# Accounting Grade 12 Eastern Cape Mock 2016 QP (Eng) > Grade 12 Accounting question paper from the Eastern Cape Mock Exam 2016 (English), 16 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/accn-gr12-sept2016-eng-qp/e45b666b-fd56-491c-867c-69c8bc57b9d3 - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 12 - Document type: Question paper - Year: 2016 - Exam period: Eastern Cape Mock Exam - Curriculum: CAPS - Pages: 16 Breadcrumbs: [Home](https://www.hlayiso.com/) › [Library](https://www.hlayiso.com/library) › [Grade 12](https://www.hlayiso.com/library/grade-12) › [Accounting](https://www.hlayiso.com/library/grade-12/accounting) › [Accounting Grade 12 Eastern Cape Mock 2016 QP (Eng)](https://www.hlayiso.com/library/accn-gr12-sept2016-eng-qp/e45b666b-fd56-491c-867c-69c8bc57b9d3) ## About this document Accounting · Grade 12 · Eastern Cape Mock Exam · 2016. Question paper, 16 pages. Read online or download the PDF. Read it free online on the page above; download the PDF from there. ## Document text Text extracted from the PDF. Layout, diagrams and tables may not survive extraction. ### Page 1 Downloaded from hlayiso.com NATIONAL SENIOR CERTIFICATE GRADE 12 SEPTEMBER 2016 ACCOUNTING MARKS: 300 TIME: 3 hours *ACCNE* This question paper consists of 16 pages and a 15-page answer book. ### Page 2 Downloaded from hlayiso.com 2 ACCOUNTING (EC/SEPTEMBER 2016) INSTRUCTIONS AND INFORMATION Read the following instructions carefully and follow them precisely. 1. Answer ALL the questions. 2. A special ANSWER BOOK is provided in which to answer ALL the questions. 3. Show ALL workings to earn part-marks. 4. You may use a non-programmable calculator. 5. You may use a dark pencil or black/blue ink to answer the questions. 6. Where applicable, show all calculations to ONE decimal point. Copyright reserved Please turn overturn over ### Page 3 Downloaded from hlayiso.com (EC/SEPTEMBER 2016) ACCOUNTING 3 7. A breakdown of the questions is provided. You must attempt to comply with the suggested time allocation for each question. QUESTION 1: 45 marks; 25 minutes Main topic of the question: This question integrates: Managerial accounting Cost Accounting  Concepts, Production Cost Statement  Unit cost and break-even analysis QUESTION 2: 40 marks; 25 minutes Main topic of the question: This question integrates: Financial accounting  Bank and Creditors Reconciliation. Reconciliations Managing resources  Internal controls and Ethics QUESTION 3: 70 marks; 40 minutes Main topic of the question: This question integrates: Financial accounting Fixed assets and Companies  Concepts, Income Statement, Balance Sheet and notes. Financial Statements Managing resources  Depreciation, calculations and fixed assets management QUESTION 4: 70 marks; 40 minutes Main topic of the question: This question integrates: Financial accounting Financial statements, Cash flow  Concepts, Cash Flow Statement, ratio analysis and and Interpretation interpretation of financial information. QUESTION 5: 40 marks; 25 minutes Main topic of the question: This question integrates: Managing Resources Inventory valuation, VAT and  Calculating and interpreting stock information Problem Solving Financial accounting  VAT calculations QUESTION 6: 35 marks; 25 minutes Main topic of the question: This question integrates: Managerial accounting  Concepts, calculations and analysis of budget information Budgeting Managing resources  Internal control processes and corporate governance. Copyright reserved Please turn over ### Page 4 Downloaded from hlayiso.com 4 ACCOUNTING (EC/SEPTEMBER 2016) QUESTION 1: COST ACCOUNTING (45 marks; 25 minutes) 1.1 Match the terms in COLUMN A with an appropriate example/explanation from COLUMN B. Write only the letter (A–E) next to the numbers (1.1.1–1.1.5) in the ANSWER BOOK. COLUMN A COLUMN B 1.1.1 Fixed cost A Cost of raw materials used in the production process 1.1.2 Indirect labour B Completely manufactured goods ready for distribution to retailers 1.1.3 Selling and distribution C Debit order payment for the monthly cost factory rent and insurance 1.1.4 Variable cost D Wages paid to factory maintenance and cleaning staff 1.1.5 Finished goods E Cheque paid to the Daily Dispatch for a three month advertising contract (5) 1.2 SIDDHI BASKETS INC Siddhi Baskets Inc. manufactures baskets used for floral arrangements. The bookkeeper prepared a Production Cost Statement for the financial year ended 29 February 2016. Some information were not taken into account. REQUIRED: 1.2.1 Prepare the following for the financial year ended 29 February 2016:  Factory Overhead Cost Note (9)  The Production Cost Statement. (14) INFORMATION: A. Stocks on hand: 1 March 2015 29 February 2016 Raw materials 42 400 37 600 Work in process 27 600 36 800 B. Direct/raw material purchased during the financial year was R745 500. Carriage on raw material purchased amounted to R38 500. Copyright reserved Please turn overturn over ### Page 5 Downloaded from hlayiso.com (EC/SEPTEMBER 2016) ACCOUNTING 5 C. Factory Overheads: Foreman’s salary 198 000 Depreciation on factory equipment 86 560 Rent expense 107 240 Water and electricity 118 520 Insurance 34 845 Sundry expenses 22 600  The rent expense must be shared between the factory, sales department and office in the ratio 5 : 1 : 1.  75% of the water and electricity expense relates to the factory.  2/ of the insurance expense must be allocated to the factory. 3  The sundry expenses must be split as follows: 10% to the office section, 25% to the sales section and the balance to the factory D. 18 400 baskets were produced during the financial year at a cost of R87 per basket. E. The direct labour cost is the balancing figure. Copyright reserved Please turn over ### Page 6 Downloaded from hlayiso.com 6 ACCOUNTING (EC/SEPTEMBER 2016) 1.3 KUNAL’S SECURITY GATES Kunal’s Security Gates, owned by Sbu Kunal, makes security gates according to orders received. The information below is for the financial year ended 31 August 2016. REQUIRED: 1.3.1 Calculate the break-even point for the period ended 31 August 2016. (6) 1.3.2 Compare and comment on the break-even point and the level of production achieved over the last two years. Quote figures. (6) 1.3.3 Provide TWO reasons for the increase in direct material cost and suggest ONE way in which Kunal can control this cost. (5) INFORMATION: A. Cost information for the year ended 31 August: 2016 2015 TOTAL UNIT UNIT AMOUNT COST COST Direct material cost Variable cost 86 400 R180 R156 Direct labour cost Variable cost 122 400 R255 R242 Factory overhead cost Fixed cost 76 800 R160 R156 Selling and distribution cost Variable cost 74 400 R155 R152 Administration cost Fixed cost 60 000 R125 R129 B. Additional information for the financial year ended 31 August: 2016 2015 Total sales R412 800 R459 000 Selling price per unit R860 R850 Number of units produced and sold 480 units 540 units Break-even point ? 508 units 45 Copyright reserved Please turn overturn over ### Page 7 Downloaded from hlayiso.com (EC/SEPTEMBER 2016) ACCOUNTING 7 QUESTION 2: RECONCILIATIONS (40 marks; 25 minutes) 2.1 Indicate whether the following statements are TRUE or FALSE: 2.1.1 Post-dated cheques issued must be recorded in the Cash Payments Journal on the date of issue. 2.1.2 A business must record cash losses immediately when suspected, according to the materiality concept of GAAP. 2.1.3 A debit balance on the bank statement indicates a bank overdraft. (3) 2.2 Bank Reconciliation Lucky Jimmy, the cashier of Franco’s Deli, is in charge of collecting, receipting and banking all cash receipts and issuing cheques. He feels that there is no need to prepare a bank reconciliation statement because the bank keeps accurate records of all transactions as reflected on the bank statement. REQUIRED: 2.2.1 Calculate the correct bank account balance in the General Ledger on 31 July 2016. (9) 2.2.2 Prepare a Bank Reconciliation Statement on 31 July 2016. (7) 2.2.3 Provide ONE reason why the internal auditor expressed concern about Lucky’s job description. (2) 2.2.4 Explain to Lucky why it was necessary to prepare a bank reconciliation statement each month. Provide TWO points. (4) INFORMATION: A.  Favourable balance as per Bank account on 31 July 2016 was R11 743 before receipt of the bank statement from Money Bank.  Balance as per bank statement on 31 July 2016, R? B. Items on the July bank statement but not shown in the Cash Journals: Service fees R45 Cash deposit fees R132 Interest income R23 Debit order payment for insurance to X! Insurers R325 This amount appeared twice on the statement, in error. A dishonoured cheque – from a debtor, Y. Knot R475 Commission income from LUVLI Pastries R522 C. Cheque No. 1226 issued on 24 July 2016 to Nosy Tom for delivery appeared as R576 on the statement. The journal had the incorrect amount of R765. D. Cheques No. 1287 and No. 1299 for R675 and R2 010 respectively, issued during July 2016, were not on the bank statement. E. Deposit on 28 July 2016 for R4 410 was not on the bank statement. Copyright reserved Please turn over ### Page 8 Downloaded from hlayiso.com 8 ACCOUNTING (EC/SEPTEMBER 2016) 2.3 Creditors Reconciliation Port Traders buys goods on credit from Salt Suppliers. REQUIRED: 2.3.1 Show the changes to the Creditors Ledger account balance and the Statement balance for each of the differences listed below. Indicate whether the amount must be added (+) or subtracted (-) to the given balance. Use the table provided in the ANSWER BOOK. (12) 2.3.2 Refer to information vi): An investigation revealed that these goods were ordered by the owner for his personal use. As an internal auditor, what advice would you offer the owner regarding the purchase of goods through the business accounts? Make reference to a GAAP principle in your explanation. (3) INFORMATION: A. Balance due to Salt Suppliers on 30 June 2016 as per 87 320 (Cr) Creditors Ledger account in the books of Port Traders. Balance due by Port Traders on 26 June 2016 as per the 95 400 (Dr) statement of account received from Salt Suppliers. B. Differences noted: (i) A payment of R6 500 by Port Traders was omitted in the Creditors Ledger Account of Salt Suppliers and on the Statement received. (ii) An invoice for R14 300 received from Salt Suppliers was recorded correctly by Port Traders. The statement of account reflected R13 400. (iii) Port Traders correctly recorded a discount of R800 for early payment. This was not shown on the statement. (iv) Port Traders recorded a debit note for R1 250 in the creditors’ ledger account of Salt Suppliers in error. This was for goods returned to another supplier. (v) A credit note for R2 000 received from Salt Suppliers for an allowance granted, was incorrectly recorded as an invoice by Port Traders. (vi) The statement of account showed the following items that were not recorded by Port Traders :  Delivery charges for the month, R3 530.  Invoice for goods purchased, R2 400. (vii) A payment of R5 000 made on 28 June 2016 by Port Traders was recorded in the Creditors Ledger account of Salt Suppliers. The statement was dated 26 June 2016. 40 Copyright reserved Please turn overturn over ### Page 9 Downloaded from hlayiso.com (EC/SEPTEMBER 2016) ACCOUNTING 9 QUESTION 3: FIXED ASSETS AND FINANCIAL STATEMENTS OF COMPANIES (70 marks; 40 minutes) Micaila Ltd is a listed company with an authorised share capital of 1 000 000 ordinary shares. The information is for the financial year ended 29 February 2016. REQUIRED: 3.1 Refer to information (i): 3.1.1 Prepare the Asset Disposal account on 31 December 2015. (6) 3.1.2 Calculate the total depreciation on equipment for the year ended 29 February 2016. (5) 3.1.3 Calculate the carrying value of equipment on 29 February 2016. (5) 3.2 Complete the Income Statement for the year ended 29 February 2016. (38) 3.3 Prepare the TRADE AND OTHER RECEIVABLES note to the Balance Sheet. (8) 3.4 Complete the CURRENT ASSETS section of the Balance Sheet. (8) INFORMATION: A. Information from the pre-adjustment trial balance on 29 February 2016. Land and buildings 2 870 000 Equipment 966 200 Accumulated depreciation on equipment (1 March 2015) 549 600 Fixed deposit (8,5% p.a. interest) 220 000 Trading stock 415 400 Debtors control 280 200 Provision for bad debts 9 025 Bank 34 172 Dr Loan: Shark Bank 975 400 Creditors control 420 180 SARS: Income tax (provisional payments) 50 340 Sales 3 402 000 Cost of sales ? Audit fees 27 500 Sundry expenses 76 120 Municipal fees 215 800 Salaries and wages 235 820 Directors fees 316 100 Consumable stores 24 770 Rent income 98 523 Asset disposal 15 000 Commission income 60 281 Interest on fixed deposit 9 350 Discount allowed 6 330 Dividends on ordinary shares 326 250 Copyright reserved Please turn over ### Page 10 Downloaded from hlayiso.com 10 ACCOUNTING (EC/SEPTEMBER 2016) B. Additional information and adjustments: (a) Goods are sold at a profit mark-up of 50% on cost. The sales amount includes R27 000 for old stock sold to cash customers at 10% below cost. (b) Transactions relating to debtors not taken into account:  A cheque received in settlement of an outstanding balance of R3 600 less 5% discount was dishonoured due to insufficient funds.  A debtor with a credit balance of R1 200 must be transferred to her account in the creditors’ ledger.  The provision for bad debts must be adjusted to 2,5% of debtors control. (c) The stock-take on 29 February 2016 revealed that R2 540 worth of stock could not be accounted for. Consumable stores valued at R1 970 was not used. (d) The rent for February 2016 was outstanding. Note that rent increased by 7% on 1 January 2016. (e) Commission income of R5 577 for March 2016 was received and deposited. (f) The company had two directors on equal pay from 1 March 2015. A third director was appointed on 1 September 2015 on the same fee structure. This director’s fee for February 2016 was not yet paid. (g) Outstanding interest on fixed deposit must be taken into account. The fixed deposit was invested on 1 June 2015. Interest on fixed deposit is not capitalised. (h) Interest on loan is capitalised. The loan statement on 29 February 2016 showed a closing balance of R1 064 000. A fixed monthly instalment including interest is paid. This was recorded. (i) The asset disposal amount represents the cash received for the sale of equipment on 31 December 2015 as recorded in the Cash Receipts Journal. Apart from this entry, no other entries were made. The cost price of the equipment sold was R66 200. Accumulated depreciation on the equipment sold was R43 225 on 1 March 2015. Equipment is depreciated at 15% p.a. on cost. (j) The income tax for the year amounted to R46 770. 70 Copyright reserved Please turn overturn over ### Page 11 Downloaded from hlayiso.com (EC/SEPTEMBER 2016) ACCOUNTING 11 QUESTION 4: FINANCIAL STATEMENTS, CASH FLOW AND INTERPRETATION (70 marks; 40 minutes) Information from the records of Sazi Ltd for the financial year ended 30 June 2016 is provided. The company is listed on the stock exchange with an authorised share capital of 1 200 000 ordinary shares. REQUIRED: 4.1 Prepare the Share Capital note to the Balance Sheet on 30 June 2016. (7) 4.2 Fill in the missing amounts on the Cash Flow Statement. Show all workings. (22) 4.3 Calculate the following: (Show calculations to one decimal point.) 4.3.1 Percentage operating profit on total sales (3) 4.3.2 Average debtors collection period (in days) (5) 4.3.3 Net asset value per share (4) 4.3.4 Debt/equity ratio (3) 4.4 Comment on the liquidity position of the business. Quote THREE financial indicators (with figures) in your explanation. (8) 4.5 Some shareholders feel that the company paid back too much of the loan. What would you say to them? Make reference to TWO financial indicators with relevant figures to motivate your response. (6) 4.6 Comment on the dividend policy of the business and explain the effect of this on the business. Quote TWO financial indicators in your answer. (6) 4.7 A shareholder complained about the issue price of the new shares on 1 April 2016. Why do you think she complained? Quote TWO financial indicators with figures in your explanation. (6) INFORMATION: A. Information extracted from the Statement of Comprehensive Income (Income Statement) for the financial year ended 30 June 2016: Cash sales 7 392 000 Credit sales 7 392 000 Cost of sales 9 240 000 Depreciation 1 256 340 Operating profit 2 810 000 Interest expenses 675 000 Net profit before income tax 2 187 000 Income tax 656 100 Copyright reserved Please turn over ### Page 12 Downloaded from hlayiso.com 12 ACCOUNTING (EC/SEPTEMBER 2016) B. Figures from the Balance Sheet and Notes: 30 JUNE 2016 30 JUNE 2015 Fixed assets (carrying value) 11 935 460 12 363 550 Fixed deposits 620 000 950 000 Non-current liabilities 4 110 000 5 300 000 Current assets 2 051 300 1 432 400 Current liabilities 1 157 750 1 310 690 Shareholders’ equity 9 339 010 8 135 260 Ordinary share capital ? 7 134 000 Retained income ? 1 001 260 Current assets includes: Debtors control 892 800 575 500 SARS: Income tax - 15 500 Cash and cash equivalents 394 300 8 000 Current liabilities includes: Bank overdraft - 56 370 SARS: Income tax 34 600 - Shareholders for dividends 490 250 369 000 C. Share Capital  820 000 shares in issue on 1 July 2015.  180 000 shares issued on 1 April 2016 at 920 cents per share.  75 000 shares re-purchased on 1 May 2016 at 930 cents per share. D. Dividends An interim dividend of 97 cents per share was paid on 31 December 2015. A final dividend was declared on 30 June 2016. Only shareholders registered at the time of declaration qualify for dividends. E. Movements of fixed assets during the current financial year: Fixed assets to the value of R856 450 were purchased. Old equipment were disposed at carrying value. F. Credit sales amounts to 50% of total sales. Credit terms is 30 days. G. The following financial indicators were calculated: 30 JUNE 2016 30 JUNE 2015 Current ratio 1,8 : 1 1,1 : 1 Acid test ratio 1,1 : 1 0,5 : 1 Operating profit on sales ? 28% Average debtors collection period ? 42 days Average creditors payment period 42 days 54 days Solvency ratio 2,8 :1 2,2 : 1 Debt/equity ? 0,7 : 1 Return on average capital employed 21,3% 17% Return on average shareholders’ equity 17,5% 15,8% Earnings per share 180 cents 164 cents Dividends per share 150 cents 164 cents Net asset value per share ? 992 cents Market price per share on the JSE 1 100 cents 1 000 cents Interest rate on loans 11% 10,5% 70 Copyright reserved Please turn overturn over ### Page 13 Downloaded from hlayiso.com (EC/SEPTEMBER 2016) ACCOUNTING 13 QUESTION 5: INVENTORY VALUATION, VAT AND PROBLEM SOLVING (40 marks; 25 minutes) 5.1 INVENTORY VALUATION ± 27 Traders sells scientific calculators. The business is owned by Piet Fountain. The information relates to the financial year ended 31 August 2016. The business uses the periodic inventory system and the weighted average method to value the calculators. REQUIRED: 5.1.1 Calculate the following for the financial year ended 31 August 2016:  Value of the closing stock (10)  Cost of sales (2)  Gross profit (4) 5.1.2 Piet has experienced problems with stock theft and has installed a security camera. Despite this, he is sure that calculators were stolen.  Calculate the number of units missing. (4)  Provide another option that Piet can use to solve this problem. (2) 5.1.3 The stock holding period for calculators was accurately calculated at 64 days. Comment on whether this is appropriate for this product. Provide ONE suitable point. (2) INFORMATION: A. UNITS TOTAL (R) Stock of calculators on hand on 200 30 550 1 September 2015, inclusive of carriage. Stock of calculators on 31 August 2016 160 ? B. Purchases of calculators during the year: TOTAL (R) UNIT COST CARRIAGE MONTH UNITS (including (R) (R per unit) carriage) November 2015 265 135 5 37 100 January 2016 380 142 8 57 000 April 2016 190 156 9 31 350 June 2016 170 168 12 30 600 TOTAL 1 005 156 050 C. 10 calculators from the November 2015 batch were donated to a local school as prizes for a raffle. D. 5 defective calculators from the January 2016 purchases were returned. These were sent to the suppliers and a refund for the cost price plus carriage was obtained. E. 993 units were sold during the financial year at a fixed selling price of R220 each. Copyright reserved Please turn over ### Page 14 Downloaded from hlayiso.com 14 ACCOUNTING (EC/SEPTEMBER 2016) 5.2 VALUE ADDED TAX (VAT) The following information was extracted from the records of Mosco Stores for the VAT period ended 31 July 2016. VAT is applicable on all goods sold, at the standard rate of 14%. REQUIRED: Fill in the VAT amounts to the appropriate side of the VAT CONTROL Account. In completing the table, use only positive amounts. Show the amount either payable to or receivable from SARS in the space provided. (10) INFORMATION: (a) Amount due to SARS on 1 July 2016 4 778 (b) VAT on sales 25 844 (c) Purchases of stock exclusive of VAT 124 800 (d) VAT on goods taken by the owner for personal use. 210 (e) VAT on total discounts received from suppliers. 490 (f) VAT on debtors’ accounts written off. 448 (g) VAT on equipment purchased. 2 212 (h) VAT on old equipment sold on credit. 2 310 5.3 PROBLEM SOLVING: MANAGEMENT OF STOCK Sizi has two stalls selling bags and caps. REQUIRED: Identify a different problem in each shop, and provide one solution or advice. Quote relevant figures for each problem identified. (6) INFORMATION: for October 2016 SMART STREET JAMES STREET Assistant Fraser Andi Weekly allowance per assistant R1 200 R1 200 BAGS CAPS BAGS CAPS Opening stock (units) 80 120 50 120 Stock supplied by Sizi (units) 120 200 120 200 Closing stock (units) 82 60 40 250 Units sold 110 260 130 70 Selling price (per unit) R45 R20 R45 R20 Cash handed to Sizi (Rands) R4 950 R5 200 R5 500 R1 400 40 Copyright reserved Please turn overturn over ### Page 15 Downloaded from hlayiso.com (EC/SEPTEMBER 2016) ACCOUNTING 15 QUESTION 6: BUDGETING (35 marks; 25 minutes) 6.1 Explain why: 6.1.1 Bad debts will not appear in a cash budget. (2) 6.1.2 A cash budget is an effective internal control mechanism. (2) 6.2 ALGOA LTD Algoa Ltd is registered with an authorised share capital of 750 000 ordinary shares. On 1 September 2016, 515 000 ordinary shares were in issue. REQUIRED: 6.2.1 Refer to Information A. Calculate the cash expected to be collected from debtors during November 2016. Please note:  Debtors are not allowed any discounts  Bad debts are applicable (7) 6.2.2 Calculate the missing amounts denoted by (a) to (e) on the cash budget provided in information F. (13) 6.2.3 Calculate: (i) The amount of the loan that will be paid back on 1 November 2016 (3) (ii) The total cost of the new vehicle purchased on 31 July 2016 (4) 6.2.4 A young shareholder is of the opinion that the company should not spend money on staff training – they should employ trained personnel.  Explain why the company spends money on staff training. Give ONE point. (2)  What can the business do to ensure that trained personnel remain in the employ of the business? Give ONE point. (2) INFORMATION: A. Incomplete Debtors Collection Schedule for the three months in 2016. MONTHS CREDIT SALES SEPTEMBER OCTOBER NOVEMBER July 108 000 12 960 August 104 400 46 980 12 528 September 93 000 37 200 41 850 ? October 102 000 40 800 ? November 111 600 ? Total collection from debtors ? B. Cash sales is 40% of total sales. C. Cost of sales figures: SEPTEMBER OCTOBER NOVEMBER 96 875 106 250 116 250 Copyright reserved Please turn over ### Page 16 Downloaded from hlayiso.com 16 ACCOUNTING (EC/SEPTEMBER 2016) D. Cash purchases amounts to 20% of total purchases. Stock sold in a month is replaced in the same month (the business maintains a base stock). E. Creditors for stock purchases are paid in the month following the purchase (30 days) to take advantage of a 5% discount. F. Cash Budget for the two months ending November 2016 OCTOBER NOVEMBER Receipts Cash Sales 68 000 74 400 Cash from Debtors 95 178 6.2.1 Rent Income (a) 16 985 Interest on investment Additional shares issued 513 000 Total receipts Payments Cash purchases of stock 21 250 (b) Payment to creditors 73 625 (c) Salaries and wages 126 400 133 984 Interest on loan 2 000 1 750 Staff training programme - 18 000 Advertising 8 160 (d) Ordinary share dividends - (e) Vehicle instalment 4 750 4 750 Sundry expenses Total payments G. The rent will increase by 7,5% on 1 November 2016. H. Advertising is a fixed percentage of cash sales. I. A new vehicle was purchased on 31 July 2016. A deposit of R40 000 was paid and the balance is to be settled by a fixed monthly instalment over four years. J. Additional shares were issued on 1 October 2016 at R5,40 per share. An interim dividend of 15 cents per share will be paid on 30 November 2016. The new shareholders qualify for interim dividends. K. Part of the loan will be re-paid on 1 November 2016. Interest on loan at 10% p.a. is payable on the last day of each month. 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