VRAAG 1: FINANSIËLE STATE EN NOTAS TOT FINANSIëLE STATE (59 punte; 34 minute) Jy word van inligting voorsien vir Daddabuy Beperk vir die finansiële jaar geëindig op 28 Februarie 2021.   GEVRA:   1.1 Voltooi die Inkomstestaat vir die jaar geëindig 28 Februarie 2021. (47) 1.2 Voltooi die Nota vir Behoue-inkomste. (12) INLIGTING:   UITTREKSEL UIT DIE VOOR-AANSUIWERINGSPROEFBALANS OP 28 FEBRUARIE 2021   Balansstaatrekeninge-afdeling Debiet Krediet Gewone aandelekapitaal   7 200 000 Behoue inkomste (1 Maart 2020)   455 600 Lening: Bulls Bank   ? Handelsvoorraad 1 905 000   Krediteurekontrole   974 600 SAID (Inkomstebelasting) 523 600   Voorsiening vir oninbare skulde   42 800 Vaste deposito: Monkey Bank (7%) 600 000   Nominale rekeninge-afdeling     Verkope   ? Koste van verkope 14 800 000   Huurinkomste   252 000 Rente op vaste deposito   21 000 Direkteursfooie 1 525 000   Salarisse en lone 865 350   Oninbare skulde 22 500   Ouditeursfooie 160 000   Advertensies 555 000   Verbruiksgoedere 72 600   Waardevermindering ?   Waardevermindering Toerusting 29 800   Waardevermindering Voertuie ?   Diverse uitgawes 647 051   Gewone aandele dividende 480 000  

QUESTION 7:  BUDGETING (43 marks; 26 minutes) 7.1 Indicate whether the following statements are True or False. Write only “True” or “False” next to the numbers (7.1.1 – 7.1.3) in the ANSWER BOOK.     7.1.1 A Cash Budget is prepared to show the actual receipts and payments for a specific period.     7.1.2 A Projected Income Statement would reflect the expected profit or loss for the budget period.     7.1.3 Only nominal accounts are recorded in a Cash Budget. (3)         7.2 BALULE LTD     The information relates to Balule Ltd for the 12-month budget period ended 31 May 2021.     REQUIRED:     7.2.1 Complete the Debtors Collection Schedule. (7)   7.2.2 Calculate the amounts denoted by (i) to (vi) on the extract of the Cash Budget provided.  (21)   7.2.3 Refer to Information J: ·       Calculate the percentage increase in the manager’s salary. ·       Comment on whether the salary and wage decision were justified. Quote figures. ·       Provide TWO possible consequences of this decision. (4)   (4) (4)   INFORMATION:     A. The business sells kitchen appliances at a profit mark-up of 80% on cost. Stock is replaced in the month of sale. A base stock is maintained.      B. Actual and budgeted figures for 2021:     MARCH APRIL MAY Sales 255 000 261 000 229 900 Purchases 130 000 ? 120 500     C. 70% of total sales are on credit. Debtors pay as follows:       ·       60% in the month following the sales month.       ·       35% in the second month following the month of sales.       ·       5% is written off.     D. All goods are purchased on credit. Creditors are paid after 30 days subject to a 5% discount.      

VRAAG 4: DEBITEUREVERSOENING, OUDERDOMSANALISE EN BTW (43 punte; 26 minute) 4.1 Kies die regte antwoord uit die gegewe woorde tussen hakies. Skryf slegs die antwoord neer langs elke nommer (4.1.1 – 4.1.3) in die ANTWOORDBOEK.     4.1.1 ‘n (Debiet/krediet) saldo op die bankrekening dui op ‘n positiewe saldo.     4.1.2 ‘n (Debietnota/kredietnota) is die brondokument vir goedere teruggestuur na ‘n krediteur.     4.1.3 ‘n (Kontant korting/korting toegestaan) word aangebied as rekeninge binne ‘n sekere tyd betaal word. (3) 4.2 DEBITEUREVERSOENING EN OUDERDOMSONTLEDING     Stonehaven Handelaars, wat besit word deur Manie McDonaldo, verkoop produkte kontant sowel as op krediet. Hul krediettermyn is 30 dae, maar hulle begroot dat 80% van hul klante sal voldoen aan die kredietterme.     GEVRA:     4.2.1 Verduidelik kortliks waarom die saldo van die debiteurekontrole-rekening ooreen behoort te stem met die totaal op die debiteurelys. (4)   4.2.2 Bereken die korrekte eindsaldo van die debiteurekontrolerekening op 30 Junie 2020. (6)   4.2.3 Stel die korrekte debiteurelys van Stonehaven Handelaars op 30 Junie 2020 op.  Toon alle berekenings. (14)   4.2.4 Bestudeer inligting A en C hier onder en beantwoord onderstaande vrae:       ·   Stonehaven Handelaars het nie behoorlike beheer oor hul debiteure nie.  Haal 2 bedrae aan om die stelling te bewys en te motiveer. (4)     ·     Noem TWEE maatreëls wat Stonehaven Handelaars kan instel om hul debiteure aan te moedig om hul rekeninge volgens die krediet-terme te betaal. (4)     INLIGTING:     A. Debiteure-ouderdomsontleding skedule vir Junie 2020:     TOTAAL HUIDIG 30 DAE 60 DAE 90 DAE R177 100 R33 700 R26 300 R72 600 R44 500  

C. CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2020     CASH FLOW FROM OPERATING ACTIVITIES   Cash generated from operations   Interest paid (86 000) Dividends paid (496 000) Income tax paid (a)     CASH FLOW FROM INVESTING ACTIVITIES Purchase of fixed assets (2 285 000) Proceeds from sale of fixed assets 650 000 Proceeds from financial assets matured 550 000     CASH FLOW FROM FINANCING ACTIVITIES   Repurchase of shares (b) Proceeds with issue of shares (c) Change in loan (d)     Net change in cash and cash equivalents (e) Cash and cash equivalents beginning of year (f) Cash and cash equivalents at the end of year (g)         D. Shareholding for the 2020 financial year     ·       Authorised share capital: 700 000 ordinary shares     ·       On 1 July 2019 there were 500 000 shares in issue.     ·       On 1 January 2020 all the unissued shares were issued at R12,50 each.     ·       On 31 May 2020, 30 000 shares were repurchased at R1,50 more than the average price per share.   [43]

INFORMATION:   A. EXTRACT FROM INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2020     Interest expense 86 000     Income tax 350 000     Net profit after tax 960 000  

  INLIGTING:     Die volgende finansiële aanwysers is op 30 April 2020 bereken:       2020 2019 Bedryfskapitaalverhouding 2,5 : 1 2,1 : 1 Vuurproefverhouding 1,3 : 1 1,4 : 1 Debiteure-invorderingstydperk 27 dae 35 dae Krediteure-betalingstydperk 44 dae 57 dae Skuld-ekwiteit-verhouding 0,3 : 1 0,5 : 1 Opbrengs op kapitaal aangewend 12% 14% Opbrengs op aandeelhouersbelang 13,5% 14,5% Verdienste per aandeel 200 sent 160 sent Dividende per aandeel 180 sent 40 sent Netto batewaarde per aandeel 770 sent 760 sent Markprys per aandeel (JSE) 960 sent 800 sent Terugkoopprys per aandeel 800 sent 0 sent Rentekoers van lening 14% 13%         [36]

B. UITTREKSEL UIT DIE BALANSSTAAT SOOS OP 30 JUNIE 2020     2020 2019   BATES       Niebedryfsbates 4 538 400 3 370 000    Vaste bates 5 338 400 3 750 000    Finansiële bates 200 000 750 000   Bedryfsbates 1 760 000      Voorrade 440 000      Handels- en ander ontvangbares        SAID (Inkomstebelasting) 36 000 0    Kontant en kontantekwivalente 125 000 30 000   TOTALE BATES    

QUESTION 7:  BUDGETING (43 marks; 26 minutes) 7.1 Indicate whether the following statements are True or False. Write only “True” or “False” next to the numbers (7.1.1 – 7.1.3) in the ANSWER BOOK.     7.1.1 A Cash Budget is prepared to show the actual receipts and payments for a specific period.     7.1.2 A Projected Income Statement would reflect the expected profit or loss for the budget period.     7.1.3 Only nominal accounts are recorded in a Cash Budget. (3)         7.2 BALULE LTD     The information relates to Balule Ltd for the 12-month budget period ended 31 May 2021.     REQUIRED:     7.2.1 Complete the Debtors Collection Schedule. (7)   7.2.2 Calculate the amounts denoted by (i) to (vi) on the extract of the Cash Budget provided.  (21)   7.2.3 Refer to Information J: ·       Calculate the percentage increase in the manager’s salary. ·       Comment on whether the salary and wage decision were justified. Quote figures. ·       Provide TWO possible consequences of this decision. (4)   (4) (4)   INFORMATION:     A. The business sells kitchen appliances at a profit mark-up of 80% on cost. Stock is replaced in the month of sale. A base stock is maintained.      B. Actual and budgeted figures for 2021:     MARCH APRIL MAY Sales 255 000 261 000 229 900 Purchases 130 000 ? 120 500     C. 70% of total sales are on credit. Debtors pay as follows:       ·       60% in the month following the sales month.       ·       35% in the second month following the month of sales.       ·       5% is written off.     D. All goods are purchased on credit. Creditors are paid after 30 days subject to a 5% discount.      

G. Die leningstaat ontvang van Bulls Bank op 28 Februarie 2021 dui die volgende aan:       R Saldo aan begin van finansiële jaar 2 460 000 Terugbetalings gedurende finansiële jaar 850 000 Rente gekapitaliseer ? Saldo aan einde van finansiële jaar 1 850 000   H. Inkomstebelasting vir die finansiële jaar is bereken op 28% van die netto wins voor belasting.   I. Aandele en dividende:     ·      800 000 gewone aandele was reeds op 1 Maart 2020 uitgereik. ·      Tussentydse dividende is op 1 September 2020 verklaar en betaal. ·      Die direkteure het op 26 Februarie 2021 besluit om 5% van die aandele wat reeds uitgereik is, terug te koop. Hierdie aandele is teen R11,20 per aandeel teruggekoop. Geen inskrywings is vir hierdie transaksie gemaak nie. Alle aandele kwalifiseer vir die finale dividend. ·      Die finale dividend per aandeel wat op 28 Februarie 2021 deur die direkteure aanbeveel was, is 44 sent per aandeel.   [59]

QUESTION 5: INVENTORY VALUATION AND PROBLEM SOLVING (33 marks; 20 minutes) You are provided with information relating to Fashion Stores. The business sells one type of leather bag. The financial year ends on 30 April each year. The business uses the weighted average method for stock valuation and the periodic stock system.   REQUIRED:   5.1 Calculate the value of the closing stock on 30 April 2021 using the weighted average method. (10) 5.2 Calculate the following for the year ended 30 April 2021:     5.2.1 Cost of sales (4)   5.2.2 Stockholding period in days (using closing stock) (4)   5.2.3 Calculate the number of leather bags missing. (6)   INFORMATION:     A. Stock   Date Number of units Price per unit (including carriage on purchases) Total value 1 May 2020 440   R65 575 30 April 2021 310 ? ?     B. Purchases of leather bags   Date No. of units Cost price per unit Total purchases Carriage on purchases per unit Total carriage on purchases 30 Jul 2020 600 R150 90 000 R10 6 000 15 Nov 2020 800 R160 128 000 R10 8 000 18 Jan 2021 500 R155 77 500 R12 6 000 13 Mar 2021 300 R170 51 000 R12 3 600 TOTAL 2 200   346 500   23 600