FNST-ICB Assignment 3-AB-2024 - v1

Financial
Statements
(FNST)
ICB ASSIGNMENT 3
ANSWER BOOK
$35720$5
STUDENT NAME (first name then surname): UNIQUE ICB STUDENT NUMBER:
THIS PAPER CONSISTS OF 1 ASSIGNMENT
ASSIGNMENT 3: 5 QUESTIONS
INSTRUCTIONS:
1. ICB Assignments form part of the formative mark and are to be completed in an open book environment.
2. This Answer Book contains all the answer templates for Assignment 3.
3. All questions are to be completed in this book.
4. Check that you have the correct number of pages.
5. All answers must be handwritten. Please be neat, as illegible handwriting cannot be marked. You must write in
blue or black ink. In practice it is unacceptable for Bookkeepers to use correcting fluid (Tipp-ex). Marks will be
deducted for the use of correction fluid.
6. All questions must be completed.
7. Upon completion of this Assignment, remember to submit (upload) this Assignment Answer Book into MACCI.
FNST-ICBASG3–AB-2024.v1 Page 1 of 15
FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2024 TO MAR 2025
ASSIGNMENT 3
QUESTION 1 YEAR-END ACCOUNTING FOR A SOLE PROPRIETORSHIP
General journal of: ____________________________________________________
Income statement of: __________________________________________________
Notes R R
Statement of financial position of: ________________________________________
Notes R R
Notes to the financial statements
1. Interest income
2. Interest expense
3. Property, plant and equipment
Total
4. Available-for-sale financial assets
5. Inventories
6. Trade and other receivables
7. Cash and cash equivalents
8. Owner's equity
9. Long-term borrowings
10. Trade and other payables
QUESTION 2 STATEMENT OF CASH FLOWS
Step 1: Asset disposal procedures
____________________________
Accumulated depreciation: ____________________________
Asset disposal
Property
Available-for-sale financial asset
Step 2: Calculation of cash receipts from customers
Step 3: Cash paid to suppliers and employees
1. Draw up an illustrative ‘income account’.
2. Adjust for accruals
Step 4: Calculation of dividends and tax paid in cash during the year
Shareholders for dividends
SARS (Income tax)
Step 5 and 6: Prepare the cash flow statement and notes
Notes to the cash flow statement
1. Reconciliation of net profit before tax with cash generated from operations
2. Cash and cash equivalents
20… 20…
Statement of cash flows of: _____________________________________________
Notes R
QUESTION 3 DEPARTMENTAL ACCOUNTS
Departmental trading statement of: _______________________________________
Marketing & Customer services

Total (R)
advertising (R) (R)
1. 2. 3. 4. 5. 6. 7.
8. 9. 10.11. 12.13. 14.
15. 16. 17.18. 19.20.
QUESTION 4 CLUB ACCOUNTS
General ledger of: ____________________________________________________
Calculations:
……………………………………………………………………………………………………………….....................
……………………………………………………………………………………………………………….....................
……………………………………………………………………………………………………………….....................
……………………………………………………………………………………………………………….....................
……………………………………………………………………………………………………………….....................
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QUESTION 5 INCOMPLETE RECORDS
5.1.
Statement of changes in equity of: _______________________________________
Balance as at 30 November 2020
Calc: …………………………………………………………………………………………………………..
Additional contributions during the year
Profit for the year
Drawings for the year
Balance as at 30 November 2020
5.2.
Statement of financial position of: ________________________________________

R R

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Financial

THIS PAPER CONSISTS OF 1 ASSIGNMENT

QUESTION 1 YEAR-END ACCOUNTING FOR A SOLE PROPRIETORSHIP

General journal of: ____________________________________________________

Income statement of: __________________________________________________

Statement of financial position of: ________________________________________

Notes to the financial statements

3. Property, plant and equipment

4. Available-for-sale financial assets

6. Trade and other receivables

7. Cash and cash equivalents

10. Trade and other payables

QUESTION 2 STATEMENT OF CASH FLOWS

Step 1: Asset disposal procedures

Accumulated depreciation: ____________________________

Available-for-sale financial asset

Step 2: Calculation of cash receipts from customers

Step 3: Cash paid to suppliers and employees

1. Draw up an illustrative ‘income account’.

2. Adjust for accruals

Shareholders for dividends

SARS (Income tax)

Step 5 and 6: Prepare the cash flow statement and notes

Notes to the cash flow statement

2. Cash and cash equivalents

Statement of cash flows of: _____________________________________________

QUESTION 3 DEPARTMENTAL ACCOUNTS

Departmental trading statement of: _______________________________________

Marketing & Customer services

QUESTION 4 CLUB ACCOUNTS

General ledger of: ____________________________________________________

QUESTION 5 INCOMPLETE RECORDS

Statement of changes in equity of: _______________________________________

Balance as at 30 November 2020

Additional contributions during the year

Profit for the year

Drawings for the year

Balance as at 30 November 2020

Statement of financial position of: ________________________________________

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