Exam (elaborations)
FAC1502 ASSESSMENT PACK 2023-2
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FAC1502 ASSESSMENT PACK SOCLUTIONS 2023
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ContentsAccounting Equation Table....................................................................................................................8
FAC1502_May 2016...............................................................................................................................8
Question 1: Statement of profit or loss and other comprehensive income (25)..................................................................8
Question 1: Answer..............................................................................................................................................................9
Question 2: Debtors and creditors control accounts (23)...................................................................................................10
Question 2: Answer............................................................................................................................................................11
Question 3: Statement of financial position and property, plant and equipment note (47)...............................................11
Question 3: Answer............................................................................................................................................................15
Question 4: Multiple choice questions –Theory (5)............................................................................................................16
FAC1502_October 2016.......................................................................................................................17
Question 1: Property, plant and equipment note and statement of financial position (33)...............................................17
Question 1: Answer............................................................................................................................................................18
Question 2: Income and expenditure statement and Special Fund account of a club (24).................................................19
Question 2: Answer............................................................................................................................................................20
Question 3: Bank reconciliation statement (18).................................................................................................................21
Question 3: Answer............................................................................................................................................................22
Question 4: Debtors control and reconciliation (20)...........................................................................................................23
Question 4: Answer............................................................................................................................................................24
Question 5: Multiple choice questions (5)..........................................................................................................................24
FAC1502_ Assignment 1, Semester 1_ 2017........................................................................................25
FAC1502_ Assignment 2, Semester 1_ 2017........................................................................................30
FAC1502_ Assignment 1, Semester 2_ 2017........................................................................................35
FAC1502_ Assignment 2, Semester 2_ 2017........................................................................................40
FAC1502 OCT/NOV 2008......................................................................................................................45
Question 1: Cash transactions and bank reconciliation (25)...............................................................................................45
Question 1: Answer...........................................................................................................................................................47
Question 2: Debtors control account (18)..........................................................................................................................47
Question 2: Answer...........................................................................................................................................................48
Question 3: Incomplete records (25)..................................................................................................................................49
Question 3 : Answer..........................................................................................................................................................49
Question 4: Closing entries (32).........................................................................................................................................51
Question 4 : Answer..........................................................................................................................................................52
FAC1502_May 2009.............................................................................................................................53
Question 1: Cash Journals (20)...........................................................................................................................................53
Question 1: Answer............................................................................................................................................................53
Question 2: Statement of changes in equity (6).................................................................................................................54
Question 2: Answer............................................................................................................................................................54
, Question 3: Note to financial statements (24)....................................................................................................................55
Question 3: Answer............................................................................................................................................................55
Question 4: Statement of comprehensive income (27)......................................................................................................56
Question 4: Answer............................................................................................................................................................57
Question 5: Non-profit organization accounting (23).........................................................................................................58
Question 5: Answer............................................................................................................................................................59
FAC1502 October 2009........................................................................................................................60
Question 1: Bank reconciliation (20)..................................................................................................................................60
Question 1: Answer............................................................................................................................................................62
Question 2: Financial statements(30).................................................................................................................................63
Question 2: Answer............................................................................................................................................................64
Question 3: General ledger accounts (26)..........................................................................................................................67
Question 3: Answer............................................................................................................................................................68
Question 4: Gross profit determination (13)......................................................................................................................70
Question 4: Answer............................................................................................................................................................70
Question 5: Note: Property, Plant and Equipment (11)......................................................................................................71
Question 5: Answer............................................................................................................................................................72
FAC1502_May 2010.............................................................................................................................73
Question 1: Creditors Reconciliation (11)...........................................................................................................................73
Question 1: Answer............................................................................................................................................................74
Question 2: Adjustments (17).............................................................................................................................................75
Question 2: Answer............................................................................................................................................................76
Question 3: Incomplete Records (25).................................................................................................................................78
Question 3: Answer............................................................................................................................................................79
Question 4: Closing entries and Final Accounts (26)...........................................................................................................81
Question 4: Answer............................................................................................................................................................83
Question 5: Cash Journals, VAT (21)...................................................................................................................................85
Question 5: Answer............................................................................................................................................................86
FAC1502 October 2010........................................................................................................................86
Question 1: Short Questions (32).......................................................................................................................................86
Question 2: Accounting Equation (18)................................................................................................................................93
Question 2: Answer............................................................................................................................................................93
Question 3: Asset Realisation (15)......................................................................................................................................95
Question 3: Answer............................................................................................................................................................95
Question 4: Financial Statements (35)................................................................................................................................96
Question 4: Answer............................................................................................................................................................97
FAC1502 May 2011............................................................................................................................100
Question 1: Bank reconciliation (13)................................................................................................................................100
, Question 1: Answer..........................................................................................................................................................101
Question 2: Control accounts (15)....................................................................................................................................103
Question 2: Answer..........................................................................................................................................................104
Question 3: Adjustments Journals, trial balance and statement of comprehensive income (49).....................................105
Question 3: Answer..........................................................................................................................................................106
Question 4: Depreciation and asset realisation (23).........................................................................................................110
Question 4: Answer..........................................................................................................................................................110
FAC1502 October 2011......................................................................................................................112
Question 1: Closing entries (27).......................................................................................................................................112
Question 1: Answer..........................................................................................................................................................113
Question 2: Financial statements (25)..............................................................................................................................116
Question 2: Answer..........................................................................................................................................................116
Question 3: General ledger accounts (31)........................................................................................................................118
Question 3: Answer..........................................................................................................................................................119
Question 4: Incomplete records (17)................................................................................................................................121
Question 4: Answer..........................................................................................................................................................121
FAC1502 May 2012............................................................................................................................123
Question 1: Financial statement (28)...............................................................................................................................123
Question 1: Answer..........................................................................................................................................................124
Question 2: Property, plant and equipment (36)..............................................................................................................126
Question 2: Answer..........................................................................................................................................................127
Question 3: Incomplete records (7)..................................................................................................................................128
Question 3: Answer..........................................................................................................................................................129
Question 4: Bank reconciliation (13)................................................................................................................................130
Question 4: Answer..........................................................................................................................................................131
Question 5: General ledger accounts (16)........................................................................................................................131
Question 5: Answer..........................................................................................................................................................133
FAC1502 October 2012......................................................................................................................134
Question 1: Cash transactions and bank reconciliation (26).............................................................................................134
Question 1: Answer..........................................................................................................................................................136
Question 2: Statement of financial Positioned general ledger accounts (final) (27).........................................................137
Question 2: Answer..........................................................................................................................................................138
Question 3: The adjusting Journal and statement if profit or loss and other comprehensive Income (27)......................140
Question 3: Answer..........................................................................................................................................................141
Question 4: Property, plant and equipment (20)..............................................................................................................143
Question 4: Answer..........................................................................................................................................................143
FAC1502 May 2013............................................................................................................................144
Question 1: Statement of profit or loss and other comprehensive income (33)..............................................................144
, Question 1: Answer..........................................................................................................................................................146
Question 2: Debtors control account and reconciliation (19)...........................................................................................148
Question 2: Answer..........................................................................................................................................................149
Question 3: Incomplete records and statement of financial position (23)........................................................................150
Question 3: Answer..........................................................................................................................................................151
Question 4: General ledger accounts and property, plant and equipment (25)...............................................................154
Question 4: Answer..........................................................................................................................................................155
FAC1502 October 2013......................................................................................................................158
Question 1: Bank reconciliation (23)................................................................................................................................158
Question 1: Answer..........................................................................................................................................................159
Question 2: Debtors- and creditors control accounts (23)................................................................................................162
Question 2: Answer..........................................................................................................................................................163
Question 3: Property, plant and equipment note and statement of financial position (30).............................................165
Question 3: Answer..........................................................................................................................................................166
Question 4: Membership fees account and income and expenditure (24).......................................................................171
Question 4: Answer..........................................................................................................................................................172
FAC1502 May 2014............................................................................................................................174
Question 1: Statement of prof1t or loss and other comprehensive income, statement of changes in equity and statement
of financial position (equity and liability section (35).......................................................................................................174
Question 1: Answer..........................................................................................................................................................175
Question 2: Membership fees account (8).......................................................................................................................176
Question 2: Answer..........................................................................................................................................................177
Question 3: Depreciation trading in of old and purchase of new non-current assets (13)...............................................177
Question 3: Answer..........................................................................................................................................................177
Question 4: Bank reconciliation statement (25)...............................................................................................................178
Question 4: Answer..........................................................................................................................................................179
Question 5: Incomplete records Ledger accounts (19).....................................................................................................180
Question 5: Answer..........................................................................................................................................................180
FAC1502 October 2014......................................................................................................................181
Question 1: Bank reconciliation statement (26)...............................................................................................................181
Question 1: Answer..........................................................................................................................................................183
Question 2: Journal entries (20).......................................................................................................................................184
Question 2: Answer..........................................................................................................................................................185
Question 3: Statement of profit or loss and other comprehensive income and the note on property, plant and fulfilment
(38)................................................................................................................................................................................... 186
Question 3: Answer..........................................................................................................................................................188
Question 4: Asset realisation ledger accounts (16)...........................................................................................................188
Question 4: Answer..........................................................................................................................................................189
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