QUESTION ONE [25] 1.1 There are ten (10) accounts listed on the following table. Complete the table by identifying and recording the element to which each account will be allocated and state whether the account will be shown in the statement of financial position (SOFP), the statement of changes in equity (SOCE) or the statement of profit or loss and other comprehensive income (SOCI). You […]
Posted: October 1, 2024
QUESTION ONE [55] Lunga Dlamini, aged 56, is a resident of the Republic. Lunga is married out of community of property. He is currently employed at Quantico (Pty) Ltd. The following information relates to Lunga for the year of assessment ended 29 February 2023: 1. Lunga earned a basic salary of R92 500 per month for the 2023 year of assessment. On 1 December 2022, […]
Posted: September 2, 2024
QUESTION 1 (25 MARKS) a) Natalie took a RM30,000 car loan from RHB Bank. The bank charged Natalie 2.5% interest and requires her to pay at the end of each year for 4 years. Calculate the yearly repayment amount, and complete the following loan amortization schedule. Year Beginning Value Repayment amount Interest paid Principal paid Ending Value 1 2 […]
Posted: September 2, 2024
QUESTION ONE [30] You are provided with the following information relating to Drolin Ltd: STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2023 R Sales ? Cost of sales (6 765 000) Gross profit 1 272 500 Operating expenses (922 500) Earnings before interest and tax 350 000 Interest expense ? Earnings before tax 227 500 Company tax ? Earnings after interest […]
Posted: August 6, 2024
QUESTION 1 Bintang Bhd, a trader of stationery, was incorporated in Malaysia with an authorized capital of RM100,000,000 consisting of 80,000,000 ordinary shares of RM1.00 each and 10,000,000 5% preference shares of RM2.00 each. The trial balance of Bintang Bhd for the year ended 31 December 2023 is as follows: RM RM Freehold land at cost 5,000,000 Building at cost 9,100,000 Plant […]
Posted: June 7, 2024
QUESTION 1 (41 marks) Nadia Botha is a 42-year-old South African resident. Nadia is employed by Brand Sculpt (Pty) Ltd and received the following amounts during her 2024 year of assessment: • Cash salary of R500 000. • Nadia owns a flat that she rents out at a monthly rental of R10 000. The lease contract was concluded on 1 June 2023. As part of […]
Posted: March 28, 2024
QUESTION ONE [70] The accounting equation is the Alpha of Accounting rules. As the junior accountant at the stationery shop, Polka-Dots (Pty) Ltd. Transactions related to the 2022 financial year: 1. Posters to the value of R550 was purchased by the primary school. Payment was made in cash. 2. Unwanted goods of R800 purchased by Mrs. Strong on account, was returned. The cost of the […]
Posted: March 9, 2024
QUESTION 1: ASSET DISPOSAL (20 MARKS) The information provided was extracted from the financial records of Caribbean Traders. Their financial year ends on the 28 February 2022. INFORMATION A. INCOMPLETE FIXED ASSET NOTE Equipment Cost 900 000 Accumulated depreciation (370 000) Carrying value Movements Additions 120 000 Disposals Depreciation Carrying value Cost 930 000 Accumulated […]
Posted: November 29, 2023
Question One (20 Marks) You recently accepted an assignment with Esprit Limited as a financial consultant. One of your first assignment is the analysis of two proposed capital investment projects. Details of initial investments, after-tax cash flows and average annual profits are represented below: DESCRIPTION YEAR AFTER TAX CASH FLOWS PROJECT A PROJECT B R R Initial […]
Posted: October 23, 2023
Question 1 (Marks: 25) HQ Connect (Pty) Ltd (referred to hereunder as HQC), is a resident company that sells various technological products, including smartphones and tablets. The company is a small business corporation as defined in the Income Tax Act and its financial year ends on the last day of March. You are provided with an extract of the statement of profit or loss and […]
Posted: October 17, 2023
