FAC1601 ASSESSMENT 5 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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Course
Financial Accounting and Reporting (FAC1601)
Institution
University Of South Africa (Unisa)
THIS DOCUMENT CONTAINS FAC1601 ASSESSMENT 5 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS WITH WORKINGS AND AN INTERACTIVE EXCEL SHEET WHEN YOU JUST NEED TOFILL IN VALUES AS PER YOU SPECIFIC QUESTIONS AND IT AUTOMATICALLY CALCULATES THE STATEMENT NEEDED. IF YOU HAVE ANY QUESTIONS PLEASE ME ON
Qumbu Energy Ltd installs wind power turbines for renewable energy projects in
OR Tambo District Municipality in the Eastern Cape. The company services
government contracts and private energy firms, operating from Qumbu with
projects mainly along the municipality. In 2023, Qumbu Energy completed three
major installations, growing rapidly as renewable energy demand rises.
The following financial information is presented to you to assist in the analysis
and interpretation of the performance and the overall financial health of the
business:
Extract from the statement of financial position information as at 28 February
2024:
2024 2023
R R
Share capital 166,000 166,000
Retained earnings (opening) 101,000 17,000
Long-term loan: Ndebele Corporation 142,000 182,000
Machinery and equipment (at carrying
208,000 243,000
amount)
Inventories 166,000 175,000
Prepayments 24,000 43,000
Trade payables control 170,000 152,000
Trade receivables control 125,000 93,000
Bank 58,000 44,000
Income tax payable 14,000 25,000
Revenue 609,000 549,000
Purchases 412,000 408,000
Operating and administrative expenses 87,000 78,000
Interest on long-term loan 18,000 21,000
Ordinary dividend paid 9,000 5,000
Additional information
1. The income tax expense for the year ending 2023 amounted to R32 000 and
the income tax expense for the current year is R22 000
2. The opening inventories for the financial year ending 2023 amounted to R96
000.
3. Assume that all purchases and sales are on credit.
The correct acid test ratio for the financial year ended 29 February 2024 is 1.02.
True
False
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,Pre vi o us ac t i vi t y
Assessment 4
,Qumbu Energy Ltd installs wind power turbines for renewable energy projects in
OR Tambo District Municipality in the Eastern Cape. The company services
government contracts and private energy firms, operating from Qumbu with
projects mainly along the municipality. In 2023, Qumbu Energy completed three
major installations, growing rapidly as renewable energy demand rises.
The following financial information is presented to you to assist in the analysis
and interpretation of the performance and the overall financial health of the
business:
Extract from the statement of financial position information as at 28 February
2024:
2024 2023
R R
Share capital 166,000 166,000
Retained earnings (opening) 101,000 17,000
Long-term loan: Ndebele Corporation 142,000 182,000
Machinery and equipment (at carrying
208,000 243,000
amount)
Inventories 166,000 175,000
Prepayments 24,000 43,000
Trade payables control 170,000 152,000
Trade receivables control 125,000 93,000
Bank 58,000 44,000
Income tax payable 14,000 25,000
Revenue 609,000 549,000
Purchases 412,000 408,000
Operating and administrative expenses 87,000 78,000
Interest on long-term loan 18,000 21,000
Ordinary dividend paid 9,000 5,000
Additional information
1. The income tax expense for the year ending 2023 amounted to R32 000 and
the income tax expense for the current year is R22 000
2. The opening inventories for the financial year ending 2023 amounted to R96
000.
3. Assume that all purchases and sales are on credit.
The gross profit percentage for the financial year 2024 has improved when
compared to 2023.
True
False
, Previous page Next page
Pre vi o us ac t i vi t y
Assessment 4
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