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UNISA

2022

Question 1

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A credit balance on a ledger account indicates

a.

a liability or income

b.

an asset or expense

c.

an amount owing to the business

d.

a liability or an expense

Question 2

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Which one of the following expenses should be included in cost of inventories sold during the year?

a.

Depreciation on delivery vehicle

b.

Carriage on purchases

c.

Carriage on sales

d.

Insurance on deliveries

Question 3

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On 30 June 2022, Ndabeni Traders sold R5 100 worth of inventory on credit to Ndlovu Supermarket, subject to a trade discount of 15%. A cash discount of 15% will be given if the account is settled within 30 days. Which one of the following amounts represents the correct amount received by Ndabezitha Wholesalers on 29 July 2022?

a.

R3 684.75

b.

R1 012.50

c.

R4 335.00

d.

R3 570.00

Question 4

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As of 1 January 2021, Kellys Clothing had a capital balance of R100 000. During the year Kellys Clothing had revenues and expenses amounting to R80 000 and R45 000 respectively. On 31 December 2021, the owner conducted a stock take and realised that an inventory valued at R5 000 was damaged. The salvage value of the damaged inventory was estimated at R1 500. In addition, the owner (Kelly), withdrew R20 100 for her personal use. Which one of the following alternatives represents the correct capital balance in the statement of financial position of Kellys Clothing as at 31 December 2021?

a.

R115 000

b.

R111 400

c.

R111 500

d.

R110 000

Question 5

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The year-end of Xakwa Mining, a business entity owned by Mr Manenzhe, is 31 December. On 1 January 2021, the statement received from the municipality showed that the company had overpaid by R2 500. Xakwa Mining received electricity accounts for the four quarters starting 1 January 2021 and ending 31 December 2021 for R3 500, R3 570, R2 750 and R3 000 respectively. On 31 December 2021, the municipal account reflected a balance of R2 000 owing. Which one of the following alternatives represents the correct amount that must be disclosed as electricity expense in the statement of profit or loss and other comprehensive income of Xakwa Mining for the year ended 31 December 2021?

a.

R17 320

b.

R 8 500

c.

R12 500

d.

R17 500

Question 6

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Given information to questions 1 5 below:

The following information relates Solar Now Installers, a partnership established on 1 March 2021 by A Wind and B Blade:

1. Balances as at 28 February 2022:

SOLAR NOW INSTALLERSEXTRACT OF BALANCES AS AT 28 FEBRUARY 2022 Capital: A WindR180 000Capital: B BladeR96 000Land and buildings at costR450 000Equipment at costR155 000Accumulated depreciation: EquipmentR15 500Bank (Dr)R69 125Trade receivables controlR75 700Inventory (1 March 2021)R6 000Long-term loan (ACCA Bank)R360 000Trade payables controlR29 975SalesR635 290PurchasesR402 260Drawings: A WindR36 000Drawings: B BladeR39 000Settlement discount receivedR8 360Delivery cost on salesR1 520Bank chargesR3 780DepreciationR15 500Telephone expensesR16 800Water and electricityR17 520Salaries and wagesR35 180Stationery consumedR1 380Interest on loanR14 400

2. Additional information:

2.1 Partnership agreement:

2.1.1 The partners share profit and losses in the ratio of 2:1 respectively.

2.1.2 Interest at 10% per annum is to be allowed on the balances of the capital accounts.

2.1.3 Each partner is entitled to a salary of R3 100 per month. One of the partners is overseas at the moment and he has already taken his salary for March 2022.

2.2 Year-end adjustments:

2.2.1 On 1 March 2021 on of the partners contributed R6 000 worth of inventory as part of his capital contribution.

2.2.2 At 28 February 2022 the value of inventory on hand amounted to R12 500

2.2.3 The land and buildings consist of an office stand 184 in Centurion Business Park and serves as security for the long-term loan from ACCA Bank. The loan was obtained on 1 April 2021 at 11% interest per annum. The interest is payable half yearly at the end of August and February.

2.2.4 The telephone expense amount includes R2 100 which is private telephone account of A Wind. An account for February 2022 of R1 740 was received late and must still be recorded.

2.2.5 During the year B Blade received R5 000 as a travel allowance to attend a training in Namibia. He used R800 to pay for a Covid-19 test which was required to enter Nambia and R4 000 on meals whilst he was on training.

Which one of the following alternatives represents the correct amount that must be disclosed as cost of sales in the statement of profit or loss and other comprehensive income of Solar Now Installers for the year ended 28 February 2022?

a.

R387 860

b.

R404 480

c.

R400 260

d.

R396 120

e.

R387 400

Question 7

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Which one of the following alternatives represents the correct amount that must be disclosed as telephone expense in the statement of profit or loss and other comprehensive income of Solar Now Installers for the year ended 28 February 2022?

a.

R15 060

b.

R17 340

c.

R19 140

d.

R16 440

e.

R18 540

Question 8

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Which one of the following alternatives represents the correct amount that must be disclosed as finance costs in the statement of profit or loss and other comprehensive income of Solar Now Installers for the year ended 28 February 2022?

a.

R39 600

b.

R43 200

c.

R36 300

d.

R33 000

e.

R14 400

Question 9

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Which one of the following alternatives represents the correct amount of half yearly interest payment by Solar Now Installers on 31 August 2021?

a.

R16 500

b.

R39 600

c.

R33 000

d.

R36 300

e.

R43 200

Question 10

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Which one of the following alternatives represents the correct amount that must be disclosed as total drawings in the statement of changes in equity of Solar Now Installers for the year ended 28 February 2022?

a.

R85 200

b.

R78 300

c.

R76 200

d.

R80 400

e.

R77 300

Question 11

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Given information to questions 1 6 below:

Mbazo Forestry is a partnership with Ukhozi and Sparrow as partners. The following information pertains to the business activities of the partnership for the year ended 30 June 2022.

1. Balances as at 30 June 2022:

MBAZO FORESTRYBALANCES AS AT 30 JUNE 2022Capital: UkhoziR90 000Capital: SparrowR70 000Current account: Ukhozi (Dr: 1 July 2021)R2 500Current account: Sparrow (Cr: 1 July 2021)R1 250Drawings: Ukhozi (30 June 2022)R4 490Drawings: Sparrow (30 June 2022)R7 000Trade payables controlR54 930Bank (positive)R83 240InventoryR22 500Trade receivables controlR38 500Allowance for credit lossesR250Vehicle at costR96 000Building at costR120 000Accumulated depreciation: VehiclesR11 600Prepayment: Equipment hireR38 800Profit for the yearR62 500

2. Additional information:

2.1 Partnership agreement:

2.1.1 The partners Ukhozi and Sparrow share profits and losses in the ratio of 3:2 respectively.

2.1.2 Interest is calculated at 12% per annum on the opening balances of the partners capital and current accounts.

2.1.3 Both partners are entitled to a salary of R15 000 per month. On 30 June 2022, the partners were paid R10 000 each as a month salary. This information is yet to be recorded in the books of the partnership.

2.2 Year-end adjustments:

2.2.1 Ukhozis mother-in law decided to lend R100 000 to the partnership on 30 June 2022 to enable them to buy land for development. The R100 000 will be a long-term loan to the partnership, with interest calculated at 8% per annum and will be repayable in equal instalments over 10 years. The first instalment is due on 30 June 2023.

2.2.1 On 30 June 2022, a debtor owing the business R150 must still be written off as irrecoverable.

Which one of the following alternatives represents the correct amount that must be disclosed as total equity in the statement of changes in equity of Mbazo Forestry for the year ended 30 June 2021?

a.

R158 750

b.

R160 000

c.

R161 300

d.

R161 250

e.

R149 760

Question 12

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Which one of the following alternatives represents the correct amount that must be disclosed as drawings in the statement of changes in equity of Mbazo Forestry for the year ended 30 June 2022?

a.

R251 490

b.

R240 000

c.

R 31 490

d.

R360 000

e.

R371 490

Question 13

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Which one of the following alternatives represents the correct amount that must be disclosed as property, plant and equipment in the statement of financial position of Mbazo Forestry as at 30 June 2022?

a.

R 84 500

b.

R134 800

c.

R 96 000

d.

R204 400

e.

R123 200

Question 14

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Which one of the following alternatives represents the correct amount that must be disclosed as trade and other receivables in the statement of financial position of Mbazo Forestry as at 30 June 2022?

a.

R38 100

b.

R77 550

c.

R77 300

d.

R38 250

e.

R38 500

Question 15

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Which one of the following alternatives represents the correct amount that must be disclosed as cash and cash equivalents or bank overdraft in the statement of financial position of Mbazo Forestry as at 30 June 2022?

a.

R156 760 (Bank overdraft)

b.

R163 240

c.

R 83 140

d.

R 83 240

e.

R 56 760 (Bank overdraft)

Question 16

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Assuming that the profit available for distribution to partners amounted to R20 000, which one of the following alternatives represents the correct balance in the current account of Sparrow on 30 June 2022?

a.

R 68 000

b.

R180 800

c.

R. 68 056

d.

R 70 800

e.

R178 000