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AT(SA): Financial Statements: Practice assessment 1
Data and Tasks
The practice assessment counts 240 marks and learners need to earn a minimum of 168 marks
(70%) to achieve competence.
Task 1
You have been provided with the following information for Karin Jewellers Ltd for the financial year
ended 30 April 2017:
Additional notes
Trial balance
Additional notes:
1.
All operations are continuing operations.
2.
Valuation of non-current assets:
Land and buildings are classified as owner-occupied property and is carried under
the revaluation model. It is not depreciated.
Land and buildings must be revalued to R3 494 000 at 30 April 2017.
Depreciation should be provided as follows:
-
Equipment and machinery at 10% on the straight-line basis.
-
Depreciation on equipment and machinery is apportioned between cost of
sales and administrative expenses in the ratio 40:60.
-
Motor vehicles at 15% on the reducing balance basis.
-
Depreciation on motor vehicles is allocated to selling and distribution costs.
3.
Inventories on hand at 30 April 2017 amounted to R2 010 762. 4.
Bad debts of R67 215 still have to be written off. Bad debts form part of administrative
expenses.
5.
Finance costs of R83 424 must still be accrued for. 6.
There were no share issues during the current year.
FNST – Practice assessment 1
1
Karin Jewellers Ltd
Trial balance for the year ended 30 April 2017
Account name
Debit
Credit
R
R
Share capital
1 237 800
Share premium
3 036 750
Retained earnings - 01/05/2016
2 040 181
Revaluation reserve - 01/05/2016
344 000
Equipment and machinery
7 629 400
Equipment and machinery - Accumulated depreciation
2 288 820
Motor vehicles
1 076 100
Motor vehicles - Accumulated depreciation
275 100
Land and buildings
3 326 000
Investments
2 465 788
Loan account
6 673 914
Allowance for doubtful debts
56 867
Debtors control
2 843 379
Inventories - 01/05/2016
1 997 824
Bank
1 479 347
Creditors control
1 757 229
Taxation liability
93 182
Sales
34 120 550
Purchases
21 093 742
Selling and distribution costs
3 876 155
Administrative expenses
4 267 831
Finance costs
887 634
Taxation (charge for the year)
856 922
Dividends paid
247 560
Dividends received
123 289
Total
52 047 682
52 047 682
a)
Prepare the Statement of comprehensive income for Karin Jewellers Ltd for the financial year
ended 30 April 2017, in accordance with International Financial Reporting Standards.
(42)
b)
Prepare the Statement of changes in equity for Karin Jewellers Ltd for the financial year ended
30 April 2017.
(17)
Show all your calculations. If your amounts are incorrect, marks will be earned in the calculations
supporting those amounts.
A list with possible line item descriptions have been provided in the answer booklet.
FNST – Practice assessment 1 – Data and Tasks 2
Task 2
You have been provided with the following information for Island Ltd for the financial year ended 30
June 2017:
Additional notes
Statement of comprehensive income
Statement of financial position
Additional notes:
1.
All sales and inventory purchases were on credit. 2.
Other income comprises dividends received of R141 500 and profit on disposal of property,
plant and equipment of R42 789.
The sold property, plant and equipment had a carrying value of R2 136 423.
3.
Administrative expenses include depreciation for the year of R2 989 083.
4.
A dividend of R2 871 912 was paid during the year. 5.
Island Ltd accounts for dividends and interest received as part of cash flows from investing
activities, and dividends paid as part of cash flows from financing activities.
Island Ltd
Statement of comprehensive income for the year ended 30 June 2017
Note
R
Revenue
80 333 783
Cost of sales
-35 347 374
Gross profit
44 986 409
Other income
2
184 289
Selling and distribution costs
-8 901 056
Administrative expenses 3
-23 261 743
Operating profit
13 007 899
Finance costs
-1 607 567
Profit before taxation 11 400 332
Taxation
-3 208 112
Profit for the year
8 192 220
Island Ltd
FNST – Practice assessment 1 – Data and Tasks 3
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Statement of financial position as at 30 June 2017
2017
2016
Note
R
R
ASSETS
Non-current assets
Property, plant and equipment
2
37 363 544
34 717 059
Current assets
Inventories
8 027 943
8 891 229
Trade and other receivables
8 237 198
7 804 322
Cash and cash equivalents
909 370
17 174 511
16 695 551
Total assets
54 538 055
51 412 610
E
QUITY AND LIABILITIES
Equity
Share capital
7 487 650
4 325 100
Share premium
20 938 350
12 625 565
Retained earnings
14 446 650
9 126 342
Total equity
42 872 650
26 077 007
Non-current liabilities
Interest-bearing borrowings
5 255 667
10 673 326
Current liabilities
Trade and other payables
4 763 411
4 493 714
Tax payable
1 646 327
1 932 654
Bank overdraft
8 235 909
6 409 738
14 662 277
Total liabilities
11 665 405
25 335 603
Total equity and liabilities
54 538 055
51 412 610
a)
Determine the cash generated from operations for Island Ltd for the year ended 30 June 2017,
using the indirect method. (16)
b)
Prepare the Statement of cash flows for Island Ltd for the year ended 30 June 2017.
(41)
Clearly show all outflows / decreases in cash flows and cash paid in calculations with a MINUS sign.
Show all your calculations, if your amounts are incorrect, marks may be earned in the calculations
supporting those amounts.
A list with possible line item descriptions have been provided in the answer booklet.
FNST – Practice assessment 1 – Data and Tasks 4
Task 3
a)
The IASB Conceptual Framework for Financial Reporting identifies two underlying assumptions
when preparing financial statements.
Select the two (2)
underlying assumptions from the list provided below:
Accrual basis
Materiality
Relevance
Going concern
Reliability
(2)
b)
Select three (3)
elements of financial statements, in accordance with the IASB Conceptual
Framework for Financial Reporting.
Capital
Drawings
Assets
Liabilities
Revenue
Expenses
(3)
c)
How does the Conceptual Framework for Financial Reporting define income?
(6)
d)
A company owns plant and machinery that originally cost R5 300 000. At the end of the current
financial year, the accumulated depreciation on this plant and machinery amounts to
R3 260 500.
The fair value less costs to sell is estimated as R2 000 000 and the present value of future cash
flows is estimated as R2 100 000.
Should the plant and machinery be impaired?
(1)
e)
A company has entered into two lease agreements:
Lease A is for a period of two years with a monthly instalment of R420. The original cost of the
asset R28 000 and is estimated to have a useful life of six years.
Lease B is for a period of six years at a monthly instalment of R380. The original cost of the
asset R22 000 and is estimated to have a useful life of seven years.
Which of these leases will be classified as a finance lease?
(1)
f)
Indicate whether the following statement is true or false.
A contingent liability is not recognised in the financial statements. (1)
FNST – Practice assessment 1 – Data and Tasks 5
Task 4
Cinnamon and Cloves (Pty) Ltd is busy expanding their business and have acquired a number of
properties. The directors are unsure about the accounting treatment of these properties, as some of
the properties will be used by the company and some will be used for investment purposes.
Prepare brief notes for the directors to answer the following questions:
a)
Define the following terms:
1)
An investment property 2)
An owner-occupied property
(7)
b)
What is the definition of the fair value of a property?
(4)
c)
Name two (2)
conditions that should be met when using the fair value model as the accounting
treatment of investment property.
(2)
FNST – Practice assessment 1 – Data and Tasks 6
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Task 5
Topaz Ltd acquired 70% of the shares of Colourstone Ltd on the 1
st
of July 2016 for R3 800 000. At
that date the share capital of Colourstone Ltd amounted to R3 000 000, the share premium was
R1 200 000 and the retained earnings was R715 630.
You have been provided with the following information for the two companies for the financial year
ended 30 June 2017:
Additional notes
Statement of financial position
Additional notes:
1.
At 1 July 2016, the carrying amount of land and buildings of Colourstone Ltd was
R300 000 less than the fair value (you may ignore any possible impact on depreciation). 2.
Topaz Ltd sold inventory with a cost of R220 000 to Colourstone Ltd for R280 000 on
credit. Half of this inventory has been sold by Colourstone Ltd by the end of the financial
year and R40 000 is still owing to Topaz Ltd on 30 June 2017.
3.
Non-controlling interest is measured at their proportionate share of the net assets. FNST – Practice assessment 1 – Data and Tasks 7
Statement of financial position as at 30 June 2017
Topaz Ltd
Colourstone Ltd
R
R
ASSETS
Non-current assets
Property, plant and equipment
4 037 961
5 017 095
Investment in Colourstone Ltd
3 800 000
7 837 961
5 017 095
Current assets
Inventories
802 794
689 122
Trade and other receivables
719 823
432 278
Cash and cash equivalents
1 430 653
364 625
2 953 270
1 486 025
Total assets
10 791 231
6 503 120
EQUITY AND LIABILITIES
Equity
Share capital
4 120 000
3 000 000
Share premium
2 236 700
1 200 000
Retained earnings
2 736 100
1 010 630
Total equity
9 092 800
5 210 630
Non-current liabilities
Interest-bearing borrowings
1 145 650
895 746
Current liabilities
Trade and other payables
552 781
396 744
Total liabilities
1 698 431
1 292 490
Total equity and liabilities
10 791 231
6 503 120
Prepare the consolidated statement of financial position for the year ended 30 June 2017 for Topaz
Ltd and its subsidiary.
(47)
Show all your calculations, if your amounts are incorrect, marks will be earned in the calculations
supporting those amounts.
A list with possible line item descriptions have been provided in the answer booklet.
FNST – Practice assessment 1 – Data and Tasks 8
Task 6
You have been provided with the following information for Landies Ltd for the financial year ended 30
June 2016:
Statement of comprehensive income
Statement of financial position
Landies Ltd
Statement of comprehensive income for the year ended 30 June 2016
R
Revenue
8 367 161
Cost of sales
-3 882 111
Gross profit
4 485 050
Selling and distribution costs
- 791 161
Administrative expenses -1 587 917
Operating profit
2 105 972
Finance costs
- 968 323
Profit before taxation 1 137 649
Taxation
- 328 542
Profit for the year
809 107
FNST – Practice assessment 1 – Data and Tasks 9
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Landies Ltd
Statement of financial position at 31 June 2016
R
ASSETS
Non-current assets
Property, plant and equipment
3 188 764
Current assets
Inventories
780 351
Trade and other receivables
584 754
Cash and cash equivalents
72 361
1 437 466
Total assets
4 626 230
EQUITY AND LIABILITIES
Equity
Share capital
757 610
Share premium
888 121
Retained earnings
1 971 552
Total equity
3 617 283
Non-current liabilities
Interest-bearing borrowings
367 726
Current liabilities
Trade and other payables
263 411
Taxation payable
377 810
641 221
Total liabilities
1 008 947
Total equity and liabilities
4 626 230
Prepare the following financial ratios to assist with the analysis of the financial statements. Round your answer to 2 decimal places. Clearly indicate the unit of measurement.
Ratio
Gross profit percentage
Return on assets
Current ratio
Inventory turnover
Gearing ratio
(10)
FNST – Practice assessment 1 – Data and Tasks 10
Task 7
A friend has inherited some shares in Monty Ltd and can’t decide whether to keep the shares or
maybe even buy some more shares. She has invited you for coffee for an opinion on how well the
management is utilising the company resources.
She has provided you with certain ratios relating to Monty Ltd, as well as the industry averages of
those ratios:
Monty Ltd
Industry averages
Gearing
62.1%
78.4%
Interest cover
7.3 times
4.0 times
Current ratio
1.8:1
1.6:1
Acid test ratio
0.9:1
0.6:1
a)
Using only the ratios above, comment
on the performance of the company (better or worse)
compared to the industry averages.
(23)
b)
Using only the ratios above, advise
your friend, with reasons
, on whether or not she should keep her shares in the company.
(9)
(32)
Task 8
Harrow Ltd owns plant and machinery that originally cost R600 000. The accumulated depreciation at
the beginning of the current year amounted to R260 000. Harrow Ltd disposed of part of the plant,
which had cost R120 000, with accumulated depreciation of R65 000 at the start of the financial year,
for R62 000. No depreciation is charged in the year of disposal. The depreciation for the current year
amounts to R70 000.
The accountant has asked you to complete the note to the financial statements. Clearly indicate
deductions with a minus sign.
(8)
FNST – Practice assessment 1 – Data and Tasks 11
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