Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Semester 1
Page
1 INTRODUCTION ............................................................................................................................ 3
2 EXAMINATION INFORMATION .................................................................................................... 4
3 SOLUTION TO ASSIGNMENT 02/1/2013 ..................................................................................... 5
4 OCTOBER 2011 EXAMINATION PAPER ..................................................................................... 7
5 SUGGESTED SOLUTION TO THE OCTOBER 2011 EXAMINATION PAPER .......................... 12
6. OCTOBER 2012 EXAMINATION PAPER ................................................................................... 20
7 SUGGESTED SOLUTIONS TO THE OCTOBER 2012 EXAMINATION PAPER ........................ 26
2
FAC1502/202
1 INTRODUCTION
Dear Student
It is in your own interest to work through the assignment in conjunction with the solutions and your
written answers.
Refer to paragraph 10 of tutorial letter FAC1502/101/3/2013 for additional information regarding the
October 2013 examination. The examination paper will consist of “long type” questions only which
should be answered within two hours.
Please note that you should NOT expect the October 2013 examination paper to have the same
topics as previous examination papers. In your preparation for the exam you cannot work
through previous examination papers only as all the topics are not covered. All your study
material should be studied.
Please use only the following e-mail address for electronic communication with the lecturers:
FAC1502@unisa.ac.za
Please use telephone number (012) 429 4245 for all telephonic communication with the lecturers. This
telephone number assigned to FAC1502 is linked to all the module‘s lecturers‘ telephone numbers.
Lecturers Office
Ms MS du Rand AJH 02-07
Ms A du Plessis AJH 02-11
Mr M Engelbrecht AJH 02-06
Mr DO Khumalo AJH 02-06
Mr P Maraisane AJH 02-08
Mr C Modise AJH 02-20
PLEASE NOTE
Lecturers are available for telephone enquiries from 08:00 to 16:00 on weekdays.
3
2 EXAMINATION INFORMATION
A. Your examination paper will start with the following information and/or instructions:
PLEASE NOTE:
B. 1. Do the calculations in your examination answer book (not on the exam paper).
3. The examination script consists of a book with 12 pages. Every page has three
columns on the right hand side. If you don’t want or cannot use the columns, ignore
them and draw your own columns or T-accounts. You may open the book and use the
left-hand (Dr-side) as well as the right-hand (Cr-side) page.
Make sure that you indicate what is being debited and what is being credited. No
marks will be allocated if you swop the debit and credit sides. Thus ensure that you
know what must be debited and what must be credited.
4. When it is required of you to prepare one of the cash journals, please use a double
page (e.g. page 2 and 3) to prepare the journal. Use the given columns, which will
avoid the time consuming to draw several lines.
5. Ensure that you apply the correct format for financial statements.
6. NB:
Do your calculations on the page opposite to your actual answers. Marks are
sometimes allocated for calculations.
4
FAC1502/202
1. (4)
2. (3) A deposit will be refunded when the rent contract is cancelled – it is therefore seen as
money that will be collected at a later stage and is therefore classified as a current
asset.
3. (1)
4. (4) (b) False – if the double entry principle is applied an increase in liabilities cannot also
result in an increase in equity (this requires two credit entries).
(c) False - contributions from equity participants is not seen as income, but rather as
an increase in equity.
(d) False – a decrease in equity will not constitute an increase in income.
5. (5)
6. (3)
8. (4)
R
10. (4) Capital 80 000
Sales (cash) 49 200
129 200
R
11. (4) Cheque for inventory, stationery, petrol and fuel and office equipment 57 624
Inventory 35 400
Rent expenses 12 000
Drawings 3 900
108 924
5
Solution to Assignment 02 (continued)
R
12. (4) Sales (cash) 49 200
Sales (credit) 27 000
Sales (credit) 64 170
140 370
R
13. (3) Sales (credit) 27 000
Sales (credit) 64 170
91 170
14. (3)
R R
15. (1) Sales 140 370
Less: Cost of sales (127 350)
Inventory (opening) -
Purchases (48 000 + 35 400 + 43 950) 127 350
Inventory (closing) -
Gross profit 13 020
6
FAC1502/202
PLEASE NOTE:
7
QUESTION 1 (27 marks)(32 minutes)
The following information was obtained from the books of XYZ Traders.
XYZ TRADERS
POST-ADJUSTMENT TRIAL BALANCE AS AT 30 JUNE 2011
Debit Credit
R R
Capital ..............................................................................................................
100 000
Drawings ...........................................................................................................
2 445
Land and buildings at cost ................................................................................
200 000
Vehicles at cost ................................................................................................
120 000
Furniture and fittings at cost ............................................................................
65 000
Accumulated depreciation: Vehicles (30 June 2011) .......................................
54 700
Accumulated depreciation: Furniture and fittings (30 June 2011) ....................
22 700
Debtors control ..................................................................................................
6 780
Inventory: Trading (30 June 2010) ...................................................................
13 550
Bank .................................................................................................................
7 775
Petty cash ..........................................................................................................
500
Mortgage ..........................................................................................................
150 000
Loan from Africa Bank ......................................................................................
50 000
Creditors control ................................................................................................
3 200
Sales .................................................................................................................
256 400
Carriage on purchases .....................................................................................
660
Commission income .........................................................................................
15 000
Credit losses .....................................................................................................
244
Depreciation ......................................................................................................
15 400
Insurance ...........................................................................................................
2 400
Packing materials .............................................................................................
3 300
Purchases ..........................................................................................................
154 880
Purchases returns .............................................................................................
245
Rent income .....................................................................................................
3 600
Sales returns .....................................................................................................
1 338
Settlement discount granted ..............................................................................
553
Settlement discount received ............................................................................
155
Wages ...............................................................................................................
56 775
Water and electricity .........................................................................................
4 400
656 000 656 000
Additional information
On 1 July 2011 trading inventory had a balance of R14 885.
REQUIRED:
a) Show the journal entries for bringing the closing inventory at 30 June 2011 into account. (3)
b) Show the journal entries for the closing of the applicable accounts (closing entries) at
30 June 2011. (14)
c) Complete the trading account and the profit or loss account in the general ledger of
XYZ Traders for the year ended 30 June 2011. (10)
8
FAC1502/202
The following list of balances was extracted from the general ledger of M&S, a general dealer at
28 February 2011:
R
Creditors control 28 900
Fixed deposit (36 month) 5 000
Debtors control 19 200
Bank (Dr) 6 000
Furniture and equipment (at carrying amount) 24 300
Land and buildings 108 000
Mortgage (repayable over 20 years) 78 000
Vehicles (at carrying amount) 51 000
Inventories 30 400
Capital (1 March 2010) 150 000
Profit/(Loss) for the year ended 28 February 2011 ?
REQUIRED:
a) Prepare the trial balance of M&S as at 28 February 2011. (11)
b) Prepare the statement of changes in equity of M&S for the year ended 28 February 2011. (4)
c) Prepare the statement of financial position of M&S as at 28 February 2011. (10)
9
QUESTION 3 (31 marks)(38 minutes)
ABC DEALERS
TRIAL BALANCE AS AT 1 FEBRUARY 2011
R
Bank (Debit balance) ........................................................................ ……………………… 2 150
Cost of sales ...................................................................................................................... 192 000
Trading inventory ............................................................................................................... 52 000
Sales .................................................................................................................................. 400 000
VAT input ........................................................................................................................... 1 600
VAT output ......................................................................................................................... 1 800
The following subsidiary journals, with only the totals of the analysis columns, appeared in the books of
ABC Dealers at 28 February 2011:
SALES JOURNAL
Debtors Sales Cost of sales VAT output
R R R R
15 960 14 000 7 000 1 960
PURCHASES JOURNAL
Creditors Purchases VAT input
R R R
10 488 9 200 1 288
10
FAC1502/202
QUESTION 3 (CONTINUED)
REQUIRED:
Prepare the following general ledger accounts for ABC Dealers for February 2011:
a) Bank (4)
b) Cost of sales (5)
c) Trading inventory (7)
d) Sales (3)
e) VAT input (6)
f) VAT output (6)
F Focus runs a small business, F Focus Services, from home and does not keep proper accounting
records. He needs to calculate the entity’s profit/loss for income tax purposes and requests your
assistance. You establish the following:
2010 2011
Balances at 30 April:
R R
Furniture at cost (Bought on 30 April 2010) .................... ……………………… 25 000 25 000
Tools and equipment at cost (Bought on 30 April 2010) ................................. 46 500 46 500
Inventory: Trading ........................................................................................... 9 800 10 200
Bank (favourable) ........................................................................................... - 2 480
Bank (overdraft) .............................................................................................. 6 500 -
Long-term borrowings ..................................................................................... 14 000 9 200
Creditors ......................................................................................................... 5 200 6 120
Income received in advance ........................................................................... 3 800 5 000
Accrued expenses .......................................................................................... 1 600 1 300
Additional information
1. F Focus drew R100 000 during the year for own use.
2. Depreciation at 20% per annum on the cost price of furniture, as well as tools and equipment
must still be provided for.
REQUIRED:
Calculate the estimated profit or loss of F Focus Services for the year ended 30 April 2011. (17)
©
UNISA 2011
11
5 SUGGESTED SOLUTION TO THE OCTOBER 2011 EXAMINATION PAPER
Sales ^553
Settlement discount granted ^553
Closing transfer of settlement discount
Settlement discount received ^155
Purchases ^155
Closing transfer of settlement discount
Trading account ^156 723
Carriage on purchases ^660
Purchases ^154 725
Sales returns ^1 338
Closing transfers
Sales ^255 847
Purchases returns ^245
Trading account ^256 092
Closing transfers
Trading account ^100 704
Profit or loss account ^^100 704
Transfer of gross profit
Profit or loss account ^82 519
Credit losses ^244
Depreciation ^15 400
Insurance ^2 400
Packing materials ^3 300
Wages ^56 775
Water and electricity ^4 400
Closing transfers
Commission income ^15 000
Rent income ^3 600
Profit or loss account ^18 600
Closing transfers
12
FAC1502/202
QUESTION 1 (CONTINUED)
Debit Credit
R R
c) ROBERTO TRADERS
GENERAL LEDGER
Dr Trading account Cr
R R
Jun 30 Inventory (1-7-2010) ^13 550 Jun 30 Inventory (30-6-2011) ^14 885
Carriage on purchases ^660 Sales (256 400 - 553) ^^255 847
Purchases (154 880 - 155) ^^154 725 Purchases returns ^245
Sales returns ^1 338
Profit or loss account (gross
profit) ^100 704
270 977 270 977
(20 x ½ = 10)
13
QUESTION 2 (25 marks)(30 minutes)
a)
M&S
TRIAL BALANCE AS AT 28 FEBRUARY 2011
Dr Cr
R R
Creditors control 928 900
Fixed deposit 95 000
Debtors control 919 200
Bank 96 000
Furniture and equipment 924 300
Land and buildings 9108 000
Mortgage 978 000
Vehicles 951 000
Inventory 930 400
Capital: Mica (1 Maart 2010) 9150 000
243 900 256 900
Loss for the year 913 000
256 900 256 900
(11)
It is important to draw up a trial balance first so that difference between the debit and credit balances can
be detected. M&S had a loss of R13 000 for the year.
b)
M&S 9
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2011
Capital
R
Balance as at 1 March 2010 9150 000
Loss for the year 9 (13 000)
Balance as at 28 February 2011 9137 000
(4)
14
FAC1502/202
QUESTION 2 (CONTINUED)
c)
M&S
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2011 9
ASSETS R R
15
QUESTION 3 (31 marks)(38 minutes)
ABC DEALERS
GENERAL LEDGER
Dr Bank Cr
R R
2011 2011
Feb 1 Balance^ b/d ^2 150 Feb 28 Total payments^ CPJ ^17 878
28 Total receipts^ CRJ ^27 584 Balance^ c/d ^11 856
29 734 29 734
Dr Cost of sales Cr
R R
2011 2011
Feb 1 Total^ b/d ^192 000 Feb 28 Trading inventory^ SRJ ^125
28 Trading inventory^ CRJ ^9 300 Total^ c/d ^208 175
Trading inventory^ SJ ^7 000
208 300 208 300
Dr Trading inventory Cr
R R
2011 2011
Feb 1 Balance^ b/d ^52 000 Feb 28 Cost of sales^ CRJ ^9 300
28 Bank^ CPJ ^7 200 Cost of sales^ SJ ^7 000
Creditors control^ PJ ^9 200 Creditors control^
Cost of sales^ SRJ ^125 Balance PRJ ^850
c/d 51 375
68 525 68 525
Dr Sales Cr
R R
2011 2011
Feb 28 Total c/d 432 600 Feb 1 Total^ b/d ^400 000
28 Bank^ CRJ ^18 600
Debtors control^ SJ ^14 000
432 600 432 600
16
FAC1502/202
QUESTION 3 (CONTINUED)
Dr VAT input Cr
R R
2011 2011
Feb 1 Balance^ b/d ^1 600 Feb 28 Creditors control^ PRJ ^119
28 Debtors control^ CRJ ^20 Balance^ c/d ^3 797
Bank^ CPJ ^1 008
Creditors control^ PJ ^1 288
3 916 3 916
Dr VAT output Cr
R R
2011 2011
Feb 28 Debtors control^ SRJ ^35 Feb 1 Balance^ b/d ^1 800
Balance^ c/d ^6 354 28 Bank^ CRJ ^2 604
Creditors control^
Debtors control^ CPJ ^25
SJ ^1 960
6 389 6 389
17
QUESTION 4 (17 marks)(20 minutes)
a) Calculation of profit/loss
F FORTUNE
STATEMENT OF ASSETS AND LIABILITIES AS AT 30 APRIL 2010
ASSETS R
Furniture ^25 000
Tools and equipment ^46 500
Inventory ^9 800
TOTAL ASSETS 81 300
LIABILITIES
Long-term borrowing ^14 000
Creditors ^5 200
Income received in advance ^3 800
Accrued expenses ^1 600
Bank overdraft ^6 500
TOTAL LIABILITIES 31 100
F FORTUNE
STATEMENT OF ASSETS AND LIABILITIES AS AT 30 APRIL 2011
R R
ASSETS Alternative
18
FAC1502/202
QUESTION 4 (CONTINUED)
(6) (4)
©
UNISA 2012
19
6 OCTOBER 2012 EXAMINATION PAPER
PLEASE NOTE:
20
FAC1502/202
The following bank reconciliation statement was prepared at 30 June 2012 in the books of Grey
Services:
R R
- 1 749
Credit balance as per bank statement ...................................................... - 1 010
Credit outstanding deposit ........................................................................ - 254
Credit incorrect entry on bank statement ................................................. - -
Debit outstanding cheques: 410 -
No. 558 152 -
No. 813 249 -
No. 821 2 202 -
Debit balance as per bank account ..........................................................
3 013 3 013
The following is a summary of the deposits and cheque payments recorded in the cash receipts journal
and the cash payments journal for July 2012:
CASH RECEIPTS JOURNAL CASH PAYMENTS JOURNAL
Bank Bank
Doc. Date Details (Amount Doc. Date Details (Amount
no. deposited) no. paid)
R R
7 Deposit 982 823 3 Telephone 410
16 Deposit 2 042 824 6 Purchases 4 600
20 L. Good 470 825 11 Insurance 294
27 Deposit 2 202 826 16 Wages 302
30 Deposit 1 152 827 20 F Andy 376
SO 25 Salaries 2 000
828 27 Water and electricity 84
CU K Dandy 142
829 30 G Bush 685
Abbreviations:
SO = Stop order
CU = Cheque previously deposited, unpaid (R/D).
21
QUESTION 1 (CONTINUED)
R R R
1 Balance - - 1 749 Cr
Error corrected ....................................................... - 254 2 003 Cr
2 Deposit - 1 010 3 013 Cr
Cash deposit fee .................................................... 21 - 2 992 Cr
7 Cheque no. 821 ...................................................... 249 - 2 743 Cr
Deposit - 982 3 725 Cr
Cash deposit fee .................................................... 21 - 3 704 Cr
12 Deposit (rent) .......................................................... - 290 3 994 Cr
Cash deposit fee .................................................... 6 - 3 988 Cr
16 Cheque no. 823 ...................................................... 410 - 3 578 Cr
20 Cheque no. 824 ...................................................... 4 400 - 822 Dr
Deposit - 2 042 1 220 Cr
Cash deposit fee .................................................... 40 - 1 180 Cr
Deposit - 470 1 650 Cr
Cash deposit fee .................................................... 6 - 1 644 Cr
MF 90 - 1 554 Cr
25 Cheque no. 825 ...................................................... 294 - 1 260 Cr
27 Cheque no. 826 ...................................................... 302 - 958 Cr
Stop order 2 000 - 1 042 Dr
Deposit - 2 202 1 160 Cr
Cash deposit fee .................................................... 75 - 1 085 Cr
Unpaid cheque (K Dandy) ...................................... 142 - 943 Cr
Cheque fees ........................................................... 25 - 918 Cr
IN 12 - 906 Cr
Additional information
1. Abbreviations:
MF = Management fee
IN = Interest on overdraft
2. Cheque no. 558 was drawn on 25 November 2011 in favour of K Kara for repairs to the building.
The cheque is stale and must be cancelled.
3. The correct amount of cheque no. 824 is R4 400 and not R4 600.
4. Cheque no. 828 was mislaid by the municipality and the bank was notified to stop payment. No
entries were made to record this.
REQUIRED:
a) Finalise the cash receipts journal and the cash payments journal for July 2012. (Begin your
answer with the totals) (14)
b) Open and complete the bank account for July 2012 in the general ledger of Grey Services. (4)
c) Prepare the bank reconciliation statement as at 31 July 2012. (8)
22
FAC1502/202
The following information was obtained from the books of Khulong Traders.
Additional information
REQUIRED:
a) Prepare the following general ledger accounts of Khulong Traders for the year ended
30 June 2012:
Inventory, (3)
Profit or loss, (9)
Capital. (3)
b) Prepare the statement of financial position as at 30 June 2012. (12)
Show all necessary calculations
23
QUESTION 3 (27 marks)(32 minutes)
The following information was obtained from the books of Orange Traders:
ORANGE TRADERS
TRIAL BALANCE AS AT 29 FEBRUARY 2012
Debit Credit
R R
Capital ................................................................................................. - 100 000
Drawings ................................................................................................. 2 445 -
Land and Buildings (at cost) ....................................................................... 200 000 -
Vehicles (at cost) ........................................................................................ 120 000 -
Furniture and fittings (at cost) .................................................................... 65 000 -
Accumulated depreciation: Vehicles (1 March 2011).................................. - 54 700
Accumulated depreciation: Furniture and fittings (1 March 2011) .............. - 22 700
Debtors control ........................................................................................... 6 780 -
Inventory: Trading (1 March 2011).............................................................. 13 550 -
Bank ................................................................................................. 7 775 -
Cash float ................................................................................................. 500 -
Mortgage ................................................................................................. - 150 000
Loan from Africa Bank (@ 12% p.a.) .......................................................... - 50 000
Creditors control ......................................................................................... - 3 200
Sales ................................................................................................. - 243 645
Carriage on purchases ............................................................................... 660 -
Commission income ................................................................................... - 15 000
Credit losses ............................................................................................... 244 -
Insurance ................................................................................................. 2 400 -
Packing materials ....................................................................................... 3 300 -
Purchases ................................................................................................. 154 880 -
Purchases returns ....................................................................................... - 245
Rent income ................................................................................................ - 3 300
Sales returns ............................................................................................... 1 338 -
Settlement discount granted ....................................................................... 553 -
Settlement discount received ...................................................................... - 155
Stationery ................................................................................................. 2 345 -
Wages ................................................................................................. 56 775 -
Water and electricity ................................................................................... 4 400 -
642 945 642 945
Additional information
24
FAC1502/202
QUESTION 3 (CONTINUED)
REQUIRED:
a) Record the adjustments in the general journal of Orange Traders. (Ignore narrations) (6)
b) Prepare the statement of profit or loss and other comprehensive income of Orange Traders for the
year ended 29 February 2012. (21)
Pride Sales had the following information in respect of its property, plant and equipment for the year
ending 30 September 2012.
Estimated lifespan 10 3
2. On 31 December 2011 management decided to increase capacity and bought the Green
machine on credit from Spring Color Machinery worth R525 000.The Aqua machine was traded
in for the purchase of the Green machinery, and the balance payable to Spring Color Machinery
with regard to the purchase is R175 000.
REQUIRED:
Prepare the following general ledger accounts for the year ended 30 September 2012:
a) Accumulated depreciation, (11)
b) Depreciation, (3 ½)
c) Machinery realisation. (5 ½)
Show all calculations where necessary, marks are also allocated for calculations.
©
UNISA 2012
25
7 SUGGESTED SOLUTIONS TO THE OCTOBER 2012 EXAMINATION PAPER
SILVER SERVICES
CASH RECEIPTS JOURNAL FOR JULY 2012
Receipts
(Bank)
R
Pencil total/ sub-total 6 848
Cheque 558 cancelled (repairs) 99 410
Rent income (B/S) 99 290
Correction cheque 824 (purchases) 99 200
Cancellation cheque 828 (Water and electricity) 99 84
7 832
(8)
SILVER SERVICES
CASH PAYMENTS JOURNAL FOR JULY 2012
Payments
(Bank)
R
Pencil total/ sub-total 8 893
Interest on bank acc (B/S) 99 12
Bank charges (21^ + 21^ + 6^ + 40^ + 6^ + 90^ + 75^ + 25^) 284
9 189
(6)
Dr Bank Cr
R R
2012 2012
July 1 Balance b/d 9 2 202 July 31 Total payments 9 9 189
31 Total receipts 9 7 832 Balance c/d ^845
10 034 10 034
26
FAC1502/202
QUESTION 1 (CONTINUED)
SILVER SERVICES
BANK RECONCILIATION STATEMENT AS AT 31 July 2012
Debit Credit
R R
Balance as per bank statement 99 906
Credit outstanding deposit 9 1 152
Debit cheques not yet presented for payment:
No. 813 99 152
No. 827 9 376
No. 829 9 685
Balance as per bank account 9 845
2 058 2 058
(8)
Dr Trading inventory Cr
R R
2011 2012
Jul 01 Balance b/d ^ 13 800 Jun 30 Trading account ^ GJ ^ 13 800
2012 Balance c/d ^ 15 335
Jun 30 Trading account ^ GJ ^ 15
335
29 135 29 135
(9)
27
QUESTION 2 (CONTINUED)
Dr Capital Cr
R R
2012 2011
Jun 30 Drawings ^ 2 695 Jul 01 Balance b/d ^ 100 000
Balance c/d ^ 136 990 2012
Jun 30 Profit or loss ^ ^ 39 685
139 685 139 685
b)
KHULONG TRADERS
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2012
ASSETS R
Non-current assets
Property, plant and equipment^ (200 000^+122 000^-54 700^+65 000^-22 700^) 309 600
Current assets 33 390
Inventories^ ^ 15 335
Trade and other receivables^ ^ 9 280
Cash and cash equivalents^ (8 025^ + 750^) 8 775
(12)
28
FAC1502/202
a)
ORANGE TRADERS
ADJUSTMENTS: GENERAL JOURNAL
Debit Credit
R R
1. Consumable on hand 345 ^
^
Stationery 345
Unused stationery at year end
2. Prepaid expenses 200 ^
^
Insurance 200
Premium paid in advance
c Interest on loan 3 000 ^
^
Accrued expenses 3 000
Interest on loan to be paid (12% x 6 months x R50 000)
d Accrued income 300 ^
^
Rent income 300
Rent for June not received
e Depreciation 19 560 ^^
^
Accumulated depreciation: Vehicles 13 060
^
Accumulated depreciation: Furniture and fittings 6 500
Vehicles (20% on diminishing balance)
Furniture and fittings (10% on cost price)
(6)
29
QUESTION 3 (CONTINUED)
b)
ORANGE TRADERS
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR
ENDED 29 FEBRUARY 2012
R
104 464
Distribution, administrative and other expenses 88 479
Stationery (2 3453 – 3453) 2 000
Insurance (2 4003 – 2003) 2 200
Credit losses 244 3
Depreciation (13 0603 + 6 5003) 19 560
Packing materials 3 300 3
Wages 56 775 3
Water and electricity 4 400 3
30
FAC1502/202
Dr Accumulated depreciation Cr
R R
2012 2011
Sep 30 Realisation ^ 285 000 Oct 01 Balance ^ b/d 300 000
(47 5003 + 190 000^ + (12 5003 + 25 000^ +
47 5003) 47 5003+ 25 000^ +
190 000^)
Balance ^ c/d ^ 143 750 Dec 31 Depreciation ^ ^ 47 500
2012
Sept 30 Depreciation ^ ^ 81 250
428 750 428 750
Oct 01 Balance ^ b/d 143 750^
(11)
Dr Depreciation Cr
R
2011
Dec 31 Accumulated depreciation ^
2012 347 500
Sep 30 Accumulated depreciation ^
(25 000^+ 56 2503) 81 250
128 750
(3½)
Dr Machinery realisation Cr
R R
2011 2011
Dec 31 Dec 31 Creditors control ^
Machinery ^ 3570 000 (525 000-175 000) 3350 000
Profit on sale of asset ^ 3 65 000 Accumulated ^285 000
depreciation ^
635 000 635 000
(5½)
31
QUESTION 4 (CONTINUED)
CALCULATIONS:
©
UNISA 2013
32