12 Acc c3 Prelim Exam p1 2023 QP Ab

ACCOUNTING
CYCLE 3 PRELIMINARY EXAMINATION

PAPER 1
GRADE 12
Examiner(s) & Moderator(s): ASSA
Date: 25 / 08 / 2023 Time: 2 h Total: 200
QUESTION PAPER AND ANSWER BOOK
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• This Question Paper consists of four questions. It must be accompanied by the following
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QUESTION 1 MANUFACTURING (35 marks ; 21 minutes)
Refer to the information of Brainline Manufacturers.
1.1 Complete the following Notes to the Production Cost Statement for the year ended
30 June 2023.
1.1.1 Direct material cost. (6)
Do not calculate
1.1.2 Direct labour cost. (4)
Do not calculate
1.1.3 Factory overheads cost. (13)
Do not calculate

1.2 Calculate the total value of goods that were completed by the factory for 2023. (5)
1.3 The factory manager is concerned because the actual mark-up achieved in 2023
was higher than the target mark-up level.
Provide the factory manager with TWO possible reasons for this difference. (2)
1.4 The factory manager is very pleased with the factory’s performance for 2023 by
referring to it as “profitable”.
Support his sentiments with appropriate figures and reasoning. (3)
1.5 What effect would each of the following have on the break-even point?
1.5.1 An increase in administration costs. (1)
1.5.2 An increase in selling and distribution costs. (1)
TOTAL QUESTION 1: [35]

Calculations:
Salaries
Rent expense

QUESTION 2 CASH FLOW STATEMENT (65 marks ; 39 minutes)
Refer to the information relating to Brainline Ltd.
2.1 Complete the following notes to the Statement of Financial Position for the year
ended 30 June 2023.
2.1.1 Ordinary Share Capital. (5)
Authorised share capital R
800 000 ordinary shares
Issued share capital
…………… ordinary shares in issue at beginning of year 792 000
Do not calculate
2.1.2 Retained Income. (5)
R
Retained income at beginning of year 2 786 200
Dividends on ordinary shares
Retained income at end of year Do not calculate
Calculations for buy-back of shares

2.2 Complete Note 1: Reconciliation between profit before taxation and cash
generated from operations.
− Use the spaces allocated below the note to show relevant calculations.
− Show all other supporting calculations in brackets inside the note. (5)
R
Net profit before taxation
Adjustments for:
Depreciation 277 000
Profit on sale of asset (18 000)
Operating profit before changes in working capital Do not calculate

Changes in working capital Do not calculate
*Increase/*Decrease in inventory
*Increase/*Decrease in receivables
*Increase/*Decrease in payables
Cash generated from operations Do not calculate
*Delete that which does not apply or circle the correct definition of the movement.
Calculations: (16)
Interest on loan (5)
Changes in receivables (6)
Changes in payables (5)

2.3 Complete the Statement of Cash Flow for the year ended 30 June 2023.
− Use the spaces allocated below the statement to show relevant calculations.
− Show all other supporting calculations in brackets inside the note. (24)
R
Cash flow from operating activities Do not calculate
Cash generated from operations Do not transfer
Interest paid
Tax paid
Dividends paid
Cash flow from investing activities Do not calculate
Purchases of fixed/tangible assets

Cash flow from financing activities Do not calculate
Cash movement for the year Do not calculate

Cash balances on 1 July 2022
Cash balances on 30 June 2023
Calculations: (8)
Tax paid (3)
Fixed/tangible assets (5)

2.4 Provide TWO audit procedures you would perform as internal auditor to verify the
existence of vehicles in Brainline Ltd. (2)

QUESTION 3 COMPANY FINANCIAL STATEMENTS (60 marks ; 36 minutes)
Refer to the information relating to Tsotsi Ltd.
CALCULATION PAGE
Should you wish to use this space for calculations – please clearly label the details of the amount you
are calculating. All final amounts must be transferred correctly to the final question.
Rent income Interest on fixed deposit

3.1 Complete the Statement of Comprehensive Income for the year ended
30 June 2023.
Note: Some details and pre-adjustment figures have already been entered. (31)
R
Sales Do not calculate
Cost of sales Do not calculate
Gross profit Do not calculate
Operating incomes Do not calculate
Rent income (132 600

Discount received (15 600
Operating expenses Do not calculate
Depreciation 65 000
Directors fees 250 000
Advertising (9 800
Packaging material (12 795
Salaries and wages (145 700
Sundry expenses (45 055
Telephone (18 105
UIF contribution (1 457
Operating profit Do not calculate
Interest income (3 000
Net profit before taxation

Income tax
Net profit after taxation 990 990

3.2 Complete the following notes to the financial statements on 30 June 2023.
Note: Some details and pre-adjustment figures have already been entered.
3.2.1 Inventories. (5)
R
Trading stock (225 300
Do not calculate
3.2.2 Trade and other receivables. (16)
Net trade debtors
Trade debtors (96 900
Provision for bad debts (4 350
Debtors for salaries
Do not calculate
3.2.3 Trade and other payables. (8)
R
Trade creditors (78 940
SARS: PAYE (6 480
UIF (2 914
Do not calculate

QUESTION 4 INVENTORY, ASSETS AND VAT (40 marks ; 24 minutes)
This question consists of two separate parts, namely Part A and Part B. They should be
treated independently from each other.
PART A INVENTORY
Refer to the information relating to Brainline Traders.
4.1 Carriage on purchases remained unchanged during the financial year that ended
on 28 February 2023.
Calculate the average carriage amount charged per item. (2)
4.2 Calculate the value of closing inventory on 28 February 2023 according to the
FIFO method. (7)
4.3 Calculate the cost of sales value of batteries for the current financial year. (9)

4.4 Brainline Traders suspects that some of the trading stock might have been stolen.
Provide a calculation to either confirm or dispute the allegations. (3)
4.5 Recommend TWO preventative internal controls that Brainline Traders should put
in place to minimise the possibility of theft of trading stock in the business. (2)
PART B ASSETS AND VAT
Refer to the information relating to Brainline Stores.
4.6 Calculate the values indicated by A – C. Show all calculations in order to obtain
part-marks. (10)
Workings Answer
A.
B.
C.

4.7 In each of the instances below, indicate the effect of the transaction on the amount
of VAT due to SARS by writing ‘increase’, ‘decrease’ or ‘no effect’. (7)
Effect on amount
Transactions of VAT due to
SARS
4.7.1 Sales of merchandise
4.7.2 Purchases of merchandise
4.7.3 Trade discount allowed to debtors
4.7.4 Discount allowed to debtors
4.7.5 Drawings of merchandise
4.7.6 Merchandise stolen and not insured
4.7.7 Bad debts written-off
TOTAL QUESTION PAPER: [200]

ACCOUNTING
CYCLE 3 PRELIMINARY EXAMINATION
PAPER 1
GRADE 12
Examiner(s) & Moderator(s): ASSA
Date: 25 / 08 / 2023 Time: 2 h Total: 200
INFORMATION BOOKLET

QUESTION 1 MANUFACTURING (35 marks ; 21 minutes)
The following information relates to Brainline Manufacturers.
Brainline Manufacturers produces and sells helium for party balloons. They have a target mark-up of
80% on cost price. The current financial year ends 30 June 2023.
A. Balances extracted on 30 June:
2023 2022
R R
Raw materials stock 72 000 54 000
Finished goods stock 69 680 32 000
Factory consumables (cleaning materials) 4 500 6 000
B. Additional information:
• Raw material purchases amounted to R390 000 for the year. 80% of all purchases are made
on credit.
• Defective raw materials bought for a cash amount of R6 300 were sent back to the suppliers.
• The business is charged 10% delivery costs by their credit suppliers. This does not apply to
returns of goods.
• Salaries and wages:
The factory manager earns R16 000 per month. His monthly deductions were as follows:
− Pension Fund: 7% of his basic salary.
− UIF: 1% of his basic salary.
− The company contributes on a Rand-for-Rand basis to the Pension Fund and UIF.
The 7 factory workers earned a basic salary of R4 850 per month each. Due to power
outages, and to catch up on lost production time, an additional 20% was paid in overtime.
Total deductions for all 7 workers amounted to R30 999. Contributions for pension and UIF
for all factory employees amounted to R32 590.
The administrative staff salaries (including all contributions) amounted to a total of R106 000.
• Cleaning material purchases for the factory amounted to R33 750.
• Depreciation was calculated as follows:

− Factory machinery, R45 400.
− Office equipment, R18 800.
• Total repairs to factory machinery amounted to R17 500. An invoice for R1 250 for
maintenance to factory machines that will only take place in July 2023 has already been paid.

• Water and electricity costs amounted to R36 200. The administrative office consumption
amounts to 15% of this, whilst the balance was used by the factory.
• Rent is allocated to the factory and the administration office according to the ratio of the floor
space utilised. The factory uses 800m² and the office 200 m². The annual rent for the
premises, including insurance, amounts to R160 000.
The insurance contract requires monthly premiums of R1 325 to be paid in advance.
• Although a target of 2 500 units of production was set for the year, only 2 372 units were
actually completed.
• A total of 2 295 units were sold during the year at a constant selling price of R835.
• The break-even point achieved for 2023 was 1 060 units.

QUESTION 2 CASH FLOW STATEMENT (65 marks ; 39 minutes)
Information relating to Brainline Ltd.
Brainline Ltd. is a company that supplies Gautrain with spares. Their financial year ends on 30 June
each year. Brainline Ltd. has 800 000 authorised ordinary share capital.
On 1 July 2022, the first day of the current financial year, 55% of their authorised share capital was
issued.
A. Extract from the Statement of Comprehensive Income for the year ended 30 June 2023:
R
Profit on sale of asset 18 000
Depreciation 277 000
Profit before tax of 28% 1 360 000
B. Statement of Financial Position as of 30 June:
2023 2022
ASSETS R R
Non-current assets 12 240 600 14 220 800
Fixed/Tangible assets 11 760 600 13 280 800
Financial assets: Investment with Investec 480 000 940 000
Current assets 28 842 900 23 277 800
Inventory (Trading inventory only) 8 160 800 7 077 300
Trade and other receivables 4 770 100 3 750 500
Cash and cash equivalents 15 912 000 12 450 000
Total assets 41 083 500 37 498 600
EQUITY AND LIABILITIES

Shareholders equity ? 3 578 200
Ordinary share capital ? 792 000
Retained income ? 2 786 200
Non-current liabilities 13 540 000 14 206 700
Mortgage bond: ABSA 13 540 000 14 206 700
Current liabilities 23 596 520 19 713 700
Trade and other payables 13 038 420 12 755 600
Bank overdraft 10 558 100 6 958 100
Total equity and liabilities 41 083 500 37 498 600

Notes to the Financial Statements as on 30 June:
2023 2022
R R
Trade and other receivables 4 770 100 3 750 500
Trade debtors 3 231 300 3 437 000
Income receivable 323 600 210 200
Prepaid expenses 122 500 103 300
SARS: Income Tax 1 092 700 -
Trade and other payables 13 038 420 12 755 600

Trade creditors 11 109 420 10 004 600
Income received in advance 1 531 400 1 146 300
Accrued expense (interest on loan) 12 500 6 800
Shareholders for dividends 385 100 353 300
SARS: Value Added Tax (VAT) - 500
SARS: Income Tax - 1 244 100
Additional information:
1. Ordinary Share Capital:

• On 31 August 2022, the Directors of the company repurchased 50 000 ordinary shares at
R7.50 per share.
• On 1 January 2023, the Directors of the company issued 100 000 additional ordinary shares
at R8.00 per share.
2. Interim dividend for the 2023 financial year was R37 600.
3. An additional mortgage bond of R180 000 was obtained during the year. This
transaction was recorded.
Interest on mortgage bond is capitalised. Brainline Ltd. has made equal monthly payments of
R220 000 to ABSA to cover interest and mortgage bond repayments. Calculate the interest on
the mortgage bond.
4. Tangible/Fixed assets:
• A vehicle was sold for cash at a profit of R18 000 during the year. These have been correctly
recorded. The cost price of this vehicle was R600 000 and accumulated depreciation at the
date of disposal was R447 500. Depreciation on this vehicle is included in the depreciation
value given in information A above.
• Equipment, land and buildings were the only tangible/fixed assets purchased during the year.

QUESTION 3 COMPANY FINANCIAL STATEMENTS (60 marks ; 36 minutes)
Information relating to Tsotsi Ltd.
Tsotsi Ltd. offers a selection of quality bird feed products. The financial year-end is 30 June.
The company applies a mark-up of 150% on cost at all times.
A. Extract from the pre-adjustment trial balance on 30 June 2023:
R
Fixed Deposit: Investec Bank 45 000
SARS: Income tax (Debit) 459 000
Debtors for salaries 8 500
B. Additional information, adjustments and corrections:
• The following bank statement transactions have not yet been recorded:
− An EFT of R16 650 was made to Bulk Animal Suppliers in payment of the account after
a 10% discount has been received.
− Bank charges, R565. Bank charges are classified as sundry expenses.
− Deposit of R450 from G. Wybee, a debtor who was written-off in the previous financial
year due to the fact that he was declared insolvent.
• An employee who went on holiday in June 2023 was paid one month's salary (his July 2023
salary) in advance. The salary advances and payment transactions have been recorded. His
employment contract shows a monthly gross salary of R8 500.
The details of the salary advance are as follows:

− PAYE R2 125
− UIF of 1%
− The company contributes to UIF on a Rand-to-Rand basis
• The tenant is 2 months in arrears with the rent. The monthly rent was increased by 10% on
1 March 2023.
• The fixed deposit with Investec Bank was increased on 1 March 2023 by R15 000. The
increase has been recorded. Interest is calculated at 15% per annum on the investment and
is not capitalised. Calculate the interest outstanding.
• A newspaper advert to the value of R3 000 was paid to The Community News for the period
1 March 2023 to 28 February 2024. The transaction has been recorded.
• The telephone account for June 2023 of R1 895 has not yet been paid.

• Before the stocktake, the following transactions occurred which have not yet been recorded in
the books:
− A debtor, K. Mona, returned stock with a selling price of R1 800. This stock was found to
be damaged by the suppliers that Tsotsi Ltd. purchased this from. Tsotsi Ltd. returned
this stock to their credit suppliers.
− Merchandise with a cost price of R15 000, and packaging material of R750 was stolen
during a burglary on 29 June 2023. The insurance company will settle the claim in July
2023 with an amount of R10 500. The packaging material was not covered in the
insurance claim.
• According to a physical stocktake, trading inventory of R205 600 was on hand.
• It is estimated that packaging materials worth R11 500 was used in the 2023 financial year.
• The provision for bad debts must be adjusted to 4% of outstanding debtors.
• Taxation on net profit before tax is 28%.
• On 30 June 2023, a final dividend of R15 600 was declared.

QUESTION 4 INVENTORY, ASSETS AND VAT (40 marks ; 24 minutes)
This question consists of two separate parts, namely Part A and Part B. They should be treated
independently from each other.
PART A INVENTORY
Information relating to Brainline Traders.
You are provided with information relating to Brainline Traders for the
financial year ending 28 February 2023. Brainline Traders sells one type of
battery used in inverter systems.
They make use of the periodic inventory system and value their stock
using the First-In-First-Out (FIFO) method.
• Inventories of batteries:
The value of inventories was as follows (this includes carriage amounts):
Date No. of items Price per item Total value

March 2022 45 R3 010 R135 450
February 2023 25 ? ?
• Purchases of batteries:
Total Total
Unit price
purchases Total carriage purchases
Month Units (excluding
(excluding on purchases (including
carriage)
carriage) carriage)
May 2022 60 1 750 105 000 9 000 114 000
July 2022 90 1 500 135 000 13 500 148 500
October 2022 See bulleted information below
January 2023 20 1 800 36 000 3 000 39 000
Totals 220 ? ? ?
• Purchased and imported a batch of 50 batteries from India in October 2022.

• The total purchase price (including carriage costs) was ₹324 280 (Indian Rupees).
• Standard carriage rates applied to this order.
• The exchange rate remained constant throughout July 2023.
• ₹4 (Indian Rupees) is equal to R1 (one South African Rand).

• Returns of batteries:
Brainline Traders was not satisfied with the quality of some of the batteries bought in July 2022. 10
batteries were returned to the supplier. The supplier will credit Brainline Trader's account with the
cost price of each item. The carriage is not refundable on returns.
• Sales of batteries:
230 batteries were sold at R3 650 each. Total sales amounted to R839 500.
PART B ASSETS AND VAT
Information relating to Brainline Stores.
Brainline Stores is a registered VAT vendor and only deals with other VAT vendors at a rate of 15%.
Brainline Stores
Extract from the Fixed/Tangible Asset Note to the Statement of Financial Position on
28 February 2023
Vehicles
R
Carrying value at the beginning of the year ?
Cost 1 346 400
Accumulated depreciation (527 900)
Movements:
Additions at cost A
Disposals at carrying value B
Depreciation for the year C
Carrying value at the end of the year ?
Cost ?
Accumulated depreciation ?
• An old delivery vehicle was traded in for a new delivery vehicle on 1 December 2022.
• The old delivery vehicle was traded in at a loss of R22 086.
• The VAT amount on the purchase of the new delivery vehicle was R79 761.
• The old delivery vehicle was purchased on 1 June 2019 for R517 500 (including VAT).
• The accumulated depreciation on the old delivery vehicle amounted to R205 200 on 1 March 2022
and R241 920 on 1 December 2022 and includes depreciation for the period 1 March 2022 to
1 December 2022.
• Depreciation on vehicles is written off at 20% p.a. on the diminishing balance method.

FORMULA SHEET
Gross profit 100 Gross profit 100 Net profit 100

  
Sales 1 Cost of sales 1 Sales 1
Operating expenses 100 Operating profit 100

 
Sales 1 Sales 1
Net profit after tax 100 Net profit before tax + interest expense 100
× 
Average ordinary shareholders' equity 1 Average capital employed 1
Current assets : Current liabilities (Current assets − inventories) : Current liabilities
Average debtors 365 or 12 Average creditors 365 or 12 Cost of sales

 
Credit sales 1 Credit purchases 1 Average inventories
Average inventories 365 or 12 Closing inventories 365 or 12

  Current assets − Current liabilities
Cost of sales 1 Cost of sales 1
Non-current liabilities : Ordinary shareholders’ equity Total assets : Total liabilities
Profit after tax Ordinary share dividends

No. shares in issue No. shares in issue
Fixed cost Total ordinary shareholders' equity

(Selling price per unit − Variable cost per unit) No. shares in issue

12 Acc c3 Prelim Exam p1 2023 QP Ab

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ACCOUNTING

CYCLE 3 PRELIMINARY EXAMINATION

Examiner(s) & Moderator(s): ASSA

Date: 25 / 08 / 2023 Time: 2 h Total: 200

QUESTION PAPER AND ANSWER BOOK

Student’s name and surname:

Total number of pages

1. Use the following settings when you scan 2 65

Powered by Assessment Aspects - a division of Brainline Holdings.

Student’s full names and surname: …………………………………………………………………………

a) I understand what plagiarism is, and that it is wrong to commit plagiarism.

Student’s signature: ……………………………………… Date: …………………………………………

This assessment must be completed under the invigilation of

Powered by Assessment Aspects - a division of Brainline Holdings.

• Follow the instructions on the Answer Book carefully.

• A non-programmable calculator may be used unless otherwise indicated.

Powered by Assessment Aspects - a division of Brainline Holdings.

Refer to the information of Brainline Manufacturers.

1.1.1 Direct material cost. (6)

1.1.2 Direct labour cost. (4)

1.1.3 Factory overheads cost. (13)

Powered by Assessment Aspects - a division of Brainline Holdings.

Support his sentiments with appropriate figures and reasoning. (3)

1.5.1 An increase in administration costs. (1)

1.5.2 An increase in selling and distribution costs. (1)

TOTAL QUESTION 1: [35]

Powered by Assessment Aspects - a division of Brainline Holdings.

Powered by Assessment Aspects - a division of Brainline Holdings.

Refer to the information relating to Brainline Ltd.

2.1.1 Ordinary Share Capital. (5)

Authorised share capital R

800 000 ordinary shares

Issued share capital

…………… ordinary shares in issue at beginning of year 792 000

2.1.2 Retained Income. (5)

Dividends on ordinary shares

Retained income at end of year Do not calculate

Calculations for buy-back of shares

Powered by Assessment Aspects - a division of Brainline Holdings.

Operating profit before changes in working capital Do not calculate

Cash generated from operations Do not calculate

Interest on loan (5)

Changes in receivables (6)

Changes in payables (5)

Powered by Assessment Aspects - a division of Brainline Holdings.

Purchases of fixed/tangible assets

Cash movement for the year Do not calculate

Tax paid (3)

Fixed/tangible assets (5)

Powered by Assessment Aspects - a division of Brainline Holdings.

TOTAL QUESTION 2: [65]

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Refer to the information relating to Tsotsi Ltd.

Rent income Interest on fixed deposit

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Cost of sales Do not calculate

Gross profit Do not calculate

Operating incomes Do not calculate

Rent income (132 600

Operating expenses Do not calculate

Operating profit Do not calculate

Interest income (3 000