20 2020
MODULE NAME:
MODULE CODE:
ACCOUNTING 1B
ACBP5112w
Q1
Q2
Q3
Q4
Q5
Q6
TOTAL
%
ASSESSMENT TYPE:
ACCOUNTING EXAM ANSWER BOOKLET
TOTAL MARK ALLOCATION:
180 MARKS
STUDENT NAME:
STUDENT NUMBER:
LECTURERS NAME:
DATE:
INSTRUCTIONS:
1. This word document has been provided for your convenience. However, you do not have to make use of it if you prefer to use another method to submit. Refer to the detailed instructions on the cover page of the assessment.
1. Please adhere to the detailed instructions provided on the cover page of the assessment.
1. Independent work is required.
1. Ensure that your name is on all pieces of paper or books that you will be submitting.
1. Answer all the questions in the assessment booklet. The phrase ‘END OF PAPER’ will appear after the final set question of this assessment.
Additional instructions:
· This is an OPEN BOOK assessment.
· Calculators are allowed.
· Answer All Questions.
· Show all calculations, where applicable (marks may be awarded for this).
Question 1 XXXXXXXXXXMarks: 35)
Q.1.1
(3)
Q.1.2
(3)
Q.1.3
(2)
Q.1.4.1
(3½)
GOLD DEALERS
CASHBOOK RECEIPTS FOR JULY 2019 CBR
31
(7½)
GOLD DEALERS
CASHBOOK PAYMENTS FOR JULY 2019 CBP
31
20 XXXXXXXXXX
© The Independent Institute of Education (Pty) Ltd 2020
Page 9 of 20
Q.1.4.2
(8)
CALCULATIONS:
GOLD DEALERS
GENERAL LEDGER
DR BANK CR
Date
Details
Fol.
Amount
Date
Details
Fol.
Amount
20 2020
Q.1.4.3
(8)
GOLD DEALERS
BANK RECONCILIATION STATEMENT AS AT 31 JULY 2019
Question 2 XXXXXXXXXXMarks: 25)
Q.2.1.1
(1)
Q.2.1.2
(1)
Q.2.1.3
(1)
Q.2.1.4
(1)
Q.2.1.5
(1)
Q.2.1.6
(1)
20 XXXXXXXXXX
Q.2.2.1
(11)
BIG TRADERS
GENERAL LEDGER
DR DEBTORS CONTROL CR
Date
Details
Fol.
Amount
Date
Details
Fol.
Amount
Q.2.2.2
(8)
DR CREDITORS CONTROL CR
Date
Details
Fol.
Amount
Date
Details
Fol.
Amount
20 2020
Question 3 XXXXXXXXXXMarks: 25)
CALCULATIONS:
Q.3.1
(24)
GENERAL JOURNAL OF BARNABAS FURNITURE FOR JUNE 2019 GJ
Day
Details
Fol.
Debit (R)
Credit (R)
GENERAL JOURNAL OF BARNABAS FURNITURE FOR JUNE 2019 GJ
Day
Details
Fol.
Debit (R)
Credit (R)
Q.3.2
(1)
Question 4 XXXXXXXXXXMarks: 35)
Q.4.1
(23)
Statement of profit or loss and other comprehensive income of Mount Dealers for the year ended 31 July 2019
Gross Profit
Add other income
Gross Income
Less Distribution, Administrative and other expenses
Q.4.2
(11)
Trade and other Receivables
Q.4.3
(1)
20 XXXXXXXXXX
© The Independent Institute of Education (Pty) Ltd 2020
Page 20 of 20
Question 5 (Marks: 25)
Q.5.1
(5)
Calculations:
TOY BOTHA
TOM BROWN
Interest on Capital
Interest on Cu
ent A/c
Salaries to Partners
Q.5.2
(20)
BB TRADERS
GENERAL LEDGER
DR APPROPRIATION ACCOUNT CR
Date
Details
Fol.
Amount
Date
Details
Fol.
Amount
CALCULATIONS:
Question 6 (Marks: 35)
Q.6.1
(28)
Members’ Interest before Chipo Mabuso purchases 10% of Samvella Mabuso’s interest in CC:
SAMVELLA MABUSO
CHIPO MABUSO
NSAMA MABUSO
TOTAL
Old Members’ Interest:
60%
20%
20%
100%
Chipo Mabuso buys 10% of Samvella Mabuso’s interest in CC: Calculations
%
New Members’ Interest:
Members’ Funds before Chipo Mabuso purchases 10% of Samvella Mabuso’s interest in CC:
SAMVELLA MABUSO
CHIPO MABUSO
NSAMA MABUSO
TOTAL
Contributions
R500 000
R250 000
R250 000
R1 000 000
Retained Earnings: Calculations
Rands
R160 000
Total funds before transfe
Balance of funds after Chipo Mabuso’s purchase of 10% of Samvella Mabuso’s interest in CC:
SAMVELLA MABUSO
CHIPO MABUSO
NSAMA MABUSO
TOTAL
Contributions: Calculations
New balance of contributions:
R XXXXXXXXXX
Retained Earnings: Calculations
New balance of retained earnings
R160 000
New Total Funds
Q.6.2
(7)
NEW UPLANDS CC GENERAL LEDGER
DR APPROPRIATION ACCOUNT CR
Date
Details
Fol.
Amount
Date
Details
Fol.
Amount
END OF ANSWER BOOKLET
Microsoft Word - ACBP5112Ea_C19_M
20 2020
© The Independent Institute of Education (Pty) Ltd 2020
Page 1 of 12
MODULE NAME: MODULE CODE:
ACCOUNTING 1B ACBP5112w
ASSESSMENT TYPE: REVISED EXAMINATION PAPER
TOTAL MARK ALLOCATION: 180 MARKS
TOTAL TIME: The time given to students to complete this assessment will be
indicated on your module in Learn.
By submitting this assessment, you acknowledge that you have read and understood all the rules
as per the terms in the registration contract, in particular the assignment and assessment rules in
The IIE Assessment Strategy and Policy (IIE009), the intellectual integrity and plagiarism rules in
the Intellectual Integrity Policy (IIE023), as well as any rules and regulations published in the
student portal.
INSTRUCTIONS:
1. Please adhere to all instructions. These instructions are different from what is normally
present, so take time to go through these carefully.
2. Independent work is required. Students are not allowed to work together on this
assessment. Any contraventions of this will be handled as per disciplinary procedures in The
IIE policy.
3. No material may be copied from original sources, even if referenced co
ectly, unless it is
a direct quote indicated with quotation marks.
4. This is an open‐book assessment.
5. Assessments must be submitted in a format as detailed below.
6. Ensure that you save a copy of your responses.
6.1 The document name must be your name.student number.Module Code.
6.2 Once you have completed the assessment, upload your document under the
submission link in the co
ect module in Learn.
Additional instructions:
Calculators are allowed.
Answer All Questions.
Show all calculations, where applicable (marks may be awarded for this).
Tables have been created for you to complete.
Instructions for assessments including numerical calculations
You will only be able to submit scanned/photo of handwritten document or Microsoft word
or excel documents.
You may use Excel. If Excel is used, then all calculations must be shown in order to receive
method marks.
If you are using a Word Document:
Please see the Word document included as part of this assessment.
Tables have been created for you to complete.
Use the following to reflect your calculations:
Multiply x – small letter x or *.
20 2020
© The Independent Institute of Education (Pty) Ltd 2020
Page 2 of 12
Division/forward slash.
Addition and subtraction + and ‐.
Square‐ roots and equations – using the function insert ‐ equation.
Tables – using the function insert – table.
Working with tables – use merge and split cell functions through right click function.
Fitting tables to pages – Autofit to window/content through right click function.
Layout of table – Section
eaks and landscape orientation through layout –
eaks and
layout orientation in the ri
on.
If you are not familiar with all the functions in Word, it is recommended that you rather do
a hardcopy if possible.
If you are completing in a hardcopy
y hand:
Use the Word document supplied as a template for you to recreate by hand on a piece of
paper.
Ensure that all your pages are numbered on the top right‐ hand side of the page – e.g. 1 of
12.
Perform your calculations as you normally would. Please work neatly so that you do not lose
marks because your lecturer cannot read your writing.
Either (i) Scan your pages OR (ii) photograph your pages. Ensure that the pages are in the
co
ect order.
Label your photographs as follows: name.student number.Module Code.Page 1; (for each
page).
Once completed, upload your assessment under the submission link in the co
ect module in
Learn.
20 2020
© The Independent Institute of Education (Pty) Ltd 2020
Page 3 of 12
Question 1 (Marks: 35)
Gold Dealers sells their merchandise on both a cash and credit basis and has a cu
ent banking
account with ABBA Bank.
On 31 July 2019, Ashley Adams, the bookkeeper, received the Bank Statement from ABBA Bank
dated 31 July 2019 and wishes to complete the bank reconcilation process before she goes home.
However, before she can start the bank reconciliation process, she requires your assistance in
answering the questions below relating to various scenarios:
Q.1.1 On 31 July 2019, Ashley Adams received a cheque from ABC Wholesalers to pay
their account for R5 000 but it was dated on 21 August 2019. Ashley Adams has
not made an entry for this cheque because she is unsure of what to do.
What type of cheque has Ashley Adams received and what procedure should she
follow?
(3)
Q.1.2 On the bank statement received from ABBA Bank, there are two stop orders in
the debit column. They are for insurance and rent for the business. Ashley Adams
has not yet recorded these two entries in the subsidiary journals of the entity.
What type of difference (adjusting or timing) arises as a result of these charges
identified by Ashley Adams and why do these differences occur?
(3)
Q.1.3 Ashley Adams realises that ABBA Bank has debited Gold Dealers’s account with a
cheque no. 47561 which was drawn by Golden Dealers. Explain to Ashley Adams
how she should handle this descrepancy?
(2)
20 2020
© The Independent Institute of Education (Pty) Ltd 2020
Page 4 of 12
Q.1.4 The following information is taken from the books of Gold Dealers:
Bank Reconciliation Statement of Gold Dealers as at 30 June 2019
Favourable balance as per bank statement 3 500
Outstanding deposit 16 000
Outstanding cheque: No. 412 1 500