Question 1 [22 Marks] Read the below statement and answer the question that follows: The objective of accounting is to convert financial data into meaningful information for its users by recording, estimating, and summarising data. There are two main branches of accounting, namely, managerial accounting and financial accounting. Required: Provide a summary comparison between managerial accounting and financial accounting. [12 Marks] Study the below table […]
Posted: September 7, 2023
QUESTION 1 (24 marks) Royal Confectionery Ltd. produces high-quality confectionery products. The company is a registered VAT vendor. The company’s current financial year ends on 31 December 2023. Royal Confectionery Ltd. purchased a new piece of equipment, an industrial oven for R230 000 (including VAT) on 1 June 2022. The oven was ready for use on 1 July 2022. The estimated useful life of the […]
Posted: September 7, 2023
QUESTION 1 (8 marks) Sarah is a business owner who wants to make sure her business is profitable and she is therefore on the lookout for new opportunities to grow/expand her business. In order to do so, Sarah learned that business owners, such as herself, and shareholders need information about their business. Sarah also learned that by keeping record of transactions, it will assist her […]
Posted: September 6, 2023
QUESTION 1 (31 marks) Lighthouse Limited is a property development company that is listed on the Johannesburg Stock Exchange (JSE). The company has a 30 June financial year-end. The accountant is currently preparing the annual financial statements for the year ending 30 June 2023. The following transactions need to be considered before the finalisation of the 30 June 2023 annual financial statements: Transaction 1: The […]
Posted: September 6, 2023
Question 1 The following extracts were made from the books and records of Sandy Dandy for the year ended 31 December 2022: 1. Cash book summary Receipts Payments R R Opening balance 13 600 Cash sales 36 280 Interest 890 470 Additional capital introduced 25 000 Rental of premises 2 220 Trade creditors (all for purchases) 48 875 Telephone and postage 2 160 Trade debtors […]
Posted: August 28, 2023
Panda Flooring (Pty) Ltd (‘Panda Flooring’ or ‘the company’) is a business based in Epping, Cape Town that specialises in the design, supply and installation of high-quality bamboo flooring. Panda Flooring targets the middle to high-end consumer market and has a financial year ending 31 March. The financial accountant of Panda Flooring (Pty) Ltd (Panda Flooring) has recently left the finance team at Panda Flooring […]
Posted: June 2, 2023
QUESTION 1 (10 marks) (30 minutes) The following questions are discussion type questions. The marks per questions are indicated in brackets at the end of each question. Please provide answers in full sentences. a. Fashion Retailers is an unlisted company and is primarily involved in the clothing retail industry. Fashion Retailers intends to expand its operations and issues listed bonds on the Board Exchange of […]
Posted: May 18, 2023
QUESTION 1 (29 marks) You are a consultant at Advanced (Pty) Ltd (Advanced). Advanced provides accounting and tax consulting services to various clients. Your client portfolio includes the following three allocated clients who have approached you regarding the recognition of assets and liabilities in terms of the revised Conceptual Framework for Financial Reporting 2018. Client 1: Wizzkidz (Pty) Ltd Wizzkidz (Pty) Ltd (Wizzkidz) is a […]
Posted: March 28, 2023
