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The Independent Institute of Education 2015

MODULE NAME: MODULE CODE:


ACCOUNTING A ACCOx131
ACCOUNTING A ACCOf131
ACCOUNTING A ACCOf131p
ACCOUNTING A ACCOx131p
ACCOUNTING A ACCOf131w

ASSESSMENT TYPE: EXAMINATION (PAPER ONLY)


TOTAL MARK ALLOCATION: 180 MARKS
TOTAL HOURS: 3 HOURS (+15 minutes reading time)
STUDENT NAME:
STUDENT NUMBER:
INSTRUCTIONS:
1. Please adhere to all instructions in the assessment booklet.
2. Independent work is required.
3. Five minutes per hour of the assessment to a maximum of 15 minutes is dedicated to reading
time before the start of the assessment. You may make notes on your question paper, but not
in your answer sheet. Calculators may not be used during reading time.
4. You may not leave the assessment venue during reading time, or during the first hour or
during the last 15 minutes of the assessment.
5. Ensure that your name is on all pieces of paper or books that you will be submitting. Submit all
the pages of this assessment’s question paper as well as your answer script.
6. Answer all the questions on the answer sheets or in answer booklets provided. The phrase
‘END OF PAPER’ will appear after the final set question of this assessment.
7. Remember to work at a steady pace so that you are able to complete the assessment within
the allocated time. Use the mark allocation as a guideline as to how much time to spend on
each section.
Additional instructions:
1. This is a closed book assessment.
2. Calculators are allowed.
3. Answer all questions.
4. Ensure that you have received a SPECIAL ANSWER BOOKLET (with forms drawn up) for
entering your answers. If you have not received an answer booklet, request one from the
invigilator before starting the assessment. Answer all questions in the answer booklet
provided.
5. Present your answers in a NEAT and LEGIBLE format.
6. SHOW ALL CALCULATIONS, WHERE APPLICABLE (MARKS WILL BE AWARDED FOR THIS).
7. ROUND ALL CALCULATION-TYPE ANSWERS TO THE NEAREST RAND, WHERE APPLICABLE.

© The Independent Institute of Education (Pty) Ltd 2015


Page 1 of 10
The Independent Institute of Education 2015

Question 1 (Marks: 15)

Q.1.1 Two disciplines of accounting that exist are management accounting and financial (5)
accounting. Contrast these two main disciplines (branches) of accounting.

Q.1.2 Qualitative characteristics of financial statements prepared in accordance with IFRS (5)
include understandability and reliability. Briefly discuss these two characteristics.

Q.1.3 Various users of accounting information use it for different purposes. The general (5)
public is one such user of a business’s accounting information; name five (5) other
users of accounting information.

Question 2 (Marks: 15)


The following balances appeared in the books of Mia Stores as at 28 February 2015, the last day of
the financial year of the business:

R
SARS (Output VAT) 21 230
Furniture 55 320
Interest on fixed deposit 3 540
Fixed deposit 99 430
Stationery (consumed) 19 910
Bank loan (short-term) 22 540
Bank overdraft 33 220
Dividends received 24 540
Creditors control 29 430
Cost of sales 221 120
Sales 321 590
Land and building 345 670
Drawings 11 900
Capital 144 230
Trading inventory 11 440
Cash float 21 120
Postage 29 910

© The Independent Institute of Education (Pty) Ltd 2015


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The Independent Institute of Education 2015

Q.2.1 Calculate the total liabilities as at 28 February 2015. Show all account names and (5)
figures in your calculations.

Q.2.2 Calculate the total assets as at 28 February 2015. Show all account names and (6)
figures in your calculations.

Q.2.3 Calculate the total income as at 28 February 2015. Show all account names and (4)
figures in your calculations.

Question 3 (Marks: 10)


The following transactions apply for Bell Traders for February 2015. Ignore VAT for all transactions.
The business uses the perpetual stock method for the recording of transactions. You are required to
analyse these transactions in the format of the table provided (see the examples below).

Transactions for the month:


1. The owner took a couch from the business for his personal use to the value of R9 000.
2. Services rendered to cash customers, R2 500.
3. Purchased fuel for delivery vehicle from petty cash, R900.
4. Paid interest on loan to TG Bank, R500 cash.
5. Received a loan from ZM Bank, R43 000.

Required:

Show the double-entry (debit and credit general ledger account names), as well as the effect on the
accounting equation, for each transaction in the columns provided. Ensure that you use the + and –
signs to show the effect on the equation.

Example: Paid for repair costs, R400 cash.

No. DEBIT account name CREDIT account name A = O + L

20 Repairs Bank -400 -400

© The Independent Institute of Education (Pty) Ltd 2015


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The Independent Institute of Education 2015

Question 4 (Marks: 10)


You own a company called ABC Stores. The business is registered for VAT and trades only with other
registered VAT businesses. The business charges 14% VAT on all its sales. All amounts are inclusive of
VAT, unless VAT is not applicable (or stated otherwise).

Your business purchases products from various suppliers, including ZB Stores. Your business has
various customers, including Joe Smith. Consider the following scenario for the month from a
perspective of your own business:

 Inventory was purchased from ZB Stores on account, R 13 680 inclusive.


 Inventory was sold to Joe Smith on account, R 15 000 exclusive.
 The mark-up on cost is 100%.
 Payments for the month were recorded as follows:
o Petrol R 2 280
o Advertising R 7 980 inclusive
o Entertainment cost R 3 420 inclusive

Q.4.1 Would ABC Stores record the VAT that applies to ZB Stores as input or output? (1)

Q.4.2 Would ABC Stores record the VAT that applies to Joe Smith as input or output? (1)

Q.4.3 What is the total output VAT for your business? (2)

Q.4.4 VAT categories include standard-rate, zero-rated, exempt and non-allowable VAT (1)
items. What would petrol categorise as?

Q.4.5 What is the total input VAT for ABC Stores? (3)

Q.4.6 What does the cost of sales amount to? (2)

© The Independent Institute of Education (Pty) Ltd 2015


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The Independent Institute of Education 2015

Question 5 (Marks: 45)


You are the bookkeeper of Chloe Stores:
 The business is registered for VAT and trades only with other registered VAT businesses.
 The business charges 14% VAT on all its sales. All amounts are inclusive of VAT, unless VAT is
not applicable (or stated otherwise).
 The business uses the periodic inventory system.
 You have been assigned the task of writing up the Cashbook Receipts and Cashbook Payments
for the month of May 2015.
 NO document numbers are required for your journals and the journals do NOT need to be
totalled at the end of the month.
 Cash is deposited daily.

Transactions for the month of May 2015:


Day Document Details Amount
no. R
1. 101 Tim White, the owner, increased his initial cash contribution. 31 500
2. 102 Purchased printing paper and files from Waltons, issued 1 140
cheque
3. 103 Paid TM Adverts per cheque for monthly flyers and marketing 3 000
material exclusive
4. 104 Paid PM Stores, a supplier, by cheque, in settlement of his ?
account. An invoice was recorded for R5 700 against a return
for R1 140. These were the only two transactions.
5. 105 Paid Engen for petrol using petty cash 798
6. 106 Cash sales recorded per cash register till 6 840
7. 107 Trading inventory purchased from Rob Stores per cheque. 70 ?
items were purchased @ R200 each (exclusive)
8. 108 Payment by cheque to Neotel for monthly telephone charges 2 500
exclusive
9. 109 Received a cheque from W. Brown, a customer, in settlement ?
of account, and issued receipt accordingly. He owed R5 400 for
a purchase. A credit note for R760 was issued during that
period. These were the only two transactions.

© The Independent Institute of Education (Pty) Ltd 2015


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The Independent Institute of Education 2015

Day Document Details Amount


no. R
10. 110 Interest recorded on investment from Absa Bank, issued 960
receipt accordingly
11. 111 Credit sales to R. Redd, issued invoice 6 840
12. 112 Paid Spar for cleaning items purchased using petty cash 171
13. 113 Purchased inventory for resale from Lin Stores per cheque 8 000
(exclusive)

Required:

Write up the Cashbook Receipts (Cash Receipts Journal) and Cashbook Payments (Cash Payments
Journal) for May 2015, using the appropriate transactions for the journals provided. You may use the
names of people/ companies you are paying in the details column. You do not need to total the
journals at the end of the month, and you do not need to enter document numbers.

Question 6 (Marks: 20)


The following information was extracted from the accounting records of News Traders for May 2015.
VAT does not apply to any transactions. The business uses the perpetual inventory system.

Account balances as at the 1st of May:


 Bank (favourable) 19 600
 Creditors Control 23 320

The journal totals (selected totals and columns) appeared as follows as at 31 May 2015:

CASHBOOK RECEIPTS/ CASH RECEIPTS JOURNAL (CBR1)

Debtors
Bank Sales Sundry Fol Sundry Details Cost of sales
Control
15 000 Capital

? 30 000 20 000 15 000 10 000

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The Independent Institute of Education 2015

CASHBOOK PAYMENTS/ CASH PAYMENTS JOURNAL (CBP1)

Trading
Bank Creditors Control Sundry Fol Details
Stock
6 000 Stationery

4 000 Petty cash

? 50 000 14 000 10 000

CREDITORS JOURNAL/ PURCHASES JOURNAL (CJ1)

Creditors Control Trading stock Stationery

? 10 000 5 000

Required:

Post to the following accounts in the General Ledger, using the opening balances provided and
information from the journals. Balance the ledger accounts at the end of the month (where
applicable). Folios are required when posting to the ledger accounts.

 Bank;
 Stationery;
 Creditors control;
 Debtors control;
 Trading inventory;
 Petty cash.

© The Independent Institute of Education (Pty) Ltd 2015


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The Independent Institute of Education 2015

Question 7 (Marks: 20)


Cloud Stores recorded the following transactions into the appropriate creditor-related journals for
the following creditor, Moss Stores.

Journal
Source Inclusive
Date for folio Description
document no. Amount (R)
reference:
1. Balance outstanding from previous month 14 000

2. Invoice 44 CJ1 Purchase of trading stock on credit 10 000


exclusive
3. Credit note 62 CAJ1 Returned unsatisfactory merchandise 4 560
inclusive
4. Invoice 59 CJ1 Purchase of trading stock on credit (5 items ?
@ R1 000 exclusive each)
5. Credit note 88 CAJ1 Returned unsatisfactory merchandise: 2 ?
products @ R200 each exclusive
6. Cheque 121 CBP1 Sent a cheque in full settlement of account ?

Required:

Use the information, and prepare the individual account of Moss Stores as it would appear in the
books of Cloud Stores. The business is registered for VAT.

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The Independent Institute of Education 2015

Question 8 (Marks: 30)


The table provided contains information related to the employees of Bright Stores. The following
additional information is also provided:

 The work week comprises 40 hours of normal time. Time worked above 40 hours is considered
overtime.
 Employees contribute 6.5% of their gross wage/ salary to the Mutual Pension Fund (the entire
pension contribution is tax deductible for the calculation of the SDL remuneration).
 The company makes no contribution to the pension fund, only the employee does.
 Assume a maximum UIF funding salary of R12 478 applies (maximum level at which UIF will
apply).
 SDL (Skills Development Levy) contributions amount to 1% of gross salary (after pension
deduction) for the employer only.
 UIF (Unemployment Insurance Fund) contributions amount to 1% of total gross remuneration
(before pension deduction) for the employer/ employee.

Name of Hours worked for a Normal Rate per Rate per hour in Rand for
Employee: week hour in Rand overtime
R. Collins 45 R200 Double the normal rate
B. Marks 36 R190 1.5 times the normal rate
W. Parker 52 R220 Double the normal rate
B. Green 43 R150 1.5 times the normal rate

Required:

Complete the Wages journal worksheet, for the week, provided in your answer book based on the
information provided. Note: This is not a complete wages worksheet (you are only required to
calculate the amounts for the columns provided).

Remember to round all answers to the nearest rand.

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The Independent Institute of Education 2015

Question 9 (Marks: 15)


The following information is available at the year-end (28 February 2015) for AA Stores.

Trading account (Gross profit) 80 000


Rent expense 24 000
Advertising 11 000
General expenses 15 200
Telephone 3 550
Salaries 29 330
Rent income 30 000
Interest on fixed deposit 4 800
Sales 200 000
Cost of sales 120 000

Required:

Prepare the Profit and Loss account at the year-end (28 February 2015) using the information
provided.

END OF PAPER

© The Independent Institute of Education (Pty) Ltd 2015


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