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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    

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 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.      

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

VRAAG ONDERWERP PUNTE TYDGIDS (MINUTE) 1 Finansiële State en Notas tot Finansiële State 59 34 2 Kontantvloeistaat, Notas tot Finansiële State en Verhoudings 43 26 3 Vertolking van Finansiële Inligting 36 22 4 Debiteureversoening, Ouderdomsanalise en BTW 43 26 5 Voorraadwaardasie en probleemoplossing 33 20 6 Vervaardiging 43 26 7 Begrotings 43 26 TOTAAL 300 180

ADJUSTMENTS AND ADDITIONAL INFORMATION:   A. Selling prices are determined by using a mark-up of 40% on cost. Note: Trade discounts of R120 000 were allowed to customers during the financial year.   B. The physical stocktaking on 28 February 2021 reflected the following stock on hand:     ·       Trading stock    R1 899 000 ·       Consumable stores    R 4 800   C. The provision for bad debts must be adjusted to R37 700.   D. Advertising includes a yearly contract of R48 000 which was paid on 1 May 2020.   E. The rent income includes rent received for March 2021. The rent income increased by R3 600 on 1 November 2020.   F. Fixed assets and depreciation:     (i) Vehicles:       Details for the only two vehicles are as follows:         VW Polo Audi TT Cost price 300 000 600 000 Accumulated depreciation on 28 February 2020 270 000 Date purchased 1 September 2015 1 November 2020       ·       Vehicles are depreciated at 20% p.a. on cost.     (ii) Equipment:       Equipment was sold on 1 September 2020 for R9 000. The details from the fixed asset register were:         R Cost price 24 000 Accumulated depreciation at the beginning of the financial year 13 100 Pro-rata depreciation for the year 900 Accumulated depreciation on 1 September 2020 14 000       ·       Depreciation on the remaining equipment is calculated at R28 900 after taking all the above into account.  

  B. Balance of the debtor’s control on 30 June 2020, amounted to R175 700.     C. Balance according to the debtor’s ledger on 30 June 2020.   Debtors Amount due Credit limits S Chuta 46 500 30 000 T. Nche 31 800 35 000 T. Msweli 27 000 30 000 J. Bekker 63 200 40 000 P Pillay 8 600 10 000 TOTAL 177 100       D. The following errors and omissions were discovered and must be corrected:       (i) The debtor’s Journal was overcast by R4 100.       (ii) Goods sold on credit to P Pillay were incorrectly posted to the account of T. Nche, R7 600.       (iii) An allowance on damaged goods delivered to S. Chuta R1 400, was posted to the wrong side of his account.       (iv) An invoice issued to T. Msweli for, R2 300 was not entered in the books of Stonehaven Traders.       (v) No entry was made of an EFT for R8 700, received from P. Pillay in settlement of an invoice for R9 000.       (vi) Goods sold on credit to J. Bekker for R4 700, was correctly entered in the debtors Journal, but was posted to her account in the debtors’ ledger as R7 400.    

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]

QUESTION 2: CASH FLOW STATEMENT, NOTES TO FINANCIAL STATEMENTS AND RATIOS (43 marks; 26 minutes) You are provided with information relating to Blusser Limited for the year ended 30 June 2020. Blusser Limited is a public company listed on the JSE.   REQUIRED:   2.1 Complete the note for Ordinary share capital to the Balance Sheet on 30 June 2020. (5) 2.2 Calculate the missing figures indicated by (a) to (g) in the Cash Flow Statement. NOTE: Indicate the correct flow of cash in the finale answer. (18) 2.3 The Cash Flow Statement highlights some significant decisions taken by the directors over the past year. Explain TWO decisions. Quote figures to support your answer. (6) 2.4 At the AGM, the directors announce that the company will: ·       Conduct training of all employees in terms of morals and ethics. ·       Donate funds towards cleaning up the environment. Explain why this is necessary although this will cost the company a lot of money each year. State THREE points. (6) 2.5 Calculate the following financial indicators on 30 June 2020:     ·       Acid-test ratio (5)   ·       Net asset value per share (3)

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