SO UTH A F R I CAN I N ST I T U T E O F

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1 - 1 - SO UTH A F R I CAN I N ST I T U T E O F PROFESSIONAL ACCOUNTAN YOUR WEALTH TM TS SAIPA National Accounting Olympiad 2015 Second Round July 2015 Question Paper Time: 2 Hours Marks: 150 INSTRUCTIONS AND INFORMATION Read the following instructions carefully and follow them precisely: Answer the question on the special ANSWER BOOK provided. Workings must be shown in order to achieve part-marks. Non-programmable calculators may be used.

2 - 2 - QUESTION 1 TYLER LIMITED You are provided with information relating to Tyler Ltd together with their incomplete financial statements for the year ending 30 June 2015 as well as the comparative figures for REQUIRED: Use the information provided to complete the income statement, balance sheet and tangible asset note for 2014 and The missing figures are all indicated by means of an asterisk (*). INFORMATION: 1. The sales increased by 50% on the previous year. The mark-up percentage on turnover remained unchanged at 66,6%. 2. Tangible assets (refer to the tangible asset note). These entries have already been recorded in the books of Tyler Ltd. Land and Buildings During the year the company purchased an additional building at R Vehicles A new vehicle was bought on credit for R on 1 March Vehicles are depreciated by 15% pa on the straight line method. Equipment Equipment is depreciated at 20% pa on the diminishing balance method. On the 31 December 2014 equipment that was bought on 1 July 2013 for R , was sold for R cash. New equipment costing R was purchased on the same date. 3. The investment, reflected in the balance sheet, were shares in a listed company. During the previous financial year the first shares were bought for R15 per share and a dividend of 160 cents per share was paid out. On 1 July 2014 a further shares were bought in the same company for R A dividend of 230 cents per share was received. 4. A rental agreement was signed on 1 October A deposit equal to the first month s rent was received together with the rent for October and recorded in the rent income account. According to the escalating clause the rent will increase by 5% every six months. Rent received according to the books amounts to R The rent for June 2015 is still outstanding. 5. During the previous year Tyler Ltd had four employees, each earned R pa. On 1 July 2014 a new employee was hired. His gross salary is R pa. The original employees received a 10% increase on 1 July The company contributes 1% to UIF. This contribution is recorded in the salaries account.

3 A loan was obtained from Montana Bank on 30 June The loan statement, received on 30 June 2015, reflected the following: Balance at beginning of the financial year monthly payments of R each Interest capatilised Over the next financial year, the capital value of the loan will be reduced by R Directors fees increased on 1 July 2014 by 12%. 8. On 1 July 2014, the beginning of the financial year, the company issued additional shares at R20 per share. On 30 June 2015 the company re-purchased shares at the average price of R10 per share. 9. Operating expenses, as a percentage on turnover for 2015 was 40% and 2014 is 45%. 10. The income tax rate for 2015 remained unchanged on 28% of net income. 11. The stock holding period on 30 June 2015 is 73 days. 12. Total liabilities: 30 June 2015 amounted to R June 2014 amounted to R The Cash Flow Statement on 30 June 2015 showed the following: Trade and other receivables an outflow of R Trade and other payables an outflow of R R

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5 - 5 - SO UTH A F R I CAN I N ST I T U T E O F PROFESSIONAL ACCOUNTAN YOUR WEALTH TM TS SAIPA NaSionalE Rekeningkunde Olimpiade 2015 Tweede Rondte Julie 2015 Vraestel Tyd: 2 ure Punte: 150 INSTRUKSIES EN INLIGTING Lees die instruksies noukeurig deur: Beantwoord die VRAAG in die spesiale ANTWOORDBOEK wat verskaf word. Bewerkings moet getoon word om deelpunte te verdien. Nieprogrammeerbare sakrekenaars mag gebruik word. Dit is in jou eie belang om leesbaar te skryf en jou werk netjies aan te bied.

6 - 6 - VRAAG 1 TYLER BEPERK Jy word voorsien met inligting wat betrekking het op Tyler BPK tesame met hulle onvolledige finansiële state vir die jaar geëindig 30 Junie 2015 asook vergelykende syfers vir GEVRA: Gebruik die inligting voorsien om die inkomstestaat, balansstaat en tasbare bate nota te voltooi. Die ontbrekende bedrae word aangedui deur n asterisk (*). INLIGTING: 1. Die verkope het met 50% toegeneem van die vorige jaar. Die winsopslag persentasie op omset het onveranderd gebly op 66,6%. 2. Tasbare bates (verwys na die tasbare bate nota). Hierdie transaksies is reeds in die boeke van Tyler Bpk aangeteken Grond en Geboue Gedurende die jaar het die maatskappy n bykomende gebou aangekoop, R Voertuie Op 1 Maart 2015 is n nuwe voertuig op krediet aangekoop, R Voertuie word teen 15% pj op die reguitlyn metode in waarde verminder. Toerusting Waardevermindering op toerusting is teen 20% pj op die afnemende saldo metode. Op 31 Desember 2014 is toerusting wat oorspronklik op 1 Julie 2013 vir R aangekoop is, verkoop vir R kontant. Nuwe toerusting met n kosprys van R is op dieselfde dag aangekoop. 3. Die belegging, soos aangedui in die balansstaat, is aandele gekoop in n maatskappy wat op die JEB gelys is. Die eerste aandele is gedurende die vorige finansiële jaar gekoop teen R15 per aandeel en n diwidend van 160 sent per aandeel is uitbetaal. Op 1 Julie 2014 is n bykomende aandele in dieselfde maatskappy aangekoop vir R n Diwidend van 230 sent per aandeel is ontvang. 4. n Huur ooreenkoms is op 1 Oktober 2014 aangegaan met die huurder. n Deposito gelykstaande aan die eerste maand se huur is ontvang tesame met die huur vir Oktober en in die Huur inkomste rekening aangeteken. Die eskalasie klousule in die huur ooreenkoms bepaal dat die huur elke ses maande met 5% sal verhoog. Huur ontvang volgens die rekeningkundige rekords is R Die huur vir Junie 2015 is nog uitstaande. 5. Gedurende die vorige finansiële jaar het Tyler Bpk vier werknemers gehad wat elk R pj verdien het. Op 1 July 2014 is n nuwe werknemer indiens geneem. Sy bruto salaris is R pj. Die huidige werknemers het op 1 Julie 2014 n 10% verhoging ontvang. Die maatskappy dra 1% by tot die WVF. Hierdie bydrae word in die salaris rekening aangeteken.

7 n Lening is op 30 Junie 2014 van Montana Bank ontvang. Die leningstaat, ontvang op 30 Junie 2015, toon die volgende: Saldo begin van die finansiële jaar maandelikse betalings van R elk Rente word gekapitaliseer Die kapitaal waarde van die lening sal gedurende die volgende finansiële jaar met R verminder. 7. Direkteursvergoeding het op 1 Julie 2014 met 12% verhoog. 8. Op 1 Julie 2014, die begin van die finansiële jaar, het Tyler Bpk nuwe aandele uitgereik teen R20 per aandeel. Op 30 Junie 2015 het die maatskappy aandele teruggekoop teen die gemiddelde prys van R10 per aandeel. 9. Bedryfsuitgawes, as n persentasie op omset, was 40% in 2015 en 45% in Die inkomstebelastingkoers vir 2015 het onveranderd gebly op 28% op netto wins. 11. Die tydperk waarvoor daar voorraad voorhande is in 2015, is 73 dae. 12. Totale laste: 30 Junie 2015 bedra R Junie 2014 bedra R Die kontantvloeistaat op 30 Junie 2015 toon die volgende: Handels en ander ontvangbares toon n uitvloei van R Handels en ander betaalbares toon n uitvloei van R R

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9 SO UTH A F R I CAN I N ST I T U T E O F PROFESSIONAL ACCOUNTAN YOUR WEALTH TM TS SAIPA National Accounting Olympiad 2015 Second Round July 2015 ANSWER BOOK Time: 2 Hours Marks: 150 Full School Name Surname First Names Cell Number 0 Address ID Number Male Female Black Coloured Indian/Asian White Other

10 - 2 - QUESTION 1 INCOME STATEMENT OF TYLER LTD FOR THE YEAR ENDED 30 JUNE Sales * Cost of sales * * Gross profit * * Other operating income * * Rent income * 0 Fee income Gross operating income * * Operating expenses * * Depreciation on equipment * Depreciation on vehicles * Directors remuneration * Sundry expenses * * Salaries * * Loss on sale of asset * 0 Operating profit * * Interest income / Dividends received * Net income before finance cost * * Finance cost * 0 Net income before tax * * Income tax * * Net income after tax * *

11 - 3 - BALANCE SHEET OF TYLER LTD AT 30 JUNE ASSETS R R NON-CURRENT ASSETS * * Fixed / Tangible assets * * Financial assets: Shares Solar Ltd * * CURRENT ASSETS * * Inventories * Trade and other receivables * * SARS (income tax) Cash and cash equivalents * 0 TOTAL ASSETS * * EQUITY AND LIABILITIES EQUITY AND RESERVES * * Ordinary share capital * Retained income NON-CURRENT LIABILITIES * * Loan: Montana Bank * * CURRENT LIABILITIES * * Trade and other payables * * SARS (income tax) Shareholders for dividends Shortterm loan * 0 Bank overdraft 0 * TOTAL EQUITY AND LIABILITIES * *

12 - 4 - NOTES TO THE FINANCIAL STATEMENTS ON 30 JUNE FIXED / TANGIBLE ASSETS Land and Equipment buildings Vehicles Carrying value at beginning of year * * Cost price * Accumulated depreciation ( ) * Movements Additions * * * Disposals * 0 Depreciation * * Carrying value at end of year * * Cost price * * * Accumulated depreciation * * CALCULATIONS: Tangible Assets:

13 - 5 - Investment and dividends on investment: Rent income: Salaries:

14 - 6 - Stock holding period:

15 SO UTH A F R I CAN I N ST I T U T E O F PROFESSIONAL ACCOUNTAN YOUR WEALTH TM TS SAIPA NaSionalE Rekeningkunde OlimpiadE 2015 Tweede RondTe Julie 2015 ANtwoord BOeK Tyd: 2 ure Punte: 150 Volle Skool Naam Van Voorname Sel Nommer 0 Epos Adres ID Nommer Manlik Vroulik Swart Kleurling Indiër/Asiër Wit Ander

16 - 8 - VRAAG 1 TYLER BPK INKOMSTESTAAT VIR DIE JAAR GEËINDIG 30 JUNIE Verkope * Koste van verkope * * Bruto Wins * * Ander Bedryfsinkomstes * * Huur inkomste * 0 Fooi inkomste Bruto bedryfsinkomste * * Bedryfsuitgawes * * Waardevermindering op toerusting * Waardevermindering op voertuie * Direkteursvergoeding * Diverse uitgawes * * Salarisse * * Verlies met verkoop van bate * 0 Bedryfswins * * Rente inkomste / Diwidende ontvang * Wins voor finansieringskoste * * Finansieringskoste * 0 Netto wins voor belasting * * Inkomstebelasting * * Netto wins vir die jaar * *

17 - 9 - BALANSSTAAT VAN TYLER BPK VIR DIE JAAR GEËINDIG 30 JUNIE BATES R R NIE-BEDRYFSBATES * * Vaste / Tasbare bates * * Finansiële bates: Aandele Solar Bpk * * BEDRYFSBATES * * Voorraad * Handels en ander ontvangbares * * SAID (Inkomstebelasting) Kontant en kontant ekwivalente * 0 TOTALE BATES * * EKWITEIT EN LASTE EKWITEIT EN RESERWES * * Gewone aandele kapitaal * Behoue inkomste NIE-BEDRYFSLASTE * * Lening: Montana Bank * * BEDRYFSBATES * * Handels en ander betaalbares * * SAID (Inkomstebelasting) Aandeelhouers vir dividende Korttermyn lening * 0 Oortrokke bank 0 * TOTALE EKWITEIT EN LASTE * *

18 NOTAS TOT FINANSIËLE STATE OP 30 JUNIE VASTE / TASBARE BATES Grond en geboue Toerusting Voertuie Drawaarde begin van die jaar * * Kosprys * Opgelope waardevermindering ( ) * Bewegings Verkrygings * * * Verkope * 0 Waardevermindering * * Drawaarde einde van die jaar * * Kosprys * * * Opgelope waardevermindering * * BEWERKINGS: Tasbare bates:

19 Belegging en diwidende op belegging: Huur inkomste: Salarisse:

20 Tydperk van voorraad voorhande:

21 SO UTH A F R I CAN I N ST I T U T E O F PROFESSIONAL ACCOUNTAN YOUR WEALTH TM TS SAIPA National Accounting Olympiad 2015 Second Round July 2015 Memorandum QUESTION 1 INCOME STATEMENT OF TYLER LTD FOR THE YEAR ENDED 30 JUNE Sales * Cost of sales *( ) * ( ) Gross profit * * Other operating income * * Rent income * Fee income Gross operating income * * Operating expenses *( ) *( ) Depreciation on equipment * Depreciation on vehicles * Directors remuneration * Sundry expenses * * Salaries * * Loss on sale of asset * Operating profit * * Interest income / Dividends received * Net income before finance cost * * Finance cost *( ) 0 Net income before tax * * Income tax *( ) *( ) Net income after tax * *

22 - 2 - BALANCE SHEET OF TYLER LTD AT 30 JUNE ASSETS R R NON-CURRENT ASSETS * * Fixed / Tangible assets * * Financial assets: Shares Solar Ltd * * CURRENT ASSETS * * Inventories * Trade and other receivables * * SARS (income tax) Cash and cash equivalents * TOTAL ASSETS * * EQUITY AND LIABILITIES EQUITY AND RESERVES * * Ordinary share capital * Retained income NON-CURRENT LIABILITIES * * Loan: Montana Bank * * CURRENT LIABILITIES * * Trade and other payables * * SARS (income tax) Shareholders for dividends Shortterm loan * Bank overdraft 0 * TOTAL EQUITY AND LIABILITIES * *

23 - 3 - NOTES TO THE FINANCIAL STATEMENTS ON 30 JUNE FIXED / TANGIBLE ASSETS Land and Equipment buildings Vehicles Carrying value at beginning of year * * Cost price * Accumulated depreciation ( ) *( ) Movements Additions * * * Disposals *( ) 0 Depreciation *( ) *( ) Carrying value at end of year * * Cost price * * * Accumulated depreciation *( ) *( )

24 SO UTH A F R I CAN I N ST I T U T E O F PROFESSIONAL ACCOUNTAN YOUR WEALTH TM TS SAIPA NaSionalE Rekeningkunde OlimpiadE 2015 Tweede RondTe Julie 2015 Memorandum VRAAG 1 TYLER BPK INKOMSTESTAAT VIR DIE JAAR GEËINDIG 30 JUNIE Verkope * Koste van verkope *( ) * ( ) Bruto Wins * * Ander Bedryfsinkomstes * * Huur inkomste * Fooi inkomste Bruto bedryfsinkomste * * Bedryfsuitgawes *( ) *( ) Waardevermindering op toerusting * Waardevermindering op voertuie * Direkteursvergoeding * Diverse uitgawes * * Salarisse * * Verlies met verkoop van bate * Bedryfswins * * Rente inkomste / Diwidende ontvang * Wins voor finansieringskoste * * Finansieringskoste *( ) 0 Netto wins voor belasting * * Inkomstebelasting *( ) *( ) Netto wins vir die jaar * *

25 - 5 - BALANSSTAAT VAN TYLER BPK VIR DIE JAAR GEËINDIG 30 JUNIE BATES R R NIE-BEDRYFSBATES * * Vaste / Tasbare bates * * Finansiële bates: Aandele Solar Bpk * * BEDRYFSBATES * * Voorraad * Handels en ander ontvangbares * * SAID (Inkomstebelasting) Kontant en kontant ekwivalente * TOTALE BATES * * EKWITEIT EN LASTE EKWITEIT EN RESERWES * * Gewone aandele kapitaal * Behoue inkomste NIE-BEDRYFSLASTE * * Lening: Montana Bank * * BEDRYFSBATES * * Handels en ander betaalbares * * SAID (Inkomstebelasting) Aandeelhouers vir dividende Korttermyn lening * Oortrokke bank 0 * TOTALE EKWITEIT EN LASTE * *

26 - 6 - NOTAS TOT FINANSIËLE STATE OP 30 JUNIE VASTE / TASBARE BATES Grond en geboue Toerusting Voertuie Drawaarde begin van die jaar * * Kosprys * Opgelope waardevermindering ( ) *( ) Bewegings Verkrygings * * * Verkope *( ) 0 Waardevermindering *( ) *( ) Drawaarde einde van die jaar * * Kosprys * * * Opgelope waardevermindering *( ) *( )