FINANCIAL ACCOUNTING 101 [FAC511S]
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1 FEEDBACK TUTORIAL LETTER ASSIGNMENT 2 SECOND SEMESTER 2017 [] 1
2 COURSE: COURSE CODE: ASSIGNMENT: 02/2017 DATE: 10/ 2017 Dear Student As we are approaching the end of the semester you should have completed studying most of the content in the syllabus for this course. The overall performance in Assignment two was good, I was pleased to note that the majority of students scored particularly high marks in question two. This is pleasing as preparation of financial statements is the one of the most important aspects to this course. However, question three was poorly answered by most students; the key to this question was to identify whether a contract exists (Step 1 in the 5 Step process). Most students analysed all five steps. When answering such a question it is of vital importance to read the required carefully to ascertain how to structure your answer. Please go over the memo below to and evaluate the areas where you have gone wrong so as to learn from it. In your preparations for the exams, I strongly urge you to go through your assignments once more as well as the tests and tutorials that are available on e-learning. You should also go through prior year exam papers; this will give you an idea of the level that you need to achieve in order to be successful in this course. I wish you the best of luck in the preparations for your exam. Regards Calistus Mahindi T: C: E: cmahindi@nust.na 1
3 QUESTION 1 a) (13 marks) Site preparation costs 675,000 (1) Building material 7,050,000 (1) Labour Costs 4,450,000 (1) Installation of various factory equipment 550,000 (1) Costs of testing of factory plant 375,000 (1) Staff training costs - (1) Inauguration function to inaugurate plant - (1) 13,100,000 (1) Recognition date 1 July 2017 (1) b) Depreciable amount (13,100, ,000) 13,000,000 (1) Depreciation for the year (13,000,000/25*6/12) 260,000 (1) c) Carrying amount (13,100, ,000) 12,840,000 (2) 2
4 QUESTION 2 a) (57 marks) Tauben Glen Traders General Journal for the period ended 28 February 2017 Dr Cr Marks Workings N$ N$ 1 Inventory 148, Cost of sales 148, Closing journal entry to account for closing inventory 2 Insurance expense 1, Accrued expenses 1, Recognising insurance payable 3 Rent income 5, Income received in advance 5, Recognising rent received in advance 4 Prepaid expenses 3, Subscriptions 3, Recognising subscriptions paid in advance 5 Interest on long term loan 9, Accrued expenses 9, recognising interest payable 6 Credit losses 9, Accounts receivable 9, Writing off a receivable as bad 7 Credit losses 5, Allowance for credit losses 5, Create allowance for credit losses at 5% 8 Accrued income 1, Interest on investment: Old Mutual 1, Recognising accrued income 9 Depreciation 193, Accumulated depreciation: Vehicles 151, Accumulated depreciation: Computers 19, Accumulated depreciation: Furniture & fittings 22, Depreciation for the year Total Marks 11 3
5 Workings 1 Insurance N$21,670/N$1,970 = 11 therefore 1 month of insurance is outstanding Rent Income N$35,000/N$2500 = 14. Rent has been prepaid by two months (2 x N$2,500 = 2 N$5,000) 3 Prepaid expenses N$15,000/15 x 3 = N$3,000 4 (N$290,000 x 10%) - N$ 19,333 = N$9, (N$111,680 - N$9,000) x 5% =N$5,134 6 (N$170,000 x 11%) -N$17,000 = N$1,700 7 Depreciation: Vehicles = N$757,000/ 5 = N$151,400 Computers = (N$158,000-N$79,000) x 25% = N$19,750 Furniture and fittings = N$133,800/6 = N$22,300 4
6 b) Tauben Glen Traders Marks Statement of profit or loss for the year ended 28 Feb N$ N$ Sales 2,334,220 1 Cost of sales (948,668) Opening Inventory 104,010 1 add: Purchases 978,838 1 add: Carriage inwards 14,220 1 Less: closing inventory (148,400) 1 Gross profit 1,385,552 Add: other income 48,700 Interest income (17,000+1,700) 18,700 2 Rent income (35,000-5,000) 30,000 2 Gross income 1,434,252 Less: Expenses (977,112) Consulting fees 66,800 1 Bank charges 16,910 1 Interest on long term loan (19,333+9,667) 29,000 2 Insurance (21,670+1,970) 23,640 2 Stationery expense 10,810 1 Repairs and maintenance 47,540 1 Salaries and wages 499,000 1 Subscriptions (15,000-3,000) 12,000 2 Advertising 63,828 1 Credit losses ( ) 14,134 2 Depreciation 193,450 1 Profit for the year 457,140 Total Marks
7 c) Tauben Glen Traders Marks Statement of financial position as at 28 Feb N$ Assets Non- Current Assets 414,100 Property, plant and equipment (W1) 244,100 6 Investment: Old Mutual Namibia 170,000 1 Current Assets 478,336 Inventory 148,400 1 Accounts receivable (111,680-9, ) 97,546 3 Prepaid expenses 3,000 1 VAT receivable 150,000 1 Accrued income 1,700 1 Bank 77,690 1 Total Assets 892,436 Equity and Liabilities Equity 532,753 Capital 75,613 1 Add: Net Profit 457,140 1P Non-Current Liabilities Long-Term Loan: SME Bank 290,000 1 Current Liabilities 69,683 Accounts Payable 53,046 1 Accrued expenses (1, ,667) 11,637 1 Income received in advance 5,000 1 Total Equity and Liabilities 892,436 Total Marks
8 Workings Allocation of marks for PPE W1. Property, Plant and equipment Motor Vehicles at cost 757,000 1 less: accumulated depreciation ( ) (605,600) 1 Carrying amount of vehicles 151,400 Computers at cost 158,000 1 less: accumulated depreciation ( ) (98,750) 1 Carrying amount of computers 59,250 Furniture and fittings at cost 133,800 1 less: accumulated depreciation ( ) (100,350) 1 Carrying amount of computers 33,450 Carrying amount of PPE 244,100 7
9 QUESTION 3 IFRS 15 Requirements Application (15 marks) 1. An approved written/oral contract with commitment from both parties on their respective obligations (1) An oral contract was concluded outlining the obligations of both parties with respect to the service. (1) 2. The entity can identify each party s rights regarding the goods/services to be transferred (1) The rights of each party are identifiable, i.e: Monate Catering will provide catering services (1) to Kuze Kuse who in turn will make payments per invoice. (1) 3. The entity can identify the payment terms for the goods/services to be transferred (1) 4. The contract has commercial substance (expected change in future cash flows) (1) The payment terms are identifiable, Kuze Kuse will make payments within 30 days of receiving the invoice. (1) The contract has commercial substance as it will change the future cash flows of Monate Catering. (1) 5. It is probable that the entity will collect the consideration to which it will be entitled (1) It is not probable (1) that Monate Catering will collect the consideration to which it is entitled as, although Kuze Kuse has agreed to the oral contract acknowledging its intention to pay,(1) Kuze Kuse probably does not have the ability to pay (1) as it is experiencing financial difficulty and has not paid a previous service provider recently. (1) The contract therefore does not satisfy the contract requirements of IFRS 15 Revenue from contract customers on 30 July 2017 (1p). 8
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FEEDBACK TUTORIAL LETTER 1 ST SEMESTER 2017 ASSIGNMENT 2 [FAC511S] MAY 2017 1 COURSE: COURSE CODE: FAC511S ASSIGNMENT: 02/2017 DATE: 05/ 2017 Dear Student As we come to the end of the semester, you should
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