FM101 CHAPTERS COVERED : CHAPTERS 1-5, 7, 8. DUE DATE : 3:00 p.m. 15 MARCH 2011
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1 Page 1 of 6 ASSIGNMENT 1 ST SEMESTER : FINANCIAL MANAGEMENT 1 () CHAPTERS COVERED : CHAPTERS 1-5, 7, 8 DUE DATE : 3:00 p.m. 15 MARCH 2011 TOTAL MARKS : 100 INSTRUCTIONS TO CANDIDATES FOR COMPLETING AND SUBMITTING ASSIGNMENTS The complete Instructions to Students for Completing and Submitting Assignments must be collected from any IMM GSM office, the relevant Student Support Centre or can be downloaded from the IMM GSM website. It is essential that the complete instructions be studied prior to commencing your assignment. The following points highlight only a few important notes. 1. You are required to submit ONE assignment per subject. 2. The assignment will contribute 20% towards the final examination mark, and the other 80% will be made up from the examination, however the examination papers will count out of 100%. 3. Although your assignment will contribute towards your final examination mark, you do not have to earn credits for admission to the examinations; you are automatically accepted on registering for the exam. 4. Number all the pages of your assignment (e.g. page 1 of 4) and write your name and surname, student number and subject at the top of each page. 5. The IMM GSM requires assignments to be presented on plain A4 paper. You must show all working calculations, including and where appropriate multiple choice working calculations. 6. A separate assignment cover, which is provided by the IMM GSM, must be attached to the front cover of each assignment. 7. Retain a copy of each assignment before submitting, in case the original does not reach the IMM GSM. 8. The assignment due date refers to the day up to which assignments will be accepted for marking purposes. The deadline is 3:00 p.m. on 15 March Late assignments will be accepted, but 25 marks will be deducted from the maximum mark, if received after 3:00 p.m. on 15 March 2011 and up to 5:00 p.m. the following day, after which no assignments will be accepted. 9. If you fail to follow these instructions carefully, the IMM Graduate School of Marketing cannot accept responsibility for the return of the assignment. It may even result in your assignment not being marked. Results will be available on the IMM GSM website, on Friday, 6 May 2011.
2 Page 2 of 6 SPECIFIC INSTRUCTIONS Answer ALL questions. The use of calculators is permitted. Show ALL calculations. Read all questions carefully to determine exactly what is required before attempting to answer. Number your answers clearly and set them out under appropriate headings and sub-headings. ANSWER ALL QUESTIONS QUESTION 1 [25] 1.1 In each of the following situations calculate the unknown element: a) In a business with owner s equity of R20,000 and liabilities of R10,000, what would the assets be? (1) b) The owner s contribution during the year if the business has assets of R60,000, liabilities of R15,000 and owner s equity (excluding capital contributed by the owner during the year) of R25,000. (1) 1.2 Calculate the missing figures using the basic accounting equation. a) Bank = R20,000 Vehicles = R25,000 Equipment = R35,000 Capital =? (1) b) Capital = R750,000 Mortgage loan = R250,000 Bank =? (1) Machinery = R900,000 Debtors = R50,000 c) Bank overdraft = R25,000 Debtors = R75,000 Buildings = R500,000 Furniture = R200,000 Creditors = R250,000 Capital = R? (1) 1.3 You are required to enter the transactions on the accounting equation for Sencam Traders as per the example provided below. The following transactions appeared in the books of Sencam Traders for the month of June 2010: (20)
3 Page 3 of 6 01 June Bought a sanding machine for R2,800 on credit. 02 June Bought stationery from the bookstore and paid by cheque R June Bought varnishes and paintbrushes on credit R1, June Rendered services on credit R6, June Paid R200 to have a vehicle serviced. 07 June Received R8,400 cash from debtors. 08 June Drew a cheque for R1,200 to pay creditors. 09 June Owner invested a further R4,000 into the business. 11 June Cash received for services rendered R2, June Returned furniture ing R1,200 to supplier as it was defective. The supplier granted full credit. 13 June Owner took a cheque for his personal use R300. USE THE LAYOUT AS PER THE EXAMPLE GIVEN BELOW. OWNERS DATE ASSETS = LIABILITIES EQUITY + Capital/ Vehicles Equipment Debtors Bank Income/expense Loan Creditors drawings 1 +2,800 +2,800 QUESTION 2 [30] Given the trial balance and additional information as it relates to Speedy Dealers, you are required to draw up an income statement (16) and balance sheet (14) as at 31 December Show detailed notes to reflect depreciation and changes in equity.
4 Page 4 of 6 Speedy Dealers Trial Balance as at 31 December 2010 Debit Credit Capital Cash at bank Buildings Vehicles Furniture Salaries Lights and water Sales Carriage on sales Purchases Carriage on purchases 800 Sales returns and allowances Purchases returns and allowances Commission received 960 Rent received Insurance Packing material Drawings Bad debts 460 Opening inventory Debtors Creditors Accumulated depreciation: Vehicles Accumulated depreciation: Furniture R R Additional information which has not been taken into account calculating the above: 1. Inventory on 31 December 2010 a. Trading stock R13,000 b. Packing material R A debtor is insolvent; the debt of R240 has to be written off as irrecoverable. 3. An employee is on leave and his salary of R3,000 has been paid to him in advance (This employee s salary was accounted for in the figures above). 4. Delivery fees of R100 on purchases have not been paid yet. 5. An insurance premium of R500 per month, included in the figure above, has been paid until the end of November Rent represented in the trial balance has been received until the end of January Commission to the value of R1,760 was earned on 28 December This amount is still outstanding.
5 Page 5 of 6 8. Provision must be allowed for depreciation as follows: a. Vehicles R31,500 b. Furniture R2,500 QUESTION 3 [15] 3.1 Sencam Stores, a VAT vendor, marks its goods up by 20% on. They receive R2,280 from Riya Boutique for goods sold. Calculate output tax and of goods sold. (3) 3.2 Complete the table by writing your answer next to the corresponding letter in your script: (7) Cost price % mark-up Selling price VAT Marked price 14% R2,000 20% on A B C R2,000 20% on selling price D E F G 25% on R3,000 H I J 40% on K L R9,576 R4,500 25% on selling price M R840 N 3.3 Classify the following items as taxable (T), exempt supplies (E), zero rated supplies (Z) or deemed supplies (D) (5) a) Transport of goods and passengers from South Africa to countries outside the country b) Canned food c) Goods and services withdrawn by vendor for her own use d) Supply of financial services e) Brown bread QUESTION 4 [30] 4.1 Classify the s below according to the following terms: product, period, fixed, variable, mixed, sunk, opportunity. Use the layout provided below. Take note that more than one answer is possible. Each correct answer is only worth a ½ mark. (15) Cost item Var. Fixed Mixed Period Direct product Indirect product Sunk Opp. Example: Bricks used in the construction of a house X X a) Wood used in the manufacture of tables b) Wages of assembly line workers, who are paid per hour. c) Rental on manufacturing facility d) Salary of production manager e) Overtime premiums paid to assembly line workers f) Depreciation on manufacturing equipment, using the straight-line method g) Salary of the distribution clerk in finished goods warehouse
6 Page 6 of 6 h) Commissions paid to sales persons i) Trade discount granted to customers j) Rental income forgone on factory space k) Salary of storeman in raw materials warehouse l) Electricity used for operating machinery m) Photocopier in the general office, leased at basic monthly charge plus an additional amount for each copy made. 4.2 In an attempt to reduce expenses ABC Ltd is thinking of changing its marketing method from retailer distribution to direct sales distribution. You are required to calculate the differential income and also indicate which relevant and irrelevant s are (including the amount of each) and comment/conclude which direction would be most beneficial for ABC Ltd, given the data below: (15) Retailer distribution (present) Direct sale distribution (proposed) Income (revenue) R 1,050,000 R 1,200,000 Cost of goods sold 525, ,000 Advertising 140,000 67,500 Sales commissions 0 50,000 Warehouse depreciation 75, ,000 # Other expenses 90,000 90,000 Total s 830, ,500 Net profit 220, ,500 ASSIGNMENT TOTAL: 100
FM101. DUE DATE : 3:00 p.m. 16 AUGUST 2011
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