FAC1503 - Financial Accounting Principles For Law Practitioners
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FAC1503 EXAM PACK
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Course
FAC1503 - Financial Accounting Principles For Law Practitioners
Institution
University Of South Africa
FAC1503 EXAM PACK
4
MAY 2008 EXAMINATION PAPER (For revision purposes)
This paper consists of 10 (ten) pages.
PLEASE NOTE:
1. Ensure that you are writing the correct examination paper .
2. Ensure that you are handed the correct examination answer book (BLUE) by the
invigilator.
3. This pape...
FAC1503 - Financial Accounting Principles For Law Practitioners
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FAC1503 EXAM PACK
, Page 1 of 136
4
MAY 2008 EXAMINATION PAPER (For revision purposes)
This paper consists of 10 (ten) pages.
PLEASE NOTE:
1. Ensure that you are writing the correct examination paper .
2. Ensure that you are handed the correct examination answer book (BLUE) by the
invigilator.
3. This paper consists of 6 (SIX) questions.
4. All questions must be answered.
5. Basic calculations, where applicable, must be shown.
6. Each question attempted must be commenced on a new (separate) page.
7. Please do not answer the paper in pencil.
8. PROPOSED TIMETABLE (try not to deviate from this)
Question Subject Marks Time in
minutes
1 Accounting equation 18 22
2 Journals and posting 29 35
3 Bank reconciliation 19 22
4 Creditors reconciliation 13 16
5 Ratio analysis 14 17
6 Theory 7 8
100 120
Total
You are provided with the following transactions for My-Shop Traders, using the periodic
inventory system. My-Shop Traders is not registered as a VAT vendor.
1. Sold goods on account to Mandi Thibadira for R4 400.
2. Mandi Thibadira returned damaged goods worth R300, being not according to the
sample she ordered.
3. Purchased goods from Welcome Traders for R15 400 less 20% trade discount.
4. Paid Welcome Traders by cheque, less 5% settlement discount. (See no. 3)
5. Received a cheque for R3 900 from Mandi Thibadira in full payment of her account. (See
no. 1 and 2)
REQUIRED:
Use the information to analyse the transactions according to the given example:
Example:
Paid for water and electricity by cheque, R2 800
General ledger Accounting equation
Nr Source Account Account A E L
document debited credited
Ex Cheque Water and Bank - 2 800 - 2 800
counterfoil electricity
, Page 3 of 136
6
QUESTION 2 (29 marks) (36 minutes)
At 1 April 2008 the following balances appeared in the general ledger of Ice Traders:
R
Capital 85 400
Debtors control 14 620
Creditors control 19 800
Bank (dr) 14 050
VAT input 3 140
VAT output 4 820
The journals of Ice Traders have been completed up to 30 April 2008 and the totals are as
follows:
Cash receipts journal
Bank Sales Debtors Settlement Output Sundry
control discount VAT accounts
allowed
R R R R R R
46 423 30 800 8 760 150 4 613 2 200
Cash payments journal
Bank Purchases Creditors Settlement Input Sundry
control discount VAT accounts
received
R R R R R R
40 202 12 200 15 780 318 2 140 10 400
Sales journal
Total Output Sales
VAT
R R R
17 579 2 159 15 420
Sales returns journal
Total Output Sales
VAT returns
R R R
1 094 134 960
Purchases journal
Total Input Inventory
VAT
R R R
20 490 2 516 15 800
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