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GAUTENG DEPARTMENT OF EDUCATION SENIOR SECONDARY INTERVENTION PROGRAMME ACCOUNTING GRADE 12 SESSION 1 (LEARNER NOTES)
TOPIC 1: COMPANIES LEDGER ACCOUNTS SECTION A: TYPICAL EXAM QUESTIONS
HINTS REMEMBER THE NEW LEDGER ACCOUNTS Income tax only comes about as an adjustment at the end of the year All provisional payments to SARS affect the bank account 50 marks 30 minutes
QUESTION 1
COMPANY LEDGER ACCOUNTS You are provided with information relating to Parboo Ltd for the year ended 29 February 2008. The company has an authorised share capital of 1 000 000 ordinary shares of R4,00 par value each. The Chief Executive Officer (CEO) is Ben Bhengu. REQUIRED: 1.1 Briefly explain what is meant by: Share capital Share premium Retained income 1.2 Refer to information 6. Calculate the correct net profit before tax for the year. (2) (2) (2)
(6)
1.3 Prepare the following accounts in the ledger (the accounts must be properly closed off or balanced). SARS (Income tax) (11) Appropriation account (15) 1.4 Consider information 4 regarding the permission granted to the directors to issue shares at their discretion. You are a shareholder but not a director. Provide one point in favour of granting the directors this permission and one point against. 1.5 Refer to the extract from the newspaper article provided. Consider the complaint by Mary Moosa regarding Bhengu’s director’s fees. Do you agree with her? Explain. Consider the complaint by Ken Kelly. Is Bhengu’s response acceptable? What else could he have said?
(4)
(4) (4)
Page 1 of 8
GAUTENG DEPARTMENT OF EDUCATION SENIOR SECONDARY INTERVENTION PROGRAMME ACCOUNTING GRADE 12 SESSION 1 (LEARNER NOTES)
INFORMATION: 1 The following balances appeared in the ledger at the beginning and end of the financial year: Beginning 1 Mar 2007 R2 400 000 R 330 000 R 454 000 R 38 600 (Credit) R 270 000 End 29 Feb 2008 R ? R 505 000 R ? R 11 500 (Debit) R ?
Ordinary share capital (par value R4 each)
TOPIC 1: COMPANIES LEDGER ACCOUNTS SECTION A: TYPICAL EXAM QUESTIONS
HINTS REMEMBER THE NEW LEDGER ACCOUNTS Income tax only comes about as an adjustment at the end of the year All provisional payments to SARS affect the bank account 50 marks 30 minutes
QUESTION 1
COMPANY LEDGER ACCOUNTS You are provided with information relating to Parboo Ltd for the year ended 29 February 2008. The company has an authorised share capital of 1 000 000 ordinary shares of R4,00 par value each. The Chief Executive Officer (CEO) is Ben Bhengu. REQUIRED: 1.1 Briefly explain what is meant by: Share capital Share premium Retained income 1.2 Refer to information 6. Calculate the correct net profit before tax for the year. (2) (2) (2)
(6)
1.3 Prepare the following accounts in the ledger (the accounts must be properly closed off or balanced). SARS (Income tax) (11) Appropriation account (15) 1.4 Consider information 4 regarding the permission granted to the directors to issue shares at their discretion. You are a shareholder but not a director. Provide one point in favour of granting the directors this permission and one point against. 1.5 Refer to the extract from the newspaper article provided. Consider the complaint by Mary Moosa regarding Bhengu’s director’s fees. Do you agree with her? Explain. Consider the complaint by Ken Kelly. Is Bhengu’s response acceptable? What else could he have said?
(4)
(4) (4)
Page 1 of 8
GAUTENG DEPARTMENT OF EDUCATION SENIOR SECONDARY INTERVENTION PROGRAMME ACCOUNTING GRADE 12 SESSION 1 (LEARNER NOTES)
INFORMATION: 1 The following balances appeared in the ledger at the beginning and end of the financial year: Beginning 1 Mar 2007 R2 400 000 R 330 000 R 454 000 R 38 600 (Credit) R 270 000 End 29 Feb 2008 R ? R 505 000 R ? R 11 500 (Debit) R ?
Ordinary share capital (par value R4 each)