Accounting Grade 11 KwaZulu Natal June 2017 Paper & Memo

Education \(? KwaZulu-Natal Department of Education REPUBLIC OF SOUTH AFRICA e HEAAAASAAA AA AAAAE SESE AS ELAR LEER RAAT REALE ERR y ACCOUNTING ‘ COMMON TEST | NATIONAL SENIOR CERTIFICATE [ GRADE 11 MARKS: 300 TIME : 3 hours This question paper consists of 14 pages and a 11 page answer book. Copyright Reserved Please Turn Over ae as ssiemnininiini cP REE a srcerreornccersbtin iam

Accounting Downloaded frem h layiso COM, 2017 Common Test 2 INSTRUCTIONS AND INFORMATION Read the following instructions and be sure to follow them carefully: 1. Answer ALL the questions. 2. A special ANSWER BOOK is provided in which to answer all the questions. 3. Workings must be shown in brackets in order to earn part marks. 4. Non-programmable calculators may be used. 5. You may use dark pencil or black / blue pen to answer the questions. 6. Marks will be deducted for missing details and foreign entries. 7. Use the information in the table on the next page as a guide when answering the question paper: Copyright Reserved Please Turn Over

Accounting Downloaded fram hlayiso.com, 2017 Common Test 3 QUESTION 1: 45 Marks; 24 Minutes Topic of the question: This question integrates: Bank Reconciliation ¢ Transaction Analysis * Bank Reconciliation Statement * Year-end transaction * Internal control QUESTION 2: 55 Marks; 33 Minutes Topic of the question: This question integrates: Non Profit Organisations * General Ledger «Internal Control QUESTION 3: 45 Marks; 24 Minutes Topic of the question: This question integrates: Partnerships — Current Account Note * Capital Accounts * Current Accounts * Problem Solving QUESTION 4: 55 Marks; 33 Minutes Topic of the question: This question integrates: Partnerships — Financial Statements * Calculation of Net Profit « Balance Sheet QUESTION 5: 55 Marks; 33 Minutes Topic of the question: This question integrates: Tangibie Assets General Ledger Asset Disposal Tangible Assets Note Internal Control e e e . QUESTION 6: 45 Marks; 33 minutes Topic of the question: This question integrates: Partnership Analysis and Interpretation ¢ Interpretation of financial information ¢ Internal Control Copyright Reserved Please Turn Over

Accounting QUESTION 1 Downloaded from hlayiso . CQNDo017 common rest 4 BANK RECONCILIATION (45 Marks; 24 Minutes) The information below was extracted from the books of WD Stores for January 2017 REQUIRED: 1.1 Complete the table provided in your answer book for all transactions that will be (32) entered into either the Cash Receipts Journal or the Cash Payments Journal. Example: R2 000 was received for rent from D Thotha, the tenant. CRJ cPy Amount - “AccountDR | Account CR x 2 000 Bank Rent Income 1.2. Prepare the Bank Reconciliation Statement as at 31 January 2017. (8) 1.3. Refer to information J: Explain how cheque number 571 would be treated when preparing the Financial Statements at the end of February 2017. Give a reason for your answer. INFORMATION: (5) A. Details from the Bank Reconciliation Statement for December 2016: Favourable Balance as per Bank Statement 5 980 Outstanding Cheques No 560 2 300 No 564 1 860 No 566 (dated 5 January 2017) 3 620 No 569 5 577 Outstanding Deposits 7070 Balance as per Bank Account 2? B - K. A comparison between the Bank Statement for January 2017 from Fig Tree Bank, and the Cash Journals for January 2017 revealed the following differences: B. The Bank Statement showed an unfavourable balance of R3 600 at the end of January 2017. C. Cheque no 560 had been issued to pay the account of a creditor. This cheque was lost in the post and must be cancelled. A new cheque (No 582) was issued to settle this amount. No entries have been made. Copyright Reserved Please Turn Over

Accounting Downl oaded fram hlay iso. com. 2017 Common Test 5 D. The outstanding deposit, from December 2016, appeared on the Bank Statement for January 2017. E. Cheque no 564 appears on the Bank Statement for January 2017 for R1 680. It had been wrongly entered in the Cash Journal. This cheque has been issued to “Mr Fix It” for repairs. F. The Bank Statement showed a debit order for R2 600 in favour of the municipality for water and electricity. f ; G. Acheque for R?, dated 30 January 2017, was received from a debtor in full settlement of her account of R700. A R60 discount was given. No entry has been made for this transaction. H. Cheque no. 569 for R5 777 is correct according the Bank Statement. The cheque had been issued for “LED Manufacturers” for Trading Stock purchased, I, Fig Tree bank charged WD Stores with the following amounts: Service Fees 323 Interest on Overdraft 65 J. The following cheques were recorded in the relevant Journal for January, but did not appear on the Bank Statement: No 571 (dated 10 March 2017) 2 465 No. 574 (dated 31 January 2017) 854 K. A deposit of R8 765 made on 30 January 2017, was correctly recorded in the relevant Journal, but did not appear on the Bank Statement. 45 dd 90V LL YD Copyright Reserved Please Turn Over

Accounting . Downloaded fram hlay iso. Cam 2017 Common Test QUESTION 2 (55 Marks; 33 Minutes) NON PROFIT ORGANISATIONS Your are provided with information from the records of Underberg Running Club. REQUIRED: 2.1. Explain the difference between the Statement of Receipts and Payments and the (4) Statement of Income and Expenditure. : 2.2 Prepare the following accounts in the General Ledger for the year ending 30 April 2017: 2.2.1. Membership Fees (19) 2.3.2 Tracksuits (13) 2.3. Complete the following questions regarding the club tracksuits: 2.3.1 Calculate the mark up percentage applied to each tracksuit sold. (6) 2.3.2 In your opinion, is this markup percentage suitable? Give a reason for your (3) answer. 2.3.3. Thandi, the club treasurer, is concerned that some tracksuits have been (6) misplaced this year. Calculate how many tracksuits are missing. 2.3.4 Discuss TWO ways in which control of the tracksuits can be improved upon (4) so that more do not go missing in the future. INFORMATION: A. Extract for the Balance Sheet on 30 April: 30 April 30 April 2017 2016 Stock of Tracksuits 6 400 4000 Accrued Income (Membership Fees) 16 700 7 800 Deferred Income (Membership Fees) 2 10 000 Copyright Reserved Please Tum Over

Accounting Downl oaded freom hlayiso. CQM 2017 Common Test B. Extract from the Statement of Receipts & Payments for the year ended 30 April 2017 Receipts Entrance Fees 48 000 Membership Fees 489 700 2016 5 200 2017 472 500 2018 12 000 Sale of 198 Tracksuits . 118 800 Payments Refunds of membership Fees 4 400 | Purchase of 215 tracksuits. 86 000 C. Membership Fees * Some members choose to pay their membership fees in monthly installments. | * Members who had not settled the amounts owed in respect of their 2016 membership fees were expelled from the club. ¢ A honorarium of R2 500 is due to the clubs chairman. This will be offset against his membership fees. * 3members resigned from the club during the year. A portion of each member's fees were refunded to them in cash. * Several new members joined the club during the year. Their membership fees were calculated according to the number of full months they were part of the club, D. = - Tracksuits e Itis compulsory for all club members to have a tracksuit for any races that they attend. * The cost price and selling price of tracksuits have remained constant. « All purchases and sales of tracksuits are done for cash. * Two tracksuits were given at prizes as the annual prize giving to the best male and best female athlete. This transaction was recorded as a donation. 55 Copyright Reserved Please Turn Over

© ecountng Downloaded fram hlayiso.cott 2017 common te QUESTION 3 (45 Marks, 24 Minutes) PARTNERSHIPS ~ CURRENT ACCOUNTS NOTE The information given below relates to AMW Stores, with partners Andy, Mark and Wandile. The Financial year ends on 28 February each year. REQUIRED 3.1 Complete the following Notes to the Balance Sheet as at 28 February 2017. Some amounts have been pre-printed for you. 3.1.1 Capital (The total column is not required). (8) 3.1.2. Current Accounts (35) 3.2 Mark has decided not to work for the business, so he does not get paid asalary. . (2) \dentify ONE possible reason for him making this decision, INFORMATION: Pre-adjustment Trial Balance on 28 February 2017 Capital : Andrew 245 000 Capital: Mark 250 000 Capital: Wandile 280 000 Current Account: Andrew 56 500 (cr) Current Account: Mark 410 400 (cr) Current Account: Wandile 75 000(dr) ADDITIONAL INFORMATION: 1. Changes to the Capital accounts during the financial year were as follows: ¢ Wandile increased his capital contribution by R60 000 on 31 August 2016, by transferring a vehicle into the name of the business. * Andrew decrease his capital by R45 000 on 28 February 2017. This has not yet been recorded. 2. The Net Profit for the year ended 28 February 2017 amounted to R2 450 000. 3. The Partnership agreement states the following: A. Partners are entitled to an annual salary. The following amounts are due in this regard: Andrew R360 000 per year Mark RO (He does not work in the business) Wandile R40 000 per month. B. If the business has a net profit over R2 000 000, a bonus of 30% of the annual salary is paid to both Andrew and Wandile. Interest on capital of 10% per annum. . Remaining profits and losses are to be split between Andrew, Mark and Wandile in the ratio of 2:1: 2. 90 45 Copyright Reserved Please Turn Over

Accounting Downloaded feom hlayiso.CQ'2017 common Test QUESTION 4 PARTNERSHIPS ~ FINANCIAL STATEMENTS (55 Marks; 33 Minutes) You are provided with information from the records of Shaggy Carpets. This business is owned by two partners, S. Sithole and M Moodley. The sell, fit and repair carpets. Installation and repair fees are reflected as fee income. A mark up of 50% is applied on all carpets sold, REQUIRED: 4.1 Calculate the correct Net Profit for the year ended 28 February 2017. 4.2 Complete the Balance Sheet for the year ended 28 February 2017. Some answers have been completed for you. INFORMATION: A. Extract from the Pre-Adjustment Trial balance on 28 February 2017 DR CR Bank 25 200 Loan: Easy Finance ? Fixed Deposit: Violet Bank 160 000 Trading Stock 677 000 Debtors Control 255 000 Provision for Bad Debts 16 000 Cash Float 3 000 Petty Cash 2 000 Creditors Control 282 000 SARS (PAYE) 19 300 B. The Net profit, before the adjustments below were taken into consideration was R1 705 530. C. The water and electricity account for February 2017 of R2 520 still needs to be paid. Copyright Reserved (15) (40) Please Turn Over

Accounting Downloaded fitom hlayiso. catw 2017 common test 10 D. Acash customer paid R4 500 for a carpet (Selling price is R3 000), and the installation of the carpet. The payment was recorded. This carpet will only be delivered and installed in March 2017. E. The rent has been paid up to 30 April 2017. Note that Rent was increased by 10% on 1 January 2017. The rent expense account currently has a total of R115 200. F. During a fire in February 2017, carpeting worth R80 000 was damaged. The policy stated that the excess payable on all claims made by the business is R10 000. The rest will be deposited into the business bank account during March 2017. G. Further bad debts of R6 000 are to be written off and the Provision for Bad Debts is to be adjusted to 8% of book debts. H. A physical count at the end of the year reflects that Trading Stock on hand at the end of the year amounted to R604 200. |. The loan statement received from Easy Finance reflected the following: Balance on 1 March 2016 284 000 Interest capitalised 2 Repayments during the year (including interest) 74 000 Balance on 28 February 2017 239 400 All repayments have been debited to the loan account, but no entry has been made to record the interest. According to the loan agreement, the capital portion of the loan will be reduced by R4 500 per month for the next financial year. J. One of the fixed deposits, valued at R42 000 will mature in July 2017. 55 Copyright Reserved Please Turn Over

Accounting Downloaded fom hlayiso.caMboiz common test 41 QUESTION 5 (55 Marks; 33 Minutes) TANGIBLE ASSETS 5.1. FLOWER POWER FLORIST The information below was relates to Flower Power, a specialist, on-line store that delivers flowers around the greater Durban area. The financial year ended 28 February 2017. REQUIRED: 5.1.1. Complete the missing details/amounts labeled (A) to (1) in the given General (20) Ledger accounts. , 5.1.2 Identify TWO possible reasons for Flower Power disposing this vehicle. (2) 5.1.3. The owner of “Flower Power” has discovered that some of her drivers are using the business vehicles for personal reasons. a) In your opinion is this a problem? Give a reason for your answer. (3) b) What TWO control measures can be put into place to prevent this from (4) happening in the future? INFORMATION General Ledger of Flower Power Balance Sheet Section B1 . Vehicles vane 1 | Balance bid | 450 000 a 31 | Asset Disposal | Gi] (A) 2016 2017F Aug 31 (B) CJ 170 000 ab 28 | Balance cld ? G ? 2017 2 Mar 1 | Balance b/d ? B2 Accumulated Depreciation on Vehicles 2016 | 34 | Asset Disposal | Gs} 84000]72'S | 4 | Balance bid | 97 500 Aug P Mar 2017 2016 Feb 28 | Balance e/d 108 500 Aug 31 (Cc) GJ 12 000 2017 a Feb 28 | Depreciation GJ (D) 192 500 192 500 2017 Mar 1 | Balance c/d | 108 500 Nominal Section N5 Asset Disposal Accumulated we 31 (E) GJ | 120 000 ra 31 | Depreciation: GJ] (F) g 9 Vehicles (G) CJ 30 000 (H) GJ (I) 2 ? Copyright Reserved Please Turn Over

Accounting Downl oaded fram hlay iSO. com 2017 Common Test 12 5.2. SHEZI STORES. Dimishka is the newly appointed bookkeepers of Shezi Stores. She is not confident in preparing the Tangible Asset note to the Balance Sheet so has asked for your assistance. REQUIRED: 5.2.1 Calculate the depreciation for the year ended 30 April 2017. (10) 5.2.2 Complete the Tangible Assets note to the Balance Sheet. (16) INFORMATION: A. Cost price of Equipment on 1 May 2016 was R250 000. B. Book value of Equipment on 1 May 2016 was R140 000. Cc. No entry had been made for the sale of an old fridge on 31 January 2017. The details for this piece of equipment, on 31 January 2017, were as follows: Cost Price R18 000 Accumulated Depreciation (1 May 2016) R15 000 Selling Price R4 500 A. Anew fridge, costing R26 000, was purchased for cash on 31 January 2017. B. Depreciation is provided at 10% p.a. on diminishing balance. 55 Copyright Reserved Please Turn Over

Accounting Downloaded from hlayiso.camor7 Common Test 13 QUESTION 6 (45 Marks, 27 Minutes) PARTNERSHIP ANALYSIS AND INTERPRETATION WB Traders is a retailer that sells various household cleaning materials like furniture polish, washing powder, etc. REQUIRED: Study the information provided below and answer the following questions: 6.1 Calculate the following, to ONE decimal place, for the year ending 28 February 2017: 6.1.1 Current Ratio (3) 6.1.2 Acid Test Ratio (4) 6.1.3 Debtors’ Average Collection Period (in days). (5) 6.1.4. Percentage return on Average Equity for 2017 (9) 6.1.5 Debt Equity ratio (5) 6.2 Comment on the liquidity of this businesses. Quote relevant financial indicators to (6) justify your answer, 6.3 Should the partners be satisfied with the percentage return earned by WB Traders in (5) 2017. Give TWO reasons for your answer. 6.4 If this business wanted to expand, should they increase their long term liabilities? Give (8) a reason for your answer. INFORMATION: A. The following amounts were extracted from the Financial Statements for the year ended 28 February 2017: 28 February 2017 | 28 February 2016 Sales (40% on credit) 1 650 000 Current Assets 492 800 Current Liabilities 224 000 | Trading Stock 290 000 | a Debtors Control 60 000 74 000 Creditors Control 180 000 204 000 Total Capital 1 000 000 400 000 Capital: Webster 600 000 200 000 Capital: Brown 400 000 200 000 Current Account: Webster 90 000 Cr 50 000 Cr Current Account: Brown 80 000 Cr 20 000 Dr Long Term Liabilities (9.5%) 458 000 350 000 Copyright Reserved Please Turn Over

~ ecounting | Downloaded f rem hlay iSO. COMie 2017 Common Test B. Net Profit is 11.5% of total sales for 2017. C. Financial indicators for the year ending 28 February 2016. Current Ratio 26:4 Acid Test Ratio 0.731 Debtors Average Collection Period 42 days Percentage return on Average Equity 19.3% Debt Equity Ratio 0.8: 1 45 Copyright Reserved TOTAL MARKS: 300

i ACCOUNTING : ANSWER BOOK H | i COMMON TEST ; RRNA E OLR OL FARM y A$$ Education KwaZulu-Natal Department of Education REPUBLIC OF SOUTH AFRICA NATIONAL SENIOR CERTIFICATE Name:, Grade: Question Topic aerial Mottorators 4 Bank Reconciliation ; 2 Non Profit Organisations 3 Partnerships ~ Current Account Note 4 Partnerships — Financial Statements 5 Tangible Assets 6 Partnerships — Analysis and Interpretation TOTAL This answer book consists of 11 pages. Copyright Reserved Please Turn Over seteneseminmagemaeinenme —

~ Downloaded from hlayiso.com Accounting NSC June 2017 Common Test QUESTION 1 ; BANK RECONCILIATION 1.1. Transaction Analysis : CRJ CPJ - Amount Account DR “ Account CR 1.2 1.3 32 Bank Reconciliation Statement of WD Stores for January 2017 DR CR Balance per Bank Statement Outstanding Deposits Outstanding Cheques Balance per Bank Account 8 Explain how cheque number 571 would be treated when preparing the Financial Statements at the end of February 2017. Give a reason for your answer. Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting NSC June 2017 Common Test 3 | QUESTION 2 NON PROFIT ORGANISATIONS 2.1 Explain the difference between the Statement of Receipts and Payments and the Statement of Income and Expenditure. 4 : 224 | Membership Fees N1 t | 19 2.2.2 Tracksuits N3 13 Copyright Reserved Please Turn Over

Accounting NSC June 2017 Common Test 4 2.3.1 Caiculate the mark up percentage applied to each tracksuit sold. 2.3.2 In your opinion, is this mark up percentage suitable? Give a reason for your answer. 2.3.3 Thandi, the club treasurer, is concerned that some tracksuits have been misplaced this year. Calculate how many tracksuits are missing. 2.3.4 Discuss TWO ways in which control of the tracksuits can be improved upon so that more do not go missing in the future. Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting QUESTION 3 NSC 5 PARTNERSHIPS ~ CURRENT ACCOUNTS NOTE 3.1.1. Capital Accounts June 2017 Common Test Andrew Mark Wandile Balance at the beginning of the year Contribution of Capital during the year Withdrawal of Capital during the year Balance at the end of the year 3.1.2 Current Accounts Andrew Mark Wandile Total Profit per Income Statement Primary distribution of profits Final distribution of profits Drawings (984 000) (250 000) (860 000) (2.094 000) Retained Income for the year Retained Income at the beginning of the year Retained Income at the end of the year 3.2 Mark has decided not work for the business, so he does not get paid a salary. Identify ONE possible reason for him making this decision. 35 Copyright Reserved Please Turn Over

Accounting NSC June 2017 Common Test 6 QUESTION 4 PARTNERSHIPS — FINANCIAL STATEMENTS 4.1 Calculate the correct Net Profit for the year ended 28 February 2017. 15 Copyright Reserved Please Turn Over

Accounting NSC June 2017 Common Test 7 4.2 Shaggy Carpets Balance Sheet as at 28 February 2017 Assets Note Downloaded from hlayiso.com Non-Current Assets Fixed Assets 742 000 Current Assets Total Assets Equity & Liabilities Owners’ Equity Capital Current Accounts 501 360 Non-Current Liabilities Current Liabilities Total Equity & Liabilities Copyright Reserved Please Turn Over 40

~ Downloaded from hlayiso.com Accounting NSC June 2017 Common Test 8 QUESTION 5 TANGIBLE ASSETS 5.1. FLOWER POWER FLORIST 5.4.1 A B c D E F G H I 20 5.1.2 Identify TWO possible reasons for “Flower Power” disposing this vehicle. 2 5.1.3. The owner of “Flower Power” has discovered that some of her drivers are using the business vehicles for personal reasons. a) Inyour opinion is this a problem? Give a reason for your answer, 3 b) What TWO control measures can be put into place to prevent this from happening in the future? 4 Copyright Reserved : Please Turn Over

| Downloaded from hlayiso.com Accounting NSC 9 5.2. SHEZI STORES June 2017 Common Test 5.2.1 Calculate the depreciation for the year ended 30 April 2017. Sold Equipment Remaining Equipment New Equipment Total 10 5.2.2 Notes to the Financial Statements for the year ended 30 April 2017 Equipment Carrying value at the beginning of the year Cost Accumulated Depreciation Movements Additions at cost Disposals at carrying value Depreciation Carrying value at the end of the year Cost Accumulated Depreciation 16 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting NSC June 2017 Common Test : 10 QUESTION 6 6.1.1 Current Ratio 3 6.1.2 Acid Test Ratio 4 6.1.3 Debtors’ Average Collection Period (in days). 5 6.1.4 Percentage return on Average Equity for 2017 9 i 6.1.5 Debt Equity ratio 5 6.2 Comment on this businesses liquidity. Quote relevant financial indicators to justify your answer. 6 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting NSC 11 June 2017 Common Test 6.3 Should the partners be satisfied with the percentage return earned by WB Traders in 2017? Give TWO reasons for your answer. 6.4 If this business wanted to expand, should they increase their long term liabilities? Give a reason for your answer. Copyright Reserved TOTAL MARKS: 300

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Accounting 2.3.2 In your opinion, is this mark up percentage suitable? Give a reason for your answer. Yes¥ The club is only making a R200 profit on each tracksuitV” « Each member will only need to purchase one tracksuit every few years. No « R600 is expensive for a tracksuit. Not everyone may be able to afford it. «It's an item is compulsory, the gross profit should be at a minimum « The club should not be making such a large profit off the item. ANY LOGICAL ANSWER 2.3.3 Thandi, the club treasurer, is concerned that some tracksuits have been misplaced this year. Calculate how many tracksuits are missing. 410¥ + 215¥ — 198 —2¥ - 16 = 9M 2.3.4 Discuss TWO ways in which control of the tracksuits can be improved upon so that more do not go missing in the future. Tracksuits may only be given to club members once payment is received. vv Tracksuits need to be controlled by one person. VY They need to be kept in a safe place All payments received need to be given to the treasurer and banked. ANY LOGICAL ANSWER eooe Downloaded from hlayiso.com Accounting NSC June 2017 Common Test - 3 QUESTION 2 NON PROFIT ORGANISATIONS, 2.4 Explain the difference between the Statement of Receipts and Payments and (4) the Statement of Income and Expenditure. * The Statements of Receipts and Payments includes all cash received and paid out by the club/It is used to calculate the bank balance at the end of the period. VY 2 The Statement of Income and Expenditure includes all incomes and expenses (including non cash transactions)/It is used to calculate the Net Profit for the period. ¥¥ 2.21 {19) Membership Fees NI 2016 | 1 7800] 2016 | 1 10 000 +A May Accrued Income: ¥|_ May Deferred IncomeY Vv 2017, | 30 12000} 2017 | 30 489 700 - oa . A ‘April Deferred Income ¥ | April Bank w Bank¥ 4.400v Accrued Income” 16 700 Honorariumy 2 500 Income& __—*'| 407300) Membership Fees 2600 Expenditure’ _patation [a] Written Off” x Ons 521 500. a §21 500 2.2.2 (13) Tracksuits N3 2016 1 P 4000} 2017 | 30 118 800 ‘May ‘Stock of Tracksuits~” ¥ | April Bank (Sales) v ai 30 | Banky 86 900 Donation” 800 Income and ~ 36 000 i Expenditure” wl Stock of TracksuitsY 6 400¥ 126 000 cag 126 000 2.31 Calculate the mark up percentage applied to each tracksuit sold. (6) SP = 118 800 / 198 = 600 CP = 86 000 / 215 = 400 600¥~ - 400V¥ 400¥ = 50%E § Please Tum Over Copyright Reserved Copyright Reserved NSC June 2017 Common Test 4 @) (6) (4) Please Turn Over

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Accounting NSC une 2017 Common Test 7 4.2 (40) Shaggy Carpets Balance Sheet as at 28 February 2017 Assets Note Non-Current Assets 860 OOOH Fixed Assets 742,000 Financial Assets / Fixed Deposit (160 000Y — 42 000%) 118 000¥ € Current Assets 993 080M Oo Inventories 604 200V¥ fe) Trade & Other Receivables 316 680M (255 000Y — 19 920V+ 17 600¥ + 70 000V ¥ — 6 000) ‘pecan eat Bait ” 16 000 One mark 3 920 One mark ~ Cash & Cash Equivalents 72.200” S (25 200% + 3 000¥ + 2 000¥ + 42 005 8k Total Assets 1 853 080E (eo) Equity & Liabilities a Owners’ Equity 1 305 360% t Capital 804 COOH ao] Current Accounts 501 360 g Non-Current Liabilities 185 4004) Loan: Easy Finance {e) (284 000¥ +29 400vv — 74 000¥ — 54.000) 185 4007 & = Current Liabilities 362 320% 9 Trade & Other Payables 08 so0 a (282 000¥ + 19 300Y + 2 520V + 4.500v) Current Portion of Loan 54 000M Total Equity & Liabilities 1 853 080M Copyright Reserved Please Tum Over Accounting NSC QUESTION 5 TANGIBLE ASSETS 5.1. FLOWER POWER FLORIST 5.1.4 512 5.1.3 Copyright Reserved June 2017 Common Test 120 000VY Creditors Control”¥ Depreciation’ ” 83 000VY VehiclesyY¥ 84 000V¥¥ Creditors Controlv ¥ rlOlanimyola;a)> Loss on Sale of Asset” 6000YYYH = (120 000 — 84 000 — 30 000) Identify TWO possible reasons for “Flower Power” disposing this vehicie. Itis oldy High mileagev High running costs Bigger vehicle needed ° . © Unreliable . ° ANY LOGICAL ANSWER (20) 2) The owner of “Flower Power” has discovered that some of her drivers are using the business vehicles for personal reasons. a) _In your opinion is this a problem? Give a reason for your answer. Yes¥ * Itincreases the cost of running the vehicleY¥ * Deliveries may not be made on time + Decreases the lifespan of the vehicle *_ ANY LOGICAL ANSWER. @) b) What TWO conirol measures can be put into place to prevent this from happening in the future? Install a tracking deviceY ¥ Keep a logbookY ¥ Sign vehicle in and out Hand in keys ANY LOGICAL ANSWER @ Please Turn Over

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