QUESTION 1 On 1 January 2020, Raqib Construction Bhd. (RCB) acquired a 90% ownership interest in Cider Construction Sdn Bhd (CCSB) for RM500,000. On the same date, RCB also acquired 80% of Gary Construction Sdn Bhd (GCSB) for RM300,000. The net assets on the date of purchase and year-end for both CCSB and GCSB were as follows: CCSB GCSB 1/1/2020 31/12/2022 1/1/2020 31/12/2022 […]
Posted: March 6, 2025
Question 1 (Marks: 10) Q.1.1 In your answer booklet, provide the term in Column B that best describes the statement in Column A: Column A Column B 1. The supporting document that shows all the important details pertaining to a particular asset. 2. The account to be debited when recording the depreciation adjustment. 3. Also known as the fixed instalment method of calculating depreciation. 4. […]
Posted: September 26, 2024
QUESTION 1 (38 marks) Held Ltd (“Help”) is a large South African private hospital group with hospitals nationwide. The entity has a 31 August financial yearend. Given the nature of Help’s business activities, the entity is capital intensive as it requires a large sum of fixed assets, such as hospital buildings, medical machinery and other medical equipment to conduct its business. Property, Plant and Equipment […]
Posted: September 3, 2024
QUESTION 1 (35 marks) Lorey One (Pty) Ltd (‘Lorey One’) is a company based in Durban, selling gold plated jewellery. Lorey One has a financial year-end of 30 April. You have been provided with the following trial balance for Lorey One (Pty) Ltd for the period 1 May 2023 up until 31 March 2024: Account Debit (R) Credit (R) Buildings 5 000 000 Vehicle […]
Posted: August 20, 2024
QUESTION ONE [25] Verruca Limited, a convenience franchise attached to Go Fuel Filling Stations, has recently launched a customer loyalty programme that rewards a customer with one customer loyalty point for every R30 of purchases. The loyalty programme is optional ie customers need to register to join it and it is free to join. However, not all customers choose to take advantage of the programme. […]
Posted: August 20, 2024
QUESTION 1 (36 marks)(43 minutes) On 1 July 2022 Ringo Wright obtained a loan to the amount of R200 000 in his personal capacity from Star Bank to start a computer training business, to trade as Literate Training. Transactions during July 2022: Jul 2 Mr Wright opened a bank account for the business and transferred the cash obtained from the above-mentioned loan to the bank […]
Posted: August 1, 2024
Question 1: THE FOLLOWING INFORMATION WAS EXTRACTED FROM THE RECORDS OF UNITY SUPPLIERS 28 FEBRUARY 2020 R Inventory (1 March 2019) 43 000 Trade receivables 150 000 Trade payables 65 000 Purchases 174 000 Purchases returns 4 100 Settlement discount granted 3 217 Freight on sales 14 100 Sales returns 2 300 Insurance expenses 48 160 Settlement discount received 1 000 Allowance for credit […]
Posted: April 4, 2024
QUESTION 1 (40 Marks) BSG Solutions buys and sells computer accessories and also offers computer training to business clients. The firm’s financial year–end is 31 December. BSG Solutions pre-adjusted trial balance as at 31 December 2023 Dr R Cr R Capital 668 635 Retained earnings 545 585 Bank loan (12%) 339 840 Furniture and equipment, at cost 308 161 Motor […]
Posted: March 20, 2024
QUESTION 1 (20 MARKS) 1.1 REQUIRED Use the information provided below to prepare the Pro-forma Statement of Comprehensive Income of Mentos Limited for the year ended 31 December 2024. Note: The statement must include the gross profit, operating profit, profit before tax and profit after tax. (10 marks) INFORMATION The following budgeted figures have been provided by Mentos Limited for the year ended 31 December […]
Posted: November 30, 2023
QUESTION ONE [45] Peter and Pan are partners in Captain Hook Stationers. The list of balances as at 31 December 2022, before additional information was considered, is as follows: Description Amount Office furniture and equipment 525 000 Accumulated depreciation on office furniture and equipment 65 000 Inventory 84 560 Bank 675 895 Debtors control 65 875 Allowance for credit losses 2 675 Long-term loan 432 […]
Posted: October 12, 2023
