 2012.................................................................................................................. 107
CHAPTER 8: INTERPRETATION OF FINAL ACCOUNTS................................................................................ 110
OCTOBER-NOVEMBER 2010 QUESTION 5............................................................................................. 110
OCTOBER – NOVEMBER 2010 ............................................................................................................... 111
OCTOBER-NOVEMBER 2012.................................................................................................................. 112
CHAPTER 8: TIME VALUE OF MONEY ........................................................................................................ 114
OCTOBER-NOVEMBER 2011.................................................................................................................. 114
SOLUTION.................................................................................................................................................. 115
OCTOBER – NOVEMBER 2011 ................................................................................................................... 115
www.lucianotutorials.com
Downloaded by Nico van der Vyver ()
