SAIPA NATIONAL ACCOUNTING OLYMPIAD 2018 GRADE 11 - …

SAIPA NATIONAL ACCOUNTING OLYMPIAD

2018

GRADE 11 - SECOND ROUND

INSTRUCTIONS TO CANDIDATES

1. You have been provided with a question paper and an answer sheet.

2. The question paper consists of 50 multiple questions.

3. Answer all questions on the special answer sheet provided.

4. Each question shows FOUR alternative answers (A, B, C or D).

5. Choose the most appropriate answer to each question by marking on the answer sheet. Only ONE answer must be selected.

6. Non-programmable calculators may be used.

7. Where appropriate all answers must be calculated to the nearest Rand or ONE decimal place for financial indicators.

GR11

SALARIES AND WAGES The information provided below relates to questions 1 - 5. Below is information pertaining P. Duma, a salaried member, of the firm SAIPA Traders.

• Annual Salary R240 000

• P. Duma is entitled to a bonus in July equivalent to one month’s salary. Monthly deductions:

▪ Pension Fund 7.5% of Basic Salary ▪ Medical Aid R2 600 ▪ PAYE 25 % of Gross Salary ▪ UIF is 1% of earnings.

(Note: UIF has a maximum earnings ceiling of R17 712 per month.) The firm makes the following monthly contributions:

▪ Pension Fund - 5% of normal salary ▪ Medical Aid – on a rand for rand basis ▪ UIF at 1% of salary up to the maximum ceiling limit.

1. The net salary payable to P Duma on 31 July is:

A R25 000 B R25 723 C R10 700 D R10 723 2. Assuming that P. Duma is the only employee of SAIPA Traders how much will SAIPA

Traders have to pay to the Medical Aid Fund for the month of July? A R5 800 B R2 600 C R3 900 D R5 200 3. What is the total cost to SAIPA Traders for the month of July for employing P. Duma? A R43 600 B R23 777 C R23 600 D R43 777 4. When P.Duma is paid his Net Salary the effect on the accounting equation;

O = A – L is: A Assets decrease and owner’s equity decreases B Asset decrease and liabilities decrease C Assets decrease an owner’s equity increases D Liabilities increase and owner’s equity decreases

5. When SAIPA Traders posts from the Salaries Journal to the General Ledger, providing for the Medical Aid Contribution, the effect on the accounting equation; A = O + L is:

A Assets decrease and owner’s equity decreases B Asset decrease and liabilities decrease C Assets decrease an owner’s equity increases D Liabilities increase and owner’s equity decreases

CONTROL ACCOUNTS The information provided below relates to questions 6 -10.

INFORMATION: A. Edendale Traders uses a mark-up of 100% on cost price for goods sold for cash

and 150% for credit sales.

B. On 1 March 2018 the Debtors Control had a balance b/d of R89 500. C. On 31 March 2018 the following totals appeared in the respective Subsidiary

Journals: CASH RECEIPTS JOURNAL

Bank Sales Cost of sales

Debtors control Sundry accounts

Receipts Discount allowed

350 000 ? 140 000 56 250 2 813 13 750

CASH PAYMENTS JOURNAL

Bank Trading stock

Debtors control

Creditors control Sundry accounts

Payments Discount received

250 650 185 500 ? 35 000 1 750 20 750

DEBTORS JOURNAL

Sales Cost of sales

? 12 600

DEBTORS ALLOWANCES JOURNAL

Debtors Allowances

Cost of sales

3 550 2 855

PETTY CASH JOURNAL

Petty Cash Trading stock

Debtors Control

Sundry accounts

6 345 5 670 ? 0

GENERAL JOURNAL

Debtors Control Creditors Control

Debit Credit Debit Credit

950 4 680 19 620 19 620

D The partially complete Debtors Control Account shows the following:

DEBTORS CONTROL

Mar 1 Balance b/d 78 800 Mar 31 Bank ? ?

31 Sales ? ? Discount Allowed

? ?

Bank 1 ? Debtors Allowances

? ?

? PCJ ? Sundry accounts ? ?

Sundry accounts

? ? Balance c/d ?

6. Calculate the balance for the above Debtors Control Account on 31 March 2018. A R47 732 B R401 325 C R54 032 D None of the above 7. Study the Debtors Control account above and give the folio reference for number 1. A CPJ B CRJ C GJ D DAJ

8. The Debtors Control Column in the CPJ includes a R/D cheque from debtor A. Pink of R504. This was to originally settle his account after a 10% discount had been granted. What was the amount of the original debt?

A R554 B R560 C R558 D R514 9. The business is controlling their debtors ……. A well because the end balance is less than the opening balance. B poorly because the business collected less cash than the amount due from the

previous month. C poorly because the end balance is less than the opening balance. D Both B and C 10. The Debtors Control account is called a CONTROL account because: A The balance on this account must match the total of the Debtors List. B The Debtors Ledger and General Ledger accounts are done independently and

should give the same result. C A difference between the Debtors Ledger and Debtors Control indicates a

problem which must be investigated. D All of the above

BANK RECONCILIATION The information provided below relates to questions 11 -14. INFORMATION: The following information appeared in the Bank Reconciliation Statement of Busy Traders at the financial year end 31 July 2018.

R

Overdrawn Balance as per Bank Statement 23 535

Outstanding Deposits 5 490

Outstanding Cheques:

• no. 1177 1 500

• no. 3688 2 440

• no. 3791 (Dated 31 August 2018 ) 3 400

Balance as per Bank Account in the General Ledger ?

11. The balance of the Bank account in the General Ledger is: A R21 685 Dr B R25 385 Dr C R25 385 Cr D R21 985 Cr

12. Calculate the Bank account in the General Ledger if cheque no. 1177 was written out

on 15 January 2017. A R23 885 Cr B R25 385 Cr C R26 885 Cr D R23 185 Dr 13. When preparing the end of year financial statements cheque 3971 must be: A Debited to Bank and credited to the Creditors Control in the General Ledger. B Added to Trade and Other Payables AND the overdraft decreased OR Cash and

Cash Equivalents increased in the Balance Sheet. C Credited to Bank and debited to the Creditors Control in the General Ledger. D Removed from the CPJ via the CRJ as the cheque cannot yet be cashed. 14. The preparation of a Bank Reconciliation Statement plays a vital role in the internal

control system of a business because: A The book-keeper is paid good money and she must do her job properly. B It provides external verification and proof of payments. C It is needed in order for the Bank Statement Balance to be entered into the

Financial Statements and General Ledger. D Both B and C. CLUBS The information provided below relates to questions 15 - 21. INFORMATION: A. Membership fees were R3 000 per member per year for the 2016 year.

There was no increase in fees for the 2017 year. Membership fees increase by 10% on 1 January 2018.

B. On 1 January 2017 a member who had paid her membership fees for 2017 left the club and was refunded her membership fees on 15 January.

C. Membership fees that are outstanding from the previous year must be written off.

D. Membership fees received during the year 2017 year for:

• 2016 R 69 000

• 2017 R693 000

• 2018 5 Members paid

• The Treasurer asked that his honorarium be used to defray (offset) his membership fees. This was agreed to by the chairman.

E. The club had 258 fee paying members for the 2017 year.

MEMBERSHIP FEES

2017 2017

Jan 01 (Reversal from previous year)

1

GJ 93 000

Jan 01 (Reversal from previous year)

2

GJ 9 000

31 (Refund) 3

CPJ ? Dec 31 (Collected in 2017) 5

CRJ ?

Dec ? GJ (Amount not received for 2016) 6

GJ ?

(Amount closed off to the final account)

4

GJ ?

? GJ ?

?

GJ ?

15. Study the above membership fees Account. Indicated the correct contra accounts for numbers 1-4.

Number 1 Number 2 Number 3 Number 4

A Income Received in

Advance

Income Receivable

Bank Income and Expenditure

B Income Receivable

Income Received in

Advance

Bank Income and Expenditure

C Income Received in

Advance

Income Receivable

Refund Income and Expenditure

D Income Receivable

Income Received in

Advance

Bank Profit and Loss

16. Calculated the amount collected for the 2017 year for membership fees (number 5). A R777 000 B R762 000 C R693 000 D R778 500

17. The entry to record the Treasure’s Honorarium is: A Dr Honorarium; Cr Membership fees B Dr Honorarium; Cr Bank C Dr Honorarium; Cr Expenses accrued D Dr Membership fees; Cr Honorarium 18. Calculate the membership fees collected for 2018 in 2017. A R15 000 B R18 000 C R16 500 D R9 000 19. Calculate the amount written off for membership fees (number 6).

A R84 000 B R3 000 C R27 000 D R24 000 20. The clubs income for the year from membership fees (number 4) is : A R777 000 B R693 000 C R774 000 D R778 500 21. How many members were outstanding with their fees at the end of 2017? A 22 B 23 C 24 D 25

PARTNERSHIP ACCOUNTS Partnership Theory 22. A valid reason/s for all partners agreeing to form a partnership is: i Economies of scale and sharing of expenses. ii Earnings will be shared. iii The business can offer a range of specialized skills. iv The business will have perpetual succession, new younger partners can

replace old retiring ones. Consider the best response from the options provided above: A i ii B i; iii C i; iii; iv D All of the above apply

23. Joint and several liability in a partnership means that: A Each partner is responsible for their own debt and income earned. B The partnership has limited liability. C Partners share profits and losses according to their capital contributions. D A debt may be recovered from any one of the partners regardless of their

individual share of the partnership. 24. The current accounts are examples of: A Equity accounts B Expense accounts C Income accounts D Asset accounts

Partnership – Ledger accounts The information provided below relates to questions 25 -31. The following information was taken from North South Traders with two partners Notobeko North and Syia South. The partnership financial year ends on 30 June. INFORMATION: A.

Extract from the Trial Balance on 30 June 2018

Debit Credit

Capital: Notobeko 800 000

Capital: Syia 700 000

B. Current Account: Syia

2018 June

30 Drawings: Syia

GJ ? 2017 July

1

Balance b/d 49 800

Balance c/d 245 200 2018 June

30 Salary: Syia GJ 1

Interest on Capital

GJ 2

Bonus: Syia 3

Appropriation ?

C. Current Account: Notobeko

2018 June

30 Drawings: Notobeko

GJ 182 400

2017 July

1

Balance b/d ?

June 30 Salary : Notobeko

GJ 4

Interest on Capital

GJ 5

Appropriation GJ 94 000

D. Additional information:

• According to the partnership agreement partners are entitled to interest on capital at 6% per annum.

• Partner Notobeko increased her capital by R120 000 on 31 January 2018. This was recorded. Partner Syia made no changes to her capital

• The final distribution of profit equalled to 20% of the net profit for the year.

• Syia withdrew her entire salary in cash,only.

• Partners share the remaining profits or losses equally 25. Calculate the salary of partner Syia (number 1) if Syia earned R20 000 a month in

2017 and was granted a 10% increase on 1 January 2018.

A R252 000 B R240 000 C R264 000 D R254 000 26. Calculated the interest on Capital for partner Syia (number 2). A R77 000 B R75 000 C R70 000 D R42 000 27. Calculate the bonus due to Syia (number 3).

A R195 400 B R59 400 C R31 400 D None of the above

28. Calculate the salary of partner Notobeko (number 4) if Notobeko drew out R30 000 of stock and 60% of her salary in cash during the year.

A R304 000 B R254 000 C R109 440 D R152 000 29. Calculate the interest on capital for Notobeko (number 5).

A R48 000 B R40 800 C R43 800 D R44 400 30. What is the net profit for the business that appears at the bottom of the income

statement for the financial year ended 30 June 2018? A R470 000 B R333 600 C R651 000 D R940 000 31. The Appropriation Account is an example of a/an: A Primary account B Final account C Equity account D Balance sheet account Partnership Financial Statements and Analysis Questions 32 – 35 relate to column A and B provided below. Match a description from COLUMN B with a term in COLUMN A. Choose only A,B,C or D on the answer sheet.

COLUMN A (CONCEPT)

COLUMN B (EXPLANATION)

32. Historical cost A Financial statements are prepared on the basis that the company will continue operating in the future.

33. Matching B Important items should be shown separately in the financial statements.

34. Going concern C Assets are recorded at their original cost price.

35. Materiality D Income and expenses must be recorded in the correct financial year.

Enter the correct letter next to the number on your answer sheet.

32.

33.

34.

35.

Questions 36 – 46 relate to the Partnership Financial Statements provided below.

INFORMATION:

A

BALANCE SHEET on 28 February 2018

Notes

R

ASSETS

NON-CURRENT ASSETS

1 889 000

Tangible assets 3 ?

Financial assets: Fixed deposit 7 % p.a. ?

CURRENT ASSETS 1 469 770

Inventories 4 ?

Trade and other receivables (trade debtors only) ?

Cash and cash equivalents ?

Total assets 3 387 770

EQUITY AND LIABILITIES

Partners’ equity 2 400 400

Capital 2 000 000

Current accounts 400 400

Non-current liabilities 448 000

Mortgage bond 11 % p.a. 448 000

Current liabilities 510 370

Trade and other payables 89 540

Bank overdraft (19% p.a.) 308 830

Current portion of loan 112 000

Total equity and liabilities 3 358 770

B.

FINANCIAL INDICATORS

2018

2017

Current Ratio 2,9: 6:1 Asset test ratio ? ? Debtors collection period 29 days 45 days Stock turnover rates 9 times 6 times Return on Equity for the business 15 % 12% Return on Capital Employed 21 % 16%

C. Selected Balance Sheet Notes

3. Fixed Assets/Tangible Assets

LAND AND BUILDINGS

R

VEHICLES

R

Carrying value at the beginning of the financial year

2 700 000 2 000 000

Cost 2 700 000 3 250 000

Accumulated depreciation - (1 250 000)

Movements

Additions at cost 1 450 000

Disposals at carrying value - 2

Depreciation - 3

Carrying value at the end of the financial year 6 400 000 4

Cost 6 400 000 5

Accumulated depreciation - 6

4. Inventories

Trading stock ?

Consumable stores on hand ?

643 990

D. Additional information in respect of fixed/tangible assets:

(i) A vehicle was sold for cash at its carrying value on 31 December 2017. The following extract of the vehicle sold was taken from the Fixed Assets Register:

Cost price: R240 000 Date purchased: 1 March 2015 Rate of depreciation: 20% p.a. on the cost price method

FINANCIAL YEAR END

DEPRECIATION ACCUMULATED DEPRECIATION

28 February 2016 ? ?

28 February 2017 ? ?

31 December 2017 ? ?

(ii) A new vehicle, costing R450 000, was purchased and paid for by cheque on 1 January 2018.

(iii) All vehicles are depreciated at 20% p.a. on cost price method.

(iv) New premises (land and buildings) were acquired during the financial year.

36. Calculate the value for number (1) in the Fixed/Tangible Asset note.

A R2 700 000 B R3 700 000 C R6 400 000 D (R3 700 000)

37. Calculate the value for number (2) in the Fixed/Tangible Asset note. A (R144 000) B (R48 000) C (R192 000) D (R104 000)

38. Calculate the value for number (3) in the Fixed/Tangible Asset note. A (R657 000) B (R642 000) C R617 000 D (R400 00)

39. Calculate the value for number (4) in the Fixed/Tangible Asset note. A R2 450 000 B R3 700 000 C R1 689 000 D R 650 000

40. Calculate the value for number (5) in the Fixed/Tangible Asset note. A R3 700 000 B R2 450 000 C R3 460 000 D R3 010 000

41. Calculate the value for number (6) in the Fixed/Tangible Asset note. A (R657 000) B (R1 771 000) C (R1 290 000) D (R96 000)

42. Which of the following could result in abuse of the business’s assets? A Insuring assets at replacement value. B Limiting access to authorised people only. C Making use of vehicle log books to record mileage and drivers. D Ensuring vehicles are locked in employee’s garages overnight.

43. This Question relates to the NOTE 4 – Inventories On 28 February, before the stock count, the General Ledger showed Trading Stock with a value of R643 510. The stock count on 28 February revealed a Trading Stock surplus of R2 790 and stock to the value of R4 410 that was past its “sell-by” date. Calculate the amount of trading stock to be shown in the balance sheet.

A R646 300 B R643 510 C R641 890 D None of the above 44. The following is not an internal control measure to manage stock. A Stock on the delivery note should match stock requested on the order

form. B On arrival stock should be counted and compared to the delivery form. C Stock should be paid for as quickly as possible so as to secure discounts

from suppliers. D The temperature and method of storage must be determined by the nature

and type of the stock. 45. What would not be included in the note cash and cash equivalents A Deposit for water and electricity B Petty Cash C Cash Float D A maturing Fixed Deposit

46. This question relates to the Trade and Other Receivables on the face of the Balance Sheet. The provision for doubtful debts is 8% of Debtors. The Income Statement showed a Provision for Doubtful Debts Adjustment amount of R12 860. This was an increase on the previous year’s Provision for Doubtful Debts Account of R58 860. What is the value for Trade and Other Receivables in to be shown on face of the Balance Sheet. (Note 5)?

A R896 500 B R71 720 C R735 750 D None of the above Questions 47 – 50 relate to the Partnership Financial Indicators provided above. 47. When evaluating liquidity for 2018 a financial analyst would conclude that: A The current ratio has worsened and the business’s liquidity position is in

poor shape. B Liquidity has improved, less short term assets are idle. C The current ratio has improved, it must be as close to 2:1 as possible. D The current ratio has improved, it must be as close to 1:1 as possible. 48. Calculate the acid test ratio for 2018. A 5,4 : 1 B 9,2 : 1 C 1 : 29 D 1,6 : 1

49. The acid test ratio: A Enables one to evaluate if Accounts Receivable and Cash are sufficient to

cover short term debts. B Is a more stringent measure of liquidity than the current ratio as stock, the

least liquid short-term asset, has been removed. C Only B is correct D Both A and B are true 50. An investor would feel that the Return on Equity is satisfactory/good because: A The return is better than an alternative investment, such as a fixed

deposit. B The after tax return will be higher than the rate of inflation (approximately

6,5%). C Only A is correct D Both A and B are true

Extra /replacement questions

51. What recommendation/s would you offer the CEO? i Extend the loan and repay the bank overdraft to save on interest costs. ii When the fixed deposit matures use it to pay off the bank overdraft. iii Place more money into the fixed deposit because interest income will

increase the net profit. iv Increase the bank overdraft to buy more trading stock to sell at a profit. A Both i and ii B iii and iv C iii D iv 52. If the repayments on the Mortgage Loan remain constant when will the Mortgage

Loan be completely repaid? A 28 February 2021 B 28 February 2022 C 28 February 2023 D 28 February 2024 53. If the business wished to have funds to expand then the partners should: A Increase the bank overdraft. B Increase the loan; this will result in an increase in ROE. C Increase the loan, but this will have no effect on the ROE. D Increase the loan but this is not ideal as there is already a high debt to

equity ratio.

52. As die paaiemente van die verband konstant bly, wanneer sal die verband heeltemal vereffen wees?

A 28 Februarie 2021 B 28 Februarie 2022 C 28 Februarie 2023 D 28 Februarie 2024 53. As die onderneming geld wil hê om uit te brei, moet die vennote: A Die oortrokke bankrekening vergroot. B Die lening vergroot; dit sal lei tot ’n vermeerdering in OOE. C Die lening vergroot, maar dit sal geen uitwerking op OOE hê nie. D Die lening vergroot, maar dit is nie ideaal nie omdat die skuld-tot-

ekwiteitsverhouding reeds hoog is.

C Die huidige verhouding verbeter het, dit moet so na as moontlik aan 2:1 wees.

D Die huidige verhouding verbeter het, dit moet so na as moontlik aan 1:1 wees.

48. Bereken die vuurproefverhouding vir 2018. A 5,4 : 1 B 9,2 : 1 C 1 : 29 D 1,6 : 1

49. Die vuurproefverhouding: A Stel ’n mens in staat om te evalueer of Rekeninge ontvangbaar en

Kontant genoeg is om korttermynskuld te dek. B Is ’n strenger likiditeitsmaatstaf as die huidige verhouding omdat voorraad,

die mins likiede korttermynbate, verwyder is. C Net B is korrek D A sowel as B is waar 50. ’n Belegger sal voel dat die Opbrengs op ekwiteit bevredigend/goed is, want: A Die opbrengs is beter as ’n alternatiewe belegging, soos ’n vaste deposito. B Die opbrengs ná belasting sal hoër wees as die inflasiekoers (ongeveer

6,5%). C Net A is korrek D A sowel as B is waar

Ekstra/plaasvervangende vrae

51. Watter aanbevelings sou jy vir die HUB maak? i Stel die lening uit en betaal die oortrokke bankrekening om rentekoste te

spaar. ii Wanneer die vaste deposito verval, gebruik dit om die oortrokke

bankrekening af te betaal. iii Sit meer geld in die vaste deposito omdat rente-inkomste die netto wins

sal vermeerder. iv Vergroot die oortrokke bankrekening om meer handelsvoorraad te koop

om teen ’n wins te verkoop. A Sowel i as ii B iii en iv C iii D iv

43. Hierdie vraag hou verband met die NOTA 4 – Voorraad Op 28 Februarie, voor die voorraadopname, het die Algemene grootboek Handelsvoorraad ter waarde van R643 510 getoon. Die voorraadopname op 28 Februarie het ’n oorskot in Handelsvoorraad van R2 790 getoon en voorraad van R4 410 wat verby die vervaldatum was. Bereken die bedrag van handelsvoorraad wat op die balansstaat getoon moet word.

A R646 300 B R643 510 C R641 890 D Geen van bogenoemde nie 44. Die volgende is nie ’n interne kontrolemaatreël om voorraad te beheer nie. A Voorraad op die afleweringsnota moet pas by die voorraad wat op die

bestelvorm aangevra is. B By aankoms moet voorraad getel word en met die afleweringsvorm

vergelyk word. C Betaal so gou as moontlik vir voorraad om korting by verskaffers te kry. D Die temperatuur en metode van bewaring moet bepaal word deur die aard

en tipe voorraad. 45. Wat moet nie by die nota kontant en kontantekwivalente ingesluit word nie. A Deposito vir water en elektrisiteit B Kleinkas C Los kontant D ’n Vaste deposito wat verval 46. Hierdie vraag hou verband met die Handels- en ander ontvangbares op die

Balansstaat. Die voorsiening vir twyfelagtige skuld is 8% van debiteure. Die Inkomstestaat toon ’n aansuiweringsbedrag vir die voorsiening vir twyfelagtige skuld van R12 860. Dit was ’n vermeerdering van die vorige jaar se voorsiening vir twyfelagtige skuld-rekening van R58 860. Wat is die waarde van Handels- en ander ontvangbares wat op die Balansstaat getoon moet word (Nota 5)?

A R896 500 B R71 720 C R735 750 D Geen van bogenoemde nie Vraag 47 tot 50 hou verband met die Finansiële Aanwysers vir Vennote wat hierbo verskyn. 47. Wanneer likiditeit vir 2018 geëvalueer word, sou ’n finansiële ontleder tot die

gevolgtrekking kom dat: A Die huidige verhouding verswak het, en die onderneming se likiditeit is in

’n slegte toestand. B Likiditeit verbeter het, minder korttermynbates is ledig.

(ii) ’n Nuwe voertuig, wat R450 000 kos, is op 1 Januarie 2018 gekoop en per tjek betaal.

(iii) Alle voertuie se waardevermindering word teen 20% p.a. volgens die kosprysmetode bepaal.

(iv) Nuwe perseel (grond en geboue) is gedurende die finansiële jaar aangekoop.

36. Bereken die waarde vir nommer (1) in die Vaste/Tasbare bates-nota.

A R2 700 000 B R3 700 000 C R6 400 000 D (R3 700 000)

37. Bereken die waarde vir nommer (2) in die Vaste/Tasbare bates-nota. A (R144 000) B (R48 000) C (R192 000) D (R104 000)

38. Bereken die waarde vir nommer (3) in die Vaste/Tasbare bates-nota. A (R657 000) B (R642 000) C R617 000 D (R400 00)

39. Bereken die waarde vir nommer (4) in die Vaste/Tasbare bates-nota. A R2 450 000 B R3 700 000 C R1 689 000 D R650 000

40. Bereken die waarde vir nommer (5) in die Vaste/Tasbare bates-nota. A R3 700 000 B R2 450 000 C R3 460 000 D R3 010 000

41. Bereken die waarde vir nommer (6) in die Vaste/Tasbare bates-nota. A (R657 000) B (R1 771 000) C (R1 290 000) D (R96 000)

42. Watter van die volgende kan misbruik van die onderneming se bates tot gevolg hê? A Versekering van bates teen vervangingswaarde. B Beperk toegang tot slegs gemagtigde persone. C Maak gebruik van voertuiglogboeke om mylafstand en bestuurders op te teken. D Verseker dat voertuig oornag in die werknemer se motorhuis toegesluit is.

C. Sekere notas op balansstaat

3. Vaste bates/Tasbare bates

GROND EN GEBOUE

R

VOERTUIE

R

Drawaarde aan die begin van die finansiële jaar 2 700 000 2 000 000

Koste 2 700 000 3 250 000

Opgelope waardevermindering - (1 250 000)

Bewegings

Toevoegings teen kosprys 1 450 000

Verkope teen drawaarde - 2

Waardevermindering - 3

Drawaarde aan die einde van die finansiële jaar 6 400 000 4

Koste 6 400 000 5

Opgelope waardevermindering - 6

4. Voorraad

Handelsvoorraad ?

Verbruiksvoorraad voorhande ?

643 990

D. Bykomende inligting ten opsigte van vaste/tasbare bates:

(i) ’n Voertuig is op 31 Desember 2017 teen sy drawaarde vir kontant verkoop.

Die volgende uittreksel van die verkoopte voertuig is uit die register van vaste bates geneem:

Kosprys: R240 000 Datum gekoop: 1 Maart 2015 Waardeverminderingskoers: 20% p.a. volgens die kosprysmetode

EINDE VAN FINANSIËLE

JAAR

WAARDEVERMINDERING OPGELOPE WAARDEVERMINDERING

28 Februarie 2016

? ?

28 Februarie 2017

? ?

31 Desember 2017

? ?

Vraag 36 tot 46 hou verband met die vennootskap se finansiële state hieronder.

INLIGTING:

A

BALANSSTAAT op 28 Februarie 2018

Notas

R

BATES

NIEBEDRYFSBATES

1 889 000

Tasbare bates 3 ?

Finansiële bates: Vaste deposito 7% p.a. ?

BEDRYFSBATES 1 469 770

Voorraad 4 ?

Handels- en ander ontvangbares (slegs handelsdebiteure)

?

Kontant en kontantekwivalente ?

Totale bates 3 387 770

EKWITEIT EN LASTE

Vennotebelang 2 400 400

Kapitaal 2 000 000

Lopende rekeninge 400 400

Niebedryfslaste 448 000

Verband 11% p.a) 448 000

Bedryfslaste 510 370

Handels- en ander betaalbares 89 540

Oortrokke bankrekening (19% p.a.) 308 830

Korttermyngedeelte van lening 112 000

Totale ekwiteit en laste 3 358 770

B.

FINANSIËLE AANWYSERS

2018

2017

Bedryfsverhouding 2,9: 6:1 Vuurproefverhouding ? ? Debiteure-invorderingstydperk 29 dae 45 dae Voorraadomsetsnelheid 9 keer 6 keer Opbrengs op ekwiteit vir die onderneming 15% 12% Opbrengs op aangewende kapitaal 21% 16%

30. Wat is die netto wins vir die onderneming wat onderaan die inkomstestaat vir die

finansiële jaar geëindig 20 Junie 2018 verskyn? A R470 000 B R333 600 C R651 000 D R940 000 31. Die Verdelingsrekening is ’n voorbeeld van ’n: A Primêre rekening B Finale rekening C Ekwiteitsrekening D Balansstaatrekening Vennootskaps- finansiële state en ontleding Vraag 32 tot 35 hou verband met kolom A en B hieronder. Pas ’n beskrywing uit KOLOM B by ’n term in KOLOM A. Kies slegs A, B, C of D op die antwoordblad.

KOLOM A (KONSEP)

KOLOM B (VERDUIDELIKING)

32. Historiese koste A Finansiële state word opgestel op die basis dat die maatskappy in die toekoms sal aanhou funksioneer.

33. Paring B Belangrike items moet afsonderlik in die finansiële state getoon word.

34. Lopende onderneming

C Bates word teen hulle oorspronklike kosprys opgeteken.

35. Wesentlikheid D Inkomste en uitgawes moet in die korrekte finansiële jaar opgeteken word.

Skryf die korrekte letter langs die nommer op jou antwoordblad.

32.

33.

34.

35.

D. Bykomende inligting:

• Volgens die vennootskapsooreenkoms is vennote geregtig op rente op kapitaal teen 6% per jaar.

• Vennoot Notobeko het haar kapitaal op 31 Januarie 2018 met R120 000 vermeerder. Dit is opgeteken. Vennoot Syia het geen veranderinge aan haar kapitaal aangebring nie.

• Die finale winsverdeling was gelyk aan 20% van die netto wins vir die jaar.

• Syia het haar hele salaris slegs in kontant onttrek.

• Vennote deel die oorblywende wins of verlies gelyk. 25. Bereken die salaris van vennoot Syia (nommer 1) as Syia in 2017 R20 000 per

maand verdien het en op 1 Januarie 2018 ’n verhoging van 10% gegee is.

A R252 000 B R240 000 C R264 000 D R254 000 26. Bereken die rente op kapitaal vir vennoot Syia (nommer 2). A R77 000 B R75 000 C R70 000 D R42 000 27. Bereken die bonus wat Syia sal kry (nommer 3).

A R195 400 B R59 400 C R31 400 D Geen van bogenoemde nie 28. Bereken die salaris van vennoot Notobeko (nommer 4) as Notobeko gedurende die

jaar R30 000 uit voorraad onttrek het en 60% van haar salaris in kontant geneem het/

A R304 000 B R254 000 C R109 440 D R152 000 29. Bereken die rente op kapitaal vir vennoot Notobeko (nommer 5).

A R48 000 B R40 800 C R43 800 D R44 400

24. Die lopende rekeninge is voorbeelde van: A Ekwiteitsrekeninge B Uitgawerekeninge C Inkomsterekeninge D Baterekeninge

Vennootskap – Grootboekrekeninge Die inligting hieronder is van toepassing op vraag 25-31. Die volgende inligting is geneem by North South Handelaars met twee vennote Notobeko North en Syia South. Die vennootskap se finansiële jaar eindig op 30 Junie. INLIGTING: A.

Uittreksel uit die Proefbalans op 30 Junie 2018

Debiet Krediet

Kapitaal: Notobeko 800 000

Kapitaal: Syia 700 000

B. Lopende rekening: Syia

2018 Junie

30 Onttrekkings: Syia

AJ ? 2017 Julie

1

Saldo a/b 49 800

Saldo a/d 245 200 2018 Junie

30 Salaris: Syia

AJ 1

Rente op kapitaal

AJ 2

Bonus: Syia 3

Verdeling ?

C. Lopende rekening: Notobeko

2018 Junie

30 Onttrekkings: Notobeko

AJ 182 400 2017 Julie

1

Saldo a/b ?

Junie 30 Salaris: Notobeko

AJ 4

Rente op kapitaal

AJ 5

Verdeling AJ 94 000

18. Bereken die ledegeld wat gedurende 2017 vir 2018 ingevorder is. A R15 000 B R18 000 C R16 500 D R9 000 19. Bereken die bedrag wat afgeskryf is vir ledegeld (nommer 6).

A R84 000 B R3 000 C R27 000 D R24 000 20. Die klub se inkomste vir die jaar uit ledegeld (nommer 4) is: A R777 000 B R693 000 C R774 000 D R778 500 21. Hoeveel lede se ledegeld was agterstallig aan die einde van 2017? A 22 B 23 C 24 D 25

VENNOOTSKAPSREKENINGE Vennootskapsteorie 22. ’n Geldige rede/s vir al die vennote om ooreen te kom om ’n vennootskap te vorm, is: i Skaalbesparings en deel van uitgawes. ii Verdienste sal gedeel word. iii Die onderneming kan ’n verskeidenheid gespesialiseerde vaardighede

aanbied. iv Die onderneming sal voortdurende opvolging hê, nuwe, jong vennote kan ou

vennote wat aftree, vervang. Kies die beste antwoord uit die opsies wat hierbo gegee word. A i ii B i; iii C i; iii; iv D Al die antwoorde hierbo is van toepassing 23. Gesamentlike en afsonderlike aanspreeklikheid in ’n vennootskap beteken dat: A Elke vennoot verantwoordelik is vir sy eie skuld en die inkomste wat hy

verdien. B Die vennootskap beperkte aanspreeklikheid het. C Vennote winste en verliese deel volgens hulle kapitaalbydraes. D ’n Verskuldigde bedrag van enigeen van die vennote verhaal kan word ongeag

sy individuele aandeel in die vennootskap.

E. Die klub het 258 betalende lede vir 2017.

LEDEGELD

2017 2017

Jan 01 (Omkering van vorige jaar)

1

AJ 93 000 Jan 01 (Omkering van vorige jaar)

2

AJ 9 000

31 (Terugbetaling) 3

KBJ ? Des 31 (In 2017 ingevorder) 5

KOJ ?

Des ? AJ (Bedrag nie ontvang vir 2016) 6

AJ ?

(Bedrag afgesluit vir die finale rekening)

4

AJ ?

? AJ ?

?

AJ ?

15. Bestudeer die Ledegeldrekening hierbo. Gee die korrekte kontrarekening vir nommer 1 tot 4.

Nommer 1 Nommer 2 Nommer 3 Nommer 4

A Vooruitontvange inkomste

Ontvangbare inkomste

Bank Inkomste en uitgawes

B Ontvangbare inkomste

Vooruitontvange inkomste

Bank Inkomste en uitgawes

C Vooruitontvange inkomste

Ontvangbare inkomste

Terugbetaling Inkomste en uitgawes

D Ontvangbare inkomste

Vooruitontvange inkomste

Bank Wins en verlies

16. Bereken die bedrag wat vir 2017 ingevorder is vir ledegeld (nommer 5.) A R777 00 B R762 000 C R693 000 D R778 500 17. Die inskrywing vir die tesourier se honorarium is: A Dt Honorarium; Kt Ledegeld B Dt Honorarium; Kt Bank C Dt Honorarium; Kt Opgelope uitgawes D Dt Ledegeld; Kt Honorarium

13. Wanneer die finansiële state aan die einde van die jaar voorberei word, moet tjek

3971: A Teen Bank gedebiteer word en teen Krediteurekontrole gekrediteer word in die

Algemene grootboek. B By Handels- en ander betaalbares getel word EN die oortrokke rekening

verminder OF Kontant en kontantekwivalente vermeerder word op die Balansstaat.

C Teen Bank gekrediteer word en teen Krediteurekontrole gedebiteer word in die Algemene grootboek.

D Uit die KBJ verwyder word via die KOJ aangesien die tjek nog nie gewissel kan word nie.

14. Die opstelling van ’n Bankversoeningstaat speel ’n noodsaaklike rol in die interne

beheerstelsel van ’n onderneming omdat: A Die boekhouer geld betaal word en sy haar werk ordentlik moet doen. B Dit eksterne bevestiging en bewys van betalings voorsien. C Dit nodig is sodat die Bankstaat se saldo op die Finansiële state en Algemene

grootboek ingeskryf kan word. D B sowel as C. KLUBS Die inligting hieronder is van toepassing op vraag 15 tot 21. INLIGTING: A. Ledegeld was R3 000 per lid per jaar vir 2016.

Daar was geen verhoging in gelde vir 2017 nie. Lidmaatskap het op 1 Januarie 2018 met 10% vermeerder.

B. Op 1 Januarie 2017 het ’n lid wat reeds haar ledegeld vir 2017 betaal het, die klub verlaat en haar ledegeld is op 15 Januarie terugbetaal.

C. Uitstaande ledegeld van die vorige jaar moet afgeskryf word.

D. Ledegeld wat gedurende 2017 ontvang is vir:

• 2016 R 69 000

• 2017 R693 000

• 2018 5 lede het betaal

• Die Tesourier het gevra dat sy honorarium gebruik word om sy ledegeld te dek. Die voorsitter het daartoe ingestem.

9. Die onderneming kontroleer sy debiteure ....... A goed omdat die eindsaldo minder is as die beginsaldo. B swak omdat die onderneming minder kontant ingevorder het as die bedrag wat

uit die vorige maand betaalbaar is. C swak omdat die eindsaldo minder is as die beginsaldo. D B sowel as C 10. Die Debiteurekontrolerekening word ’n KONTROLErekening genoem, want: A Die saldo van hierdie rekening moet dieselfde wees as die totaal van die

Debiteurelys. B Die Debiteuregrootboek- en Algemene grootboekrekeninge word onafhanklik

gedoen en moet dieselfde resultaat gee. C ’n Verskil tussen die Debiteuregrootboek en Debiteurekontrole dui op ’n

probleem wat ondersoek moet word. D Al die bogenoemde

BANKVERSOENING Die inligting hieronder is van toepassing op vraag 11 tot 14. INLIGTING: Die volgende inligting het in die Bankversoeningstaat van Busy Handelaars verskyn aan die einde van die finansiële jaar soos op 31 Julie 2018.

R

Oortrokke saldo volgens bankstaat 23 535

Uitstaande deposito’s 5 490

Uitstaande tjeks:

• Nr 1177 1 500

• Nr 3688 2 440

• Nr 3791 (gedateer 31 Augustus 2018) 3 400

Saldo volgens bankrekening in die Algemene grootboek ?

11. Die saldo van die Bankrekening in die Algemene grootboek is: A R21 685 Dt B R25 385 Dt C R25 385 Kt D R21 985 Kt 12. Bereken die Bankrekening in die Algemene grootboek as tjek nr. 1177 op 15 Januarie

2017 uitgemaak is. A R23 885 Kt B R25 385 Kt C R26 885 Kt D R23 185 Dt

KLEINKASJOERNAAL

Kleinkas Handelsvoorraad Debiteurekontrole Diverse rekeninge

6 345 5 670 ? 0

ALGEMENE JOERNAAL

Debiteurekontrole Krediteurekontrole

Debiet Krediet Debiet Krediet

950 4 680 19 620 19 620

D Die gedeeltelik voltooide Debiteurekontrolerekening toon die volgende:

DEBITEUREKONTROLE

Mrt 1 Saldo a/b 78 800 Mrt 31 Bank ? ?

31 Verkope ? ? Korting toegestaan

? ?

Bank 1 ? Debiteureafslag ? ?

? KKJ ? Diverse rekeninge

? ?

Diverse rekeninge

? ? Saldo a/d ?

6. Bereken die saldo vir die Debiteurekontrolerekening hierbo op 31 Maart 2018. A R47 732 B R401 325 C R54 032 D Geen van bogenoemde nie 7. Bestudeer die Debiteurekontrolerekening hierbo en gee die folioverwysing vir

nommer 1. A KBJ B KOJ C AJ D DAJ

8. Die Debiteurekontrolekolom in die KBJ sluit ’n V/T-tjek van debiteur A Pink vir R504 in. Dit was oorspronklik om sy rekening te vereffen nadat korting van 10% toegestaan is. Wat was die bedrag van die oorspronklike skuld?

A R554 B R560 C R558 D R514

5. Wanneer SAIPA Handelaars uit die Salarisjoernaal na die Algemene grootboek inskrywings doen, is die voorsiening vir die bydrae tot die Mediese hulp se effek op die rekeningkundige vergelyking: B = E + L:

A Bates verminder en eienaarsbelang verminder B Bates verminder en laste verminder C Bates verminder en eienaarsbelang vermeerder D Laste vermeerder en eienaarsbelang verminder

KONTROLEREKENINGE Die inligting hieronder is van toepassing op vraag 6 tot 10.

INLIGTING: A. Edendale Handelaars gebruik ’n winsopslag van 100% op kosprys vir goedere wat

vir kontant verkoop word en 150% vir kredietverkope.

B. Op 1 Maart 2018 het die Debiteurekontrole ’n saldo a/b van R89 500 gehad. C. Op 31 Maart 2018 het die volgende totale in die onderskeie hulpjoernale verskyn:

KONTANTONTVANGSTEJOERNAAL

Bank Verkope Koste van verkope

Debiteurekontrole Diverse rekeninge

Ontvangste

Korting toegestaan

350 000 ? 140 000 56 250 2 813 13 750

KONTANTBETALINGSJOERNAAL

Bank Handelsvoorraad Debiteurekontrole Krediteurekontrole Diverse rekeninge

Betalings Korting ontvang

250 650 185 500 ? 35 000 1 750 20 750

DEBITEUREJOERNAAL

Verkope Koste van verkope

? 12 600

DEBITEUREAFSLAGJOERNAAL

Debiteureafslag Koste van verkope

3 550 2 855

SALARISSE EN LONE Die inligting hieronder is van toepassing op vraag 1 tot 5. Hieronder is inligting in verband met P Duma, ’n gesalarieerde lid van die onderneming SAIPA Handelaars.

• Jaarlikse salaris R240 000

• P Duma is in Julie geregtig op ’n bonus wat gelyk is aan een maand se salaris. Maandelikse aftrekkings:

▪ Pensioenfonds 7,5% van basiese salaris ▪ Mediese hulp R2 600 ▪ LBS 25% van bruto salaris ▪ WVF is 1% van verdienste.

(Let wel: WVF het ’n maksimum verdiensteperk van R17 712 per maand.)

Die onderneming gee die volgende maandelikse bydraes.

▪ Pensioenfonds – 5% van normale salaris ▪ Mediese hulp – ’n rand-vir-rand-grondslag ▪ WVF teen 1% van die salaris tot op die maksimum perk.

1. Die netto salaris betaalbaar aan P Duma op 31 Julie is:

A R25 000 B R25 723 C R10 700 D R10 723 2. Gestel P Duma is die enigste werknemer van SAIPA Handelaars; hoeveel sal SAIPA

Handelaars moet maak om die mediese hulpfonds vir Julie te betaal? A R5 800 B R2 600 C R3 900 D R5 200 3. Wat is die totale koste vir SAIPA Handelaars vir Julie om P Duma in diens te hê? A R43 600 B R23 777 C R23 600 D R43 777 4. Wanneer P Duma sy netto salaris betaal word, is die effek op die rekeningkundige

vergelyking, E = B – L:

A Bates verminder en eienaarsbelang verminder B Bates verminder en laste verminder C Bates verminder en eienaarsbelang vermeerder D Laste vermeerder en eienaarsbelang verminder

SAIPA NASIONALE REKENINGKUNDE-OLIMPIADE

2018

GRAAD 11 – TWEEDE RONDTE

INSTRUKSIES AAN KANDIDATE

1. Jy word voorsien van ’n vraestel en antwoordblad.

2. Die vraestel bestaan uit 50 meerkeusevrae.

3. Beantwoord al die vrae op die spesiale antwoordblad wat voorsien is.

4. Elke vraag gee VIER alternatiewe opsies (A, B, C of D).

5. Kies die mees gepaste antwoord op elke vraag deur op die antwoordblad te merk. Net EEN antwoord moet gekies word.

6. Nieprogrammeerbare sakrekenaars mag gebruik word.

7. Waar van toepassing moet al die antwoorde tot die naaste rand bereken word of EEN desimale plek vir finansiële aanwysers.

GR11