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39193 FAC 1602/101/3/2020 ASSIGNMENT 02 - FIRST SEMESTER (continued) QUESTION 4 Which one of the following alternatives represents the correct amount that must be disclosed
39193 FAC 1602/101/3/2020 ASSIGNMENT 02 - FIRST SEMESTER (continued) QUESTION 4 Which one of the following alternatives represents the correct amount that must be disclosed as current liabilities in the statement of financial position of Gerlamp CC as at 28 February 2020? 1. R 803 900 2 R1 283 900 3R 677 900 4. R1 039 400 QUESTION 5 Which one of the following alternatives represents the correct amount that must be disclosed as the profit for the year in the statement of profit and loss and other comprehensive income of GerLamp CC as at 28 February 2020? 1. R288 500 OOO 2. R493 475 3. R436 200 4. R482 600 QUESTION 6 Only for question 6; assuming that the total comprehensive income amounted to R600 000 Which one of the following alternatives represents the correct amount that must be disclosed as the retained earnings in the statement of changes in equity of Gerlamp CC for the year ended 28 February 2020? 1. R288 500 2. R493 475 3. R436 200 4. R482 600 hangtegt Change in agedy of Gerlang CC p 600 000 Balance -opit for the year 452 to FAC1602/101/3 ASSIGNMENT 02 - FIRST SEMESTER (continued) 2.0 Gerlamp purchased a bakkie costing R78 000 on 30 September 2019 from a we Known bakkie dealer Furthermore the Close Corporation bought additional machinery to the value of R81 000 on 01 November 2019 2.5 in terms of the Close Corporation Accounting policy, the depreciation is calculated follows: Vehicles are depreciated at 15% according to the straight line method. Plant and machinery are depreciated at 10% according to the straight line method QUESTION 1 Which one of the following alternatives represents the correct amount that must be disclosed as current assets in the statement of financial position of Gerlamp CC as at 28 February 20207 1. R714 100 2 R833 100 = R763 100 3. RB82 100 4. R872 000 QUESTION 2 Which one of the following alternatives represents the correct amount that must be disclosed as non-current liabilities the statement of financial position of Gerlamp CC as at 28 February 2020? 1. R390 600 2 R434 000 3. R43 400 4. R406 000 QUESTION 3 Which one of the following alternatives represents the correct amount that must be disclosed as non-current assets in the statement of financial position of GerLamp CC as at 28 February 2020? 0 R2 150 000 2 R1 875 900 3. R2 000 000 4. R1 744 000 FAC0101/00 ASSIGNMENT 02 - FIRST SEMESTER Given information for questions 1, 2, 3, 4, 5 and 6 Close Anton Gerald and Mike Lampard are in close Comparation called coram Corporation selling hardware equipment. The following information Rentaina 10 Gerlamp Close Corporation for the financial year ended b y Extract of balances at 28 February 2020: Member's contribution: Gerald...... CH 2000 Member's contribution Lampard .... 100 000 Loan to Lampard 110 000 Loan from Gerald.... Retained earings (28 February 2010)... 01 000 Interim profit distribution to members 10000 Land and buildings at cost 111000 Motor vehicles at cost 518 000 Plant and machinery at cost..... . 401 000 Accumulated depreciation Motor vehicles (On March 2010) 118 126 Accumulated depreciation Plant and machinery (91 March 2010). 173 976 Mortgage..... 134 000 Inventory...... .......... .. 105 000 Bank (dr)................................ 000 100 Trade receivables control........ ... 49.000 X Trade payales control.............. .. .. . .. 126 000 SARS (Cr)................. ... 240 000 Accrued expenses.... . ...CH E .... .......... 50 000 Profit before taking any applicable additional information into account. 107 000 2. Additional information: 2.1 Interest of R59 500 payable on the loan from Gerald, and interest of R16 500 receivable on the loan to Lampard, was capitalised and credited and debited to the applicable accounts. The loan to Lampard is immediately callable and the loan from Gerald is repayable on 28 February 2021 2.2 The mortgage was acquired on 1 March 2019 from Comie Bank at 12% interest per annum payable in arrears on 1 March each year. The interest has been calculated and debited and credited to the applicable accounts. The mortgage is secured by land and buildings. The mortgage is repayable in 10 equal annual instalments with the first instalment due on 1 March 2020 2.3 Provision must still be made for the following Undrawn salaries: Gerald - R84 000; Lampard -R42 000 A further profit distribution to members of R42 000 SA Normal tax-R244 500 il 11% 18:21 f FAC1602 Eratta (1) @ : Dear FAC1602 Student Please adjust assignment 2 for the typing errors as follows: The adjustment would be what is written in italics. The Extract from the Statement of Profit or Loss and Other Comprehensive Income should also be used in conjunction with the Extract from balances to answer the Statement of Cash Flows questions. Rgs FAC1602 Lecturers Gerlamp Close Corporation Extract of balances at 28 February 2020: Additional information 2.4 Gerlamp CC purchased a bakkie costing R78 000 on 30 September 2019 from a well- known bakkie dealer. Furthermore, the Close Corporation bought additional machinery to the value of R81 000 on 30 November 2019. QUESTION 5 Which one of the following alternatives represents the correct amount that must be disclosed as the profit for the year in the statement of profit and loss and other comprehensive income of GerLamp CC as at 28 February 2020? Assuming that only for question 5 the "Profit before taking any applicable additional information into account 967 000 In the list of balances; instead of 1 107 000. QUESTION 6 Only for question 6, assuming that the total comprehensive income amounted to R573 600. Given additional information for questions 7, 8, 9 and 10: Direct method should be used on Question 7 EXTRACT FROM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2020 Revenue Cost of Sales... Profit on sale of land and buildings Distribution, Administrative and Other expenses (Salaries and wages included) Interest expense Income tax expense. 700 000 (440 200) 153 000 (252 000) (54 000) (50 600) 39193 FAC 1602/101/3/2020 ASSIGNMENT 02 - FIRST SEMESTER (continued) QUESTION 4 Which one of the following alternatives represents the correct amount that must be disclosed as current liabilities in the statement of financial position of Gerlamp CC as at 28 February 2020? 1. R 803 900 2 R1 283 900 3R 677 900 4. R1 039 400 QUESTION 5 Which one of the following alternatives represents the correct amount that must be disclosed as the profit for the year in the statement of profit and loss and other comprehensive income of GerLamp CC as at 28 February 2020? 1. R288 500 OOO 2. R493 475 3. R436 200 4. R482 600 QUESTION 6 Only for question 6; assuming that the total comprehensive income amounted to R600 000 Which one of the following alternatives represents the correct amount that must be disclosed as the retained earnings in the statement of changes in equity of Gerlamp CC for the year ended 28 February 2020? 1. R288 500 2. R493 475 3. R436 200 4. R482 600 hangtegt Change in agedy of Gerlang CC p 600 000 Balance -opit for the year 452 to FAC1602/101/3 ASSIGNMENT 02 - FIRST SEMESTER (continued) 2.0 Gerlamp purchased a bakkie costing R78 000 on 30 September 2019 from a we Known bakkie dealer Furthermore the Close Corporation bought additional machinery to the value of R81 000 on 01 November 2019 2.5 in terms of the Close Corporation Accounting policy, the depreciation is calculated follows: Vehicles are depreciated at 15% according to the straight line method. Plant and machinery are depreciated at 10% according to the straight line method QUESTION 1 Which one of the following alternatives represents the correct amount that must be disclosed as current assets in the statement of financial position of Gerlamp CC as at 28 February 20207 1. R714 100 2 R833 100 = R763 100 3. RB82 100 4. R872 000 QUESTION 2 Which one of the following alternatives represents the correct amount that must be disclosed as non-current liabilities the statement of financial position of Gerlamp CC as at 28 February 2020? 1. R390 600 2 R434 000 3. R43 400 4. R406 000 QUESTION 3 Which one of the following alternatives represents the correct amount that must be disclosed as non-current assets in the statement of financial position of GerLamp CC as at 28 February 2020? 0 R2 150 000 2 R1 875 900 3. R2 000 000 4. R1 744 000 FAC0101/00 ASSIGNMENT 02 - FIRST SEMESTER Given information for questions 1, 2, 3, 4, 5 and 6 Close Anton Gerald and Mike Lampard are in close Comparation called coram Corporation selling hardware equipment. The following information Rentaina 10 Gerlamp Close Corporation for the financial year ended b y Extract of balances at 28 February 2020: Member's contribution: Gerald...... CH 2000 Member's contribution Lampard .... 100 000 Loan to Lampard 110 000 Loan from Gerald.... Retained earings (28 February 2010)... 01 000 Interim profit distribution to members 10000 Land and buildings at cost 111000 Motor vehicles at cost 518 000 Plant and machinery at cost..... . 401 000 Accumulated depreciation Motor vehicles (On March 2010) 118 126 Accumulated depreciation Plant and machinery (91 March 2010). 173 976 Mortgage..... 134 000 Inventory...... .......... .. 105 000 Bank (dr)................................ 000 100 Trade receivables control........ ... 49.000 X Trade payales control.............. .. .. . .. 126 000 SARS (Cr)................. ... 240 000 Accrued expenses.... . ...CH E .... .......... 50 000 Profit before taking any applicable additional information into account. 107 000 2. Additional information: 2.1 Interest of R59 500 payable on the loan from Gerald, and interest of R16 500 receivable on the loan to Lampard, was capitalised and credited and debited to the applicable accounts. The loan to Lampard is immediately callable and the loan from Gerald is repayable on 28 February 2021 2.2 The mortgage was acquired on 1 March 2019 from Comie Bank at 12% interest per annum payable in arrears on 1 March each year. The interest has been calculated and debited and credited to the applicable accounts. The mortgage is secured by land and buildings. The mortgage is repayable in 10 equal annual instalments with the first instalment due on 1 March 2020 2.3 Provision must still be made for the following Undrawn salaries: Gerald - R84 000; Lampard -R42 000 A further profit distribution to members of R42 000 SA Normal tax-R244 500 il 11% 18:21 f FAC1602 Eratta (1) @ : Dear FAC1602 Student Please adjust assignment 2 for the typing errors as follows: The adjustment would be what is written in italics. The Extract from the Statement of Profit or Loss and Other Comprehensive Income should also be used in conjunction with the Extract from balances to answer the Statement of Cash Flows questions. Rgs FAC1602 Lecturers Gerlamp Close Corporation Extract of balances at 28 February 2020: Additional information 2.4 Gerlamp CC purchased a bakkie costing R78 000 on 30 September 2019 from a well- known bakkie dealer. Furthermore, the Close Corporation bought additional machinery to the value of R81 000 on 30 November 2019. QUESTION 5 Which one of the following alternatives represents the correct amount that must be disclosed as the profit for the year in the statement of profit and loss and other comprehensive income of GerLamp CC as at 28 February 2020? Assuming that only for question 5 the "Profit before taking any applicable additional information into account 967 000 In the list of balances; instead of 1 107 000. QUESTION 6 Only for question 6, assuming that the total comprehensive income amounted to R573 600. Given additional information for questions 7, 8, 9 and 10: Direct method should be used on Question 7 EXTRACT FROM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2020 Revenue Cost of Sales... Profit on sale of land and buildings Distribution, Administrative and Other expenses (Salaries and wages included) Interest expense Income tax expense. 700 000 (440 200) 153 000 (252 000) (54 000) (50 600)
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