Accounting Grade 11 KwaZulu Natal June 2015 Question Paper

Downloaded from hlayiso.com KZN-DEPARTMENT OF EDUCATION GREENBURY SECONDARY SCHOOL ACCOUNTING ~— GRADE 11 JUNE EXAMINATION -2015 EXAMINER: A.RAJOO MODERATOR: C.MAHARAJ DURATION : 3 HOURS MARKS : 300 INSTRUCTIONS AND INFORMATION: 1. You are provided with a question paper of 11 pages and an ANSWER BOOK. 2. This paper consists of SEX compulsory questions. ( ; jAnswer all questions. 4, Use the format provided in the answer book in order to reflect your answer, 5. Where applicable - workings must be shown in brackets in order to earn part- marks. 6. You may use black/blue ink to answer the question. 7, Non-programmable calculators may be used. 8. You must attempt to comply with the suggested time guide. QUESTION TOPIC MARKS MINUTES 1. Bank Reconciliation Statement 40 22 2. Creditors Reconciliation Statement 24 14 - 3. Tangible Assets 36 22 (3 4. Income Statement 130 80 5. Balance Sheet 52 32 6. Ethics and Internal Control 18 10 300 180 Page | 1

Downloaded from hlayiso.com os QUESTION ONE: BANK RECONCILIATION STATEMENT (40 Marks; 22 minutes) REQUIRED: 1.1 Choose the correct answer from the list provided. Write the answer only next to the question number in the answer book. Match the concepts with the staternents below. | Post dated , Debit Order , Stop Order , Stale Cheque , Dishonoured Cheque | 1.1.1 A cheque that is older than six months. 1.1.2 Acheque that has been returned by the bank to the business and which is unpaid. 1.1.3 A cheque dated for the future. 1.1.4 Permission given to a third party to access money from the business bank account. 1.1.5 Permission given to the business bank to pay a third party. (6) ( ) 1.2 You are provide with information relating to Joy Jewellers. REQUIRED: 1.2.1 Explain why it is important for a business to prepare a Bank Reconciliation Satement each month. (2) 1.2.2 Calculate the correct totals for the cash Receipts Journal and Cash payments Journal for May 2015. (Details not required) (12) 1.2.3 Calculate the Bank Balance on 31 May 2015. State whether this is a favourable or unfavourable balance. (5) 1.2.4 Prepare the Bank Reconciliation Statement on 31 May 2015. (10) 1.2.5 Refer to information 4 below: ¢ 1.2.5.1 Explain why the internal auditor should be concerned about the outstanding deposit of R 20 295. G) 1.2.5.2 Explain how cheque No. 674 should be dealt with when preparing the financial statements on 31 May 2015. Give a reason for your answer. (3) Page | 2

Downloaded from hlayiso.com INFORMATION: 1. At the end of the previous month , 30 April 2015 , the following items were reflected in the Bank Reconciliation Statement: Favourable balance in the ledger of Joy Jewellers, R. 6 325 Favourable balance on the Bank Statement , R12 545 Outstanding deposit (dated 30 April 2015) , R 12 000 Outstanding cheques: No. 261 (dated 3 November 2014) , R 5 000 No. 519 (dated 14 April 2015) , R 8 920 No. 543 (dated 12 May 2015) , R 4 300 NOTE: Cheque No. 261 and 519 did not appear on the May Bank Statement either. ‘_) on3t May 2015 , the provisional totals in the journals were: CRJ —R 70 600 CPJ -—R 105 320 3. The following items were reflected on the Bank Statement but not in the journals for May 2015. eo eee ee Direct deposit by a debtor S.Smith , R 2 400 Bank charges , R 520 Interest on fixed deposit for May , R 700 Interest on overdrafi for May , R 810 Stop order in favour of Sun insurance Co. R 660 Dishonoured cheque on 30 May 2015, originally presented by a debtor, C.Crook , R 6 200. 4. The following differences were noticed: () ° ° Cheque No. 565 for repairs was shown in the CPJ as R 1570, but on the May Bank Statement as R 1 750. The bank statement is correct. A deposit of R 12 000 appeared on the Bank Statement on 1 May 2105, but did not appear in the May CRI A deposit of R 20 295, dated 20 May 2015 , appeared in the May CRJ, but not on the May Bank Statement. The following cheques appeared in the May CPJ, but not on the Bank Statement: No,654 (dated 23 May 2015) , R 2 800 No.674 (dated 29 August 2015) , R 2 520 Page | 3

Downloaded from hlayiso.com QUESTION TWO: CREDITORS RECONCILIATION STATEMENT (24 marks, 10 minutes) Senzo Stores buys all their goods from Macky Wholesalers on credit. They keep a record of transactions with Macky Wholesalers in the creditors ledger. Once a month Macky Wholesalers sends them a statement of account and the bookkeeper reconciles the records. REQUIRED: 2.1 Prepare the correct account of Macky Wholesalers in the creditors ledger on 30 June 2015. (10) 2,2 Prepare the Creditors Reconciliation Statement on 30 June 2015. (10) 2.3 The owner of Senzo Stores is concerned that the bookkeeper could be defrauding the business through the creditors system. List TWO internal control measures that must be applied to maintain control over creditors. 4) INFORMATION: Statement of account received from Macky Wholesalers Macky Wholesalers Staement of account 101 Old Main Road Tel ; 031- 578 5011 Pinetown Fax: 086 005 5600 2655 Account no. Sen 985 Date Details | Debit Credit Balance June | 1 | Balance 14550 5 | Invoice no. 345 4290 18 840 Credit note no. 109 340 18 500 13 | Receipt no. 211 9 495 9 005 23 | Invoice no. 377 2.995 12 000 27 | Invoice no. 396 4090 16 090 29 | Interest on overdue account 12 16 102 Page |4 ©

Creditors Ledger of Senzo Stores Downloaded from hlayiso.com Macky Wholesalers Date Details Fol Debit Credit Balance June | 1_| Account rendered b/d 14.550 5_| Invoice no. 345 4920 19 470 7_| Debit note no, 86 340 19 470 13 | Cheque no. 211 9 495 9 635 Discount 1 055 8 580 14 | Invoice no. 134 2 887 11 467 23 | Invoice no. 377 2995 14 462 27 | Invoice no. 396 3 681 18 143 30 | Invoice no. 401 1 886 20 029 ‘ oan comparing the statement received from Macky Wholesalers with their account in the creditors ledger the following were discovered: 1. Invoice no, 345 on 5 June 2015 was incorrectly recorded as R 4 920 in the Creditors Ledger. Correct the error. 2. Senzo Stores qualified for a 10% discount on the payment made on the 13 June 2015, as the paid within 30 days. Macky Wholesalers appoligised and will deduct R 1 055 discount which will appear on the statement for July 2015. 3. Invoice no. 134 for R 2 887 was entered into the account of Macky Wholesalers by mistake. It was discovered that the purchase was made from Midland Stores. Correct the error. 4. A trade discount of 10% was approved on invoice no. 396. The discount was omitted on the statement of account. s Invoice no. 401 does not appear on the statement as it was issued to Senzo stores after the statement was sent. It will appear on the statement for July. Page | 5

Downloaded from hlayiso.com QUESTION THREE: TANGIBLE ASSETS (36 marks, 22 minutes) REQUIRED: 3.1 Prepare the Asset Disposal Account. (10) 3.2 Calculate the depreciation amount for vehicles that will be shown in the income statement for the year ended 28 February 2015. (5) 3.3 Calculate the rate of depreciation on equipment. (3) 3.4 Complete the Tangible Asset Note to the Balance Sheet of Top Class Traders for the year ended 28 February 2015. Some figures have been entered on the special answer sheet. (14) 3.5 List TWO reasons the business should implement to prevent the misuse of vehicles. (4) INFORMATION: 1. The following incomplete Tangible Asset note was extracted from the Balance Sheet on 28 February 2015, the end of the financial year. ( ) Tangible Asset Note on 28 February 2015 - Land and buildings Vehicles Equipment Cost 910 000 2 172.000 Accumulated depreciation 0 (146 000) (83.000) Carrying value (beg. Of year) 2 ? ? Movements Additions at cost 2 2 2 Disposals at CV 0 2 0 Depreciation 0 ? ? Carrying value (end of year) 4 2 2 Cost 1300 00 390 000 208 000 Accumulated depreciation 0 2 (108 800) 2. New equipment was purchased on 28 February 2015 and is already recorded in the figure provided. No equipment was sold. Depreciation is provided using the fixed instalment method. ( 3. An old delivery vehicle which cost R 70 000 was traded in on 1 June 2014 for R 22 000. The accumulated depreciation on the old delivery vehicle was R 45 360 on 1 March 2014. e The new delivery vehicle cost R 120 000. This was purchased on 1 June 2014, e Depreciation is provided at 20% p.a on carrying value. Page | 6

QUESTION FOUR: PARTNERSHIPS Downloaded from hlayiso.com (130 marks, 70 minutes) The information presented below is from the records of SC TRADERS for the financial year ended 31 December 2015. SC Traders is a partnership with partners Sunny and Cher. INSTRUCTIONS: 4.1 MATCHING ITEMS Choose a statement from column B that matches the GAAP principle listed in column A. Write only the letter next to the question number in the space provided in the answer book. [| COLUMN A COLUMN B 41.1 | Matching A | The market value of the building is R 1 000 000, but it must be recorded at its original cost price of R 450 000 4.1.2 | Going concern B_ | “small” expenses are grouped together and classified as sundry expenses 4.1.3 | Historical cost C | Money lost due to theft of stock is written off, even though it may be recovered in the future. 4.1.4 | Prudence D_ | Insurance includes R 350 which relates to the next financial year 4.1.5 | Materiality E_ | Financial statements are prepared on the assumption that the business will continue operating in the future, (10) REQUIRED: _ 4.2 Prepare the Income Satement for the year ended 31 December 2015. (52) 4.3 Prepare the following notes to the financial statements: 4.3.1 Trade and other Receivables (16) 4.3.2 Trade and other Payables (16) 4.3.3. Partners Current Account (26) 4.4 Refer to adjustment no. 4. State the GAAP principle applicable . (2) 4.5 Complete the accounting equation for adjustment no. 6 (4) 4.6 Calculate the total earned by Sunny. (4) Page| 7

Downloaded from hlayiso.com ” INFORMATION: Extract from the Pre-Adjustment Trial Balance on 31 December 2015 Balance Sheet account section Debit Credit Capital : Sunny 1 500 000 Capital : Cher 1.500 000 Current account : Sunny (1/1/2015) 150 000 Current account : Cher ( 1/1 2015) 50.000 Drawings: Sunny 110 000 Drawings : Cher 90 000 Loan : Strand Bank 360 000 Fixed Deposit : People Bank (8% p.a) 270 000 Trading stock 284 000 Debtors Control 180 000 2 Provision for bad debts( 1/1/2015) 20 000 Creditors control 320 000 ( ) SARS(PAYE) 2 260 Pension fund 1 280 Medical aid fund 958 Creditors for salaries 4390 Deposit for water and electricity 2.000 Nominal account section _ Sales 6 500 000 Cost of sales 2.270 000 Debtors allowances 13 000 Salaries 980 000 Bad debts 25 000 Rent income _ 288 000 Discount received 30 000 Discount allowed 17.000 Packing material 45 000 Insurance . 98 000 Commission income 42 000 ( Sundry expenses 2222 Interest on overdraft 28 000 Tnterest on fixed deposit 18 000 Adjustments and additional information: 1. A credit sale of R 9 000 on 27 December 2015 was not yet recorded, The mark-up on cost was 50%, 2. According to the physical stocktaking on 31 December 2015 the following were on hand: * Trading stock — R 272 500 * Packing material — R 10 000 Page |8

} Downloaded from hlayiso.com 3. The loan statement received from Strand Bank revealed the following: e Balance on 1 January 2015 -- R 500 000 e Repayments for the financial year ending 31 December 2015 ~ R 140 000 e Balance on 31 December 2015 ~R 410 000 Make provision for the interest on loan 4. The rent income includes the rent for February 2016. NOTE: The rent was increased by 10% with effect from 1 November 2015. 5. Depreciation was calculated for the year as follows: * Equipment —R 92 500 * Vehicles — R 13 800 6. Insurance includes a premium of R 36 000 for the period 1 June 2015 to 31 May 2016 7. Provide for outstanding interest on fixed deposit. 8. Commission income of R 15 000 is outstanding. 9. Write off an additional R 500 as bad debts and thereafter adjust the provision for bad debts to 5% of debtors. 10. The detail of an employee , R. Martin was left out of the salaries journal for December 2015. His details are as follows: Gross monthly salary 8 000 | Deductions PAYE 920 Pension fund 540 Medical aid fund 620 The employer contributes on a rand for rand basis to the pension and medical aid funds. 11. According to the partnership agreement the following appropriation must be done: * Provide for interest on capital at 10% p.a . Sunny increased his capital by R 300 000 while Cher decreased her capital by R 500 000 on 1 July 2015 to maintain equal capital balances. These changes have been correctly recorded. ¢ Both partners are entitled to a bonus of R 20 000 at the end of the financial year, e Partners are entitled to the following monthly salaries: e Sunny —R 24 000 e¢ Cher -R 36 000 ¢ The remaining profits/losses must be shared in the ratio 3 : 2 Page | 9

Downloaded from hlayiso.com has QUESTION FIVE: BALANCE SHEET (52 marks, 32 minutes) The following information was taken from the records of JL Traders with partners Jeff and Loyd. The financial year ends on 30 June 2015. Required: Use the information below and complete the Balance Sheet. NOTE: No notes are required . Workings must be shown in brackets so that part marks are achieved. INFORMATION: 1. Partners capital: Balances on 1 July 2014 Jeff—-R 1600 000 Loyd —R 800 000 On | January 2015 Jeff increased his capital by R 200 000. 2. Current accounts: On 30 June 2015 the current accounts reflected the following balances: ( ) Jeff- R 84 000 Cr Loyd — R 62 000 Dr 3. The fixed deposit at Union Bank amounts to 1 200 000 One third of the fixed deposit is to mature on 1 December 2015. 4, The mortgage loan from Allied Bank reflected the following: Balance on 1 July 2014 - R 760 000 Interest capitalized for the year —R 40 000 Repayments for the year — R160 000 The loan is expected to be repaid as follows : R 240 000 on 31 October 2015 R 400 000 on 1 December 2016 5. List of Post Closing Balances on 30 June 2015. Land and buildings 1 800 000 Equipment 586 400 Accumulated depreciation on equipment 82 400 ¢ Trading stock 222? Debtors control 192 000 Provision for bad debts 14 000 Creditors control 216 000 Bank overdraft 320 000 Petty cash 1600 Cash float 1 400 Accrued income 10 400 Ace 16 000 rued expense Prepaid expense 7.200 Deferred income 28 000 Consumable stores on hand 6 000 Page | 10

Downloaded from hlayiso.com QUESTION SIX: ETHICS AND INTERNAL CONTROL (18 marks, 10 min) Steve’s Cartage owns three trucks that are used to deliver building sand to construction sites in Durban. They charge a flat rate of R 600 per load. The orders for the building sand are made to business’s office but customers pay the driver directly when the deliveries are done. INFORMATION: The following information was extracted from the accounting records on 31 December 2014, the end of the financial year. Details from the Fixed Assets register Truck 1 Truck 2 Truck 3 Date purchased 30/06/2012 01/01/2009 30/09/2009 Cost price 600 000 800 000 500 000 Accumulated depreciation 254 400 160 000 499 999 Carrying value j 345 600 640 000 1 Other information from the accounting Truck 1 Truck 2 Truck 3 records Name of driver Prem Audrey Shezi Number of days worked 280 208 280 No. of truck loads of sand delivered 1400 650 1680 Cash paid in by drivers 780 000 390 000 1.008 000 Drivers annual salary 108 000 108 000 108 000 Fuel and maintenance costs 154 000 68 250 403 200 | Kilometres covered during deliveries 35000Km | 19500 Km 50400 Km Fuel and maintenance costs per Km R440 R3.8 R 8,00 REQUIRED: 6.1 Identify one problem relating to each truck or its driver. Quote figures from the information given above to substantiate your answer . Also provide a valid solution to each problem identified. (18) TOTAL : 300 GREENBURY SECONDARY SCHOOL Page | 11 DEPARTMENT OF COMMERCE

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Downloaded from hlayiso.com Page I of 11 KZN-DEPARTMENT OF EDUCATION GREENBURY SECONDARY SCHOOL ACCOUNTING ~ GRADE 11 100 JUNE EXAMINATION ~ 2015 300 SPECIAL ANSWER BOOKLET NAME: Mew eel GRADE: QUESTION MAX. PUPILS MARK MARK 1 40 24 2 36 3 130 4 52 5 18 6 TOTAL 300 MODERATOR: GREENBURY SECONDARY SCHOOL . DEPAI 'T OF COMMERCE DATE: H.0.7. SC MAHARAJ

Downloaded from hlayiso.com Page 2 of 11 QUESTION ONE: 12.1 1.2.2. 1.2.3. Lil. | ¢7qré CHEQUE f 112. | pisHeNouged CHERLE ” 113. | fos - DATER A Lid. | REZ/T ORDER v 115. | S7oP sASER “ 1.2.1 Explain why it is important to prepare a bank reconciliation statement? YVERIFY BANK BALANCE if ¥ CHECK FoR ERRORE/OMISCIONS i Aus U Y INTERNAL COlTeoL FRoceDUREY ANY IX Calculate the correct CRJ and CPJ totals. CRI BANK CPJ BANK PROVISIONAL 70 600 PROVISIONAL 105 320 TOTALS ly TOTALS 5 cco ¥ $20 2 400 oA | 12 810 Teo eco |” ; 6 200 igo “| iy € 718 “Too N3 69q 7 Calculate thebank balance gn 31 May 2015 f 6325° + 78 T00" ~ 3 6FO” = 28665 RZ) S State whether favourable/unfavourable: 5 UA FAV OUR ABLE /

1.2.4. 1.2.5.1. 1.2.5.2. Downloaded from hlayiso.com Page 3 of 11 Bank reconciliation statement DEBIT CREDIT AR BALANCE AS Per B/¢ 34 120°C) L CR OUTSTANDING DEPOSIT 20 295 7 DR OUTCTABDISG CHEQUES No, SIF 8720 No. 654 ZB No. 674- 2520 ” CR BALABCE MPR RAM He zeces WV id 10 48 T60 4B ICO Explain why the auditor should be concerned with the outstanding deposit of R20 295. Z FRAUh COLA BE TAKING LACE £6. ROLLING CF 3 CASH. THE DEPOSIT’ SHOULD HAVE APPEARED 045 if Tite gots OF JMAY OA THE BANK STATCM GIT Explain how cheque no. 674 should be treated when preparing the financial statements. Give a reason. 3 3 dR BANK /(SUBTRAT FROG BANK URPAVORABLE CR CREOITERA ConTRAL ( AD “TO ef ) V4 Reason: CREA/TeKt HAYE NOT LEG) PiID AND BANK HAS KNOT DECREASED . MW CHEOUE /$ POST. LATED 40

Downloaded from hlayiso.com Page 4 of 11 QUESTION TWO: 2.1. 2.2. 2.3. CREDITORS LEDGER OF SENZO STORES MACKY WHOLESALERS DATE | DETAILS FOL | DEBIT | CREDIT | BALANCE B Tune |30 | BALANCE Va: 2o 029-4 yv INV. RO. 345 Cr 630 * It 399“ fo INV. 100, 134) 2687 4 L 16 SIZ. , 10 I TERECT 12 | 16 $24" () CREDITORS RECONCILIATION STATEMENT DEBIT CREDIT BALANCE \v SA BACARCE AS PR SHTOMNT L 1G 1072" lo : 10 DIScouMT ORAIT TE) joss | 15 oF 7H DISCOUNT OAMIT TED yp 409 | 14 6387 INU. KO. Fob /88C 76 S24 List TWO control measures that must be applied to maintain control over creditors. a & SEPARATION A AUTIEL Ye > REGULAR CHECKS ons INVECE W © WTRBAL AUSITS YA MW « CHECK CREAI TORE LEOCCR AGAINCT CREMTOL STATEMENT 4 24 ANY 2X2

Downloaded from hlayiso.com Page 5 of 11 QUESTION THREE: 3.1. ASSET DISPOSAL J \Y gue! (| VEHICLES vA 7 OCOCTBE | 1 | see her ont Veteues 46 572 1 (45360 4/2325 | cxesioes wrbeanl 7 | 22 c00| ye lesson jue oF Asay | 1408" “JO 60m 70 COG lo ) a 3.2. Calculate the depreciation to be shown in the income statement. SOLD: oo x¢ Ze 2 (Te 00 = #6 592) x joo ie 4 1232 NEW: 20 129 ©C& x poo x4 12000 4 & 5 REMAINING: (2Te 000 - joo 640) y x Wee 33872 () TOTAL: 53 104E/ 3.3. Calculate the Jate of depreciation on canipmgnt 2 . we ~ (72 00C X® FE = BO SOO 72 3 1S xm = - 2S8B00 KIO 2 672 COD

Downloaded from hlayiso.com 4 14 > Page 6 of 11 3.4. 3.4 TANGIBLE ASSETS LAND AND | VEHICLES | EQUIPMENT BUILDINGS 72 COST 910 000 340 Ko 172 000 ACCUMULATED DEPRECIATION 0 (146 000) (83 000) CARRYING VALUE q10 cco | 194 cco 87 600 MOVEMENTS L Pz ML Additions at cost 310 COO | }20 ECO 36 €6O A. Disposals at CV 0 ¢ 23 408)" 0 Depreciation 0 ($3 log) (25 &e0) 4 Carrying Value 1 800 bh a37 488GP 44 goo iz Cost 1300 000 390 000: 208 000 ACCUMULATED DEPRECIATION oO (182 siz) (108 000) 3.5. List two reasons business should implement to prevent misuse of vehicles. © AUTHOR SATIO) PR UIE OF VeHTCLES VY yf © VEHICLE PAPKCD AT BUSINESS ~ FAI OF GACH HAY © MAI TARIG A LOG Brot, FOR EACH VEHICLE aw + TRACKER ETC, a ANY 2X1 3C 36 QUESTION FOUR: 4.1. _) 444 bh Wf 4.1.2 E Wf 4.1.3 A Ww 4.1.4 Cc 4.15 & 1@ 10

4.2. Downloaded from hlayiso.com $2 52 Page 7 of 11 INCOME STATEMENT FOR Tye YEAR ENDED 28 FEBRUARY 2015 4 Sales (£500 cca + Jooo ~ /3 000) 6476 0CO Cost of Sales ( 227e cou F 6 ooo) (2216 eco) Gross Profit 4220 COO 4 Other operating incomes SS 244 s7s ia RENT iNCOME (288 OcO - A000) 244 600" AiscounsT RECEIVED SL, 20 000 VY Codd [SS 10K IMCAME (42000 ¢ 15.000) ST ed PROV. FOR BAO HBTS AbTACTAA EIT Ac jo STS 4 Gross Income 456] $75 Operating Expenses 4 200S 17S ye TRHIVG STOCK DEF CIF (278 Ce ~ 272 Seo) S 500-] PKUKIRG MATRIAL (49000 — lo coo)” ZS 0007 DPREAA TIN (72 5t0°t/2 eo) “ 106 Sco INSURANCE ( 7& COO =/5 G0 J” 83 coo bad DEBTS (28e00 tga) 25 $00 SALARIEL (780 coo “FB eco) 7BB COCO PEISIOW COW TRIBUTION S4O Medi Cnt AI CONTRILU TIO 620 AISCOUU T ALLOW ER) IT 008 “yh SUMDEM ExP EN SEL 743 US Operating Profit SL 2556 400 Interest Income (14 Bobo + 3éc0 ) 21 6cOo” Profit before interest expense // ; L 457TB coo v Interest expense ( Se coo +28 eo) (78 eco ) NET PROFIT 2 500 000

4.3.1. 4.3.2. 4.3. Downloaded from hlayiso.com Page 8 of 11 TRADE AND OTHER RECEIVABLES ” TAME DEBTORS (180 060 #7000 ~ See), 188 Soo a LESS: Pavissots FR BAD HEBTL (20000-1057) (9 42S) 7 NET TRADE HBT 117 018 16 AcchuG IN@AAE (15 C&O + 2600) 18 Goo 7 16 PREFHID EMPEWSE 15 @ce ”, DEPOSIT: WATER f ELECTRICITY 2 O08 s ; ae &1S W/ TRADE AND OTHER PAYABLES TRAME CREAFTORS 220 002 7 () DEFERLG INCOME ; 44 60D 7 Sats (PAYG) (2260 #920) 7 f 2 180 7 PENSION FUN) C1280 + $40 + S40 | 2 Ba ” 1G Wedica Nhs PII (158 + 62, F620), 2178 7 16 CREDI TRL POR CALARIGS (F290 167 20) jo 3i0 7 362 0f6 "C) CURRENT ACCOUNT SUNNY 7 CHER af CALHKRY 288 Of 442 coe , INTRET Of CRPETAL 135 eo'| 17S ceo” Bonus ZO COOY 20 CLO ( Primary division of profits 442, OG 62T CeO ae? Final division of profits 858 oon 672 xo) Profit per income statement 4304 cco P4199 coog 26 | DZAINING S (0 000 YW ( 40 606 6 Retained Income 94 00o GP 1109 BeOeP BALANCE (BEG ) 150 (Do, Go CcoHy’ Balance (end) 1244 CO” | EI cco’

4.4, 4.5. 4.6. Downloaded from hlayiso.com Page 9 of 11 State the GAAP principle applicable. MATCHING VW/ Complete the accounting equation. Account Debit Account Credit A O-+ PalPRIS EXPENSE” | ig URAMNCE Vv + | +” 4.4 Calculate the total earned by Sunny,” “ “ 288 cco “+138 E00 +20 000 + BSB 000 = (404 ceo 130 130

4 Downloaded from hlayiso.com Page 10 of 11 QUESTION FIVE: _ BALANCE SHEET AS AT 30 JUNE 2015 Non Current Asset 4 ; 3104 con TANGIBLE AsseTs (182 000 + S86 foo - 82 foo) 2304 co Financial Asset Z Loe ©00 EP Fiver D&fociT : YAIION BAK (1220 00 = Fee COD $a c00 ‘4 Current Asset (2842 cco z ro com) 728 coo 4 INVENTORIES ( bees 4 + 133 400)" “ww 129 400 Recewuagles (1120p /4 gm #104 +7z0) | 119 éoo io CASH ( #0 cco” + /6€0 +1400} 403 00oOF Total Assets B42 CoO” Equity and Liabilities Partners Equity ZL Va 4 2622 woo “chritm (1600 ec0 + 800 ce0, + 200 o>) 2600 600" CURRENT AccounsTt (8 CEO ~ 62 Coo) 22 coo| Non — Current Liability L 4 4 400 C004 LOAM: AUICM BiwlK (760 600 +40 000 ~ 160 Geo -240 cel] foo €00 -] Current Liability Lo Z wa 4 820 BP PAYABLES (240 00 +246 000 416.000 4 2B cco ) See CO EZ] BAW OVGBRAFT 320 G00 | Total Equity and Liability 3842 COOL? SL 52

Downloaded from hlayiso.com Page 11 of 14 QUESTION SIX: 6.1 TRUCK PROBLEM VALID SOLUTION CASH PAID IS BY DRIVE ~ SHORTFALL oF Rbo cool! (#40 eco - 780 eco) INVESTIGATE Nb DISAMSS IF THEFT 1S AISCVRD. DBWwee wokKed leAsr MiwapeR. SF DATS - 208 bAYS SAP AS THE OTHER Y DEINES OLY PAY FOR THE DAYS WORKED IF LERGON FOR ABIES 1S Not VAC. Wa OLOEST VEHICLE HAS THE MOST DELIVERIES ~ 168° AND HiGuest Fue ANS TENANCE, COLT ~ MAIN TEN: Wy K 403200 RERACE VOHICLE of, SOP ineTe fubkeys VEHICLE ll I 18

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