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Q1— Section header —
1.2Calculate the final amount payable to SARS on 31 July 2014. Calculate the total amount paid for carriage on the purchases on June 2014.
1.3Calculate the value of the closing stock on 30 June 2014 using the weighted average method.
1.3Explain the effect that this will have on the gross profit. ONE valid reason for changing the stock v aluation method ONE valid reason against changing the stock valuation method Harry is concerned about
Q2— Section header —
2.1The bookkeeper, Litzie, says it is not necessary for her to prepare a Creditors Reconciliation Statement because the creditors send monthly statements to the business anyway. What would you say to her?
2.2No. Creditors Ledger of Stores tatement of account received from Valley Ltd
2.3.1Explain what action should be taken against J van Wyk. State TWO points
2.3.2What must the business do to prevent a similar incident in future? Explain THREE points. TOTAL MARKS
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3.1.1SHARE CAPITAL AUTHORISED SHARE CAPITAL 750 000 ordinary shares ISSUED SHARE CAPITAL ________ Ordi nary shares in issue on March 2013
3.1.2RETAINED INCOME Balance on 1 March 2013 Ordinary share dividends Balance on 28 Fe bruary 2014
3.2VIJAY LIMITED BALANCE SHEET STATEMENT OF FINANCIAL POSITION FEBRUARY ASSETS Non current assets Financial asset: Fixed eposit
3.3Calculate the return on average shareholders equity for 2014.
3.4From 2013 to 2014 the directors made a deliberate decision to change the policy on the distribution of profits in the form of dividends. Comment on this change. Quote financial indicators or figures to
3.5Comment on whether the shareholders should be satisfied with the percentag e return and the market price of their shares. Quote TWO relevant financial indicators (actual figures/ratios/percentages\ and
3.6The external auditors Hassan and Jacob have employed Janet to work on the audit of Vijay Ltd. Janet owns 10 000 shares in Vijay Ltd. Explain why this is a problem. Give a valid solution.
Q4— Section header —
4.1alculate the missing a mounts (indicated by a, b and c\n the ixed/ angible sset ote
4.2METEOR SUPERMARKETS LTD CASH FLOW STATEMENT FOR YEAR ENDED 28 FEBRUARY Cash flow from operating activities Cash generated from operations Interest paid (88 500\ Cash flow from investing activities Cash flow from financing activitie
4.3At the AGM, a shareholder stated that the Cas h Flow Statement reflects po or decisions by the directors. Explain TWO points, with relevant figures, to support his opinion. Point 1: Point 2:
4.4.1Calculate the net asset value per share for 2014
4.4.2Calculate the d ebt quity ratio for 2014 12
4.5Comment on the liquidity position of the company. Quote THREE relevant financial indicators (actual figures/ratios/percentages\ and their trends. Financial indica tor 1 and trend Financial indicator and trend
Q5— Section header —
5.1List FOUR items that should not have been placed in this ash udget.
5.2CREDITORS PAYMENT SCHEDULE MONTH CREDIT PURCHASES OCTOBER NOVEMBER DECEMBER August
5.3.1Calculate the total sales for September 2014.
5.3.2Calculate the percentage increase in rent income in December 2014 15
5.3.3Calculate the sal aries and wages amount for December 2014.
5.3.4Calculate the rate of interest on the loan.
5.4.1Calculat the period for which enough stock is on hand (in days\ on September 2014. Explain whether t his is appropriate for the business
5.4.2Calculate the mark up percentage achieved for the year ended September 2014. 16
5.4.3Comment on whether or not the change in the mark percentage has benefited the bus iness. Give a calculation(s\ to support your opinion. TOTAL MARKS
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6.2.1Identify ONE unit cost for doughnuts and TWO unit costs for pies that were major problems in 2014, considering that the inflation rate was 5%. ONE unit cost for doughnuts (Quote figures.\ Problem and a
6.2.2Calculate the number of extra doughnuts he must produce and sell to make an additional profit of R15 Assume that the unit costs and selling price for 2014 remain unchanged.
6.2.3Name the product which has been negatively affected by the new competitor. Comment on how this would have affected the net profit on this product. TOTAL TOTAL: