FINANCIAL ACCOUNTING 3
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1 FINBUS4 NOVEMBER 2013 EXAMINATION DATE: 7 NOVEMBER 2013 TIME: 09H00 13H00 TOTAL: 100 MARKS DURATION: 4 HOURS PASS MARK: 40% (BUS-AC3) FINANCIAL ACCOUNTING 3 THIS EXAMINATION PAPER CONSISTS OF 4 QUESTIONS: ANSWER ALL THE QUESTIONS (100 MARKS) INSTRUCTIONS: 1. Read the following instructions carefully before answering the paper, as failure to act upon them will result in a loss of marks. 2. Write your answers in your answer book, which is provided in the exam. 3. Ensure that your name and student number are clearly indicated on your answer book. 4. Write your answers in either blue or black ink in your answer book. 5. Read each question very carefully before you answer it and number your answers exactly as the questions are numbered. 6. Begin with the question for which you think you will get the best marks. 7. Note the mark allocations for each question give enough facts to earn the marks allocated. Don't waste time by giving more information than required. 8. You are welcome to use diagrams to illustrate your answers. 9. Please write neatly we cannot mark illegible handwriting. 10. Any student caught cheating will have his or her examination paper and notes confiscated. The College will take disciplinary measures to protect the integrity of these examinations. 11. If there is something wrong with or missing from your exam paper or your answer book, please inform your invigilator immediately. If you do not inform your invigilator about a problem, the College will not be able to rectify it afterwards, and your marks cannot be adjusted to allow for the problem. 12. This paper may be removed from the examination hall after the examination has taken place. NOTE: YOU MAY USE A NON-PROGRAMMABLE CALCULATOR. DAMELIN CORRESPONDENCE COLLEGE NOVEMBER 2013 PAGE 1 OF 5
2 ANSWER ALL THE QUESTIONS (100 MARKS) QUESTION 1 The information below pertains to Brazil Ltd for the years ended 31 December 2011 and 31 December Brazil LTD. INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER Opening stock Purchases Less: Closing stock Cost of sales Sales Gross profit Dividends received on investments Operating expenses Net profit before tax and interest Interest paid 8 8 Net profit before tax Taxation Net profit after tax Preference dividend 4 8 Net profit attributable to ordinary shareholders Ordinary dividend 16 9 Retained income for the year Retained income at beginning of year Retained income at end of year DAMELIN CORRESPONDENCE COLLEGE NOVEMBER 2013 PAGE 2 OF 5
3 BRAZIL LTD. BALANCE SHEET AT 31 DECEMBER Ordinary shares of R1 each General reserve Retained income Ordinary shareholders' interest Preference shares of R1 each Share capital and reserves Long-term liabilities: 8% Debentures Current liabilities: Creditors Receiver of Revenue 22 6 Dividends declared Fixed assets Investment: Shares at cost Current assets: Stock Debtors Bank Credit sales Credit purchases Market price per share (in cents) Calculate the following ratios for both years 2011 and 2012: (a) (b) (c) Return on assets Debtors collection period Stock turnover ratio (d) Gearing ratio [4 6 = 24] DAMELIN CORRESPONDENCE COLLEGE NOVEMBER 2013 PAGE 3 OF 5
4 QUESTION 2 The following budget estimates are available for Rushton Ltd., manufacturer of a single product. Actual and projected sales are as follows: February (actual) R March (actual) April (budget) May (budget) All sales are on credit. Debtors on average settle their accounts as follows: 60% pay during the month following the month of sale, and are allowed a discount of 3% 38% pay during the second month following the month of sale 2% prove uncollectable. Required production is as follows: April units May units June units The firm wishes to maintain closing stock of raw material at 50% of the following month's production requirements. The company uses 2 kilograms of raw material, at a cost of R3 per kilogram, to manufacture one unit of the product. Raw material stock at 1 April equals kilograms. Fifty percent of all raw material purchases is paid within the month of purchase, for which a discount of 6% is receivable, and the other 50% are paid during the month following the month of purchase. Total material purchases for March amount to R Salaries and wages, manufacturing overheads, and selling and administrative expenses are paid in cash. Estimates of these expenses are as follows: April May Salaries and wages R R Manufacturing overheads Selling and administrative expenses Manufacturing overheads include a monthly depreciation charge of R The company's bank balance at April 1 amounted to R Draw up a cash budget for the months of April and May. Show all your calculations. [42] DAMELIN CORRESPONDENCE COLLEGE NOVEMBER 2013 PAGE 4 OF 5
5 QUESTION 3 XYZ Traders had stock destroyed in a fire. The normal mark up of the business is 80%. Sales for the period between the last stock take and the fire amounted to R It can be established that 30% of such sales were at a discount of 15% and 25% of such sales were at a discount of 20%. Calculate the cost of sales as well the amount of the stock loss, using the information above. [20] QUESTION 4 Mr X holds ordinary shares of R1 each in PNet Ltd. He is asked to agree to a proposal that his shares be reduced in value to 70 cents and that he subscribe for 'B' ordinary shares of 30 cents each. When the reconstruction is completed the company will have 'A' ordinary shares of 70 cents each, 'B' ordinary shares of 30 cents each and % Preference Shares of R2 each. It is estimated that if the company was liquidated the ordinary shareholders would receive 45 cents per share which would not be subject to tax. Mr X can invest any repayment of capital at 11½% in First Mortgage Bonds. It is estimated that the future profits of PNet will be R per annum before tax of 42%. Advise Mr X as to what would be the appropriate course of action that would be to his benefit. Use calculations to motivate your answer. [14] [100] TOTAL: 100 MARKS DAMELIN CORRESPONDENCE COLLEGE NOVEMBER 2013 PAGE 5 OF 5
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