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Q1— Section header —
1.1Complete the following sentences by filling in the missing word or words Write only the word or words next to the question number (
1.1.10\in the ANSWER BOOK. t the discretion of directors. \is due and \ when it has
1.2Use the following headings to differentiate between a public company and a sole trader: Provision of capital Profit distrib ution Liabilities Auditing of books
1.3What is/are the current VAT rate(s\ in South Africa? (2\
1.4Whose income is VAT? (2\
1.5Who collects VAT? (2\
1.6Name FOUR examples of VAT exempt items. (4\ [30]30
Q2— Section header —
2.1Record the transactions below in the appropriate journals All amounts are inclusive of VAT, except where stated otherwise. Narrations are not required. ROUND AMOUNTS OFF
2.2Use the following statement of financial position to answer the questions that follow. STATEMENT OF FINANCIAL POSITION OF MARUMO LTD AT 31 DECEMBER 2015 ASSETS Notes
2.2.3Other financial assets 17 600 Current ssets 1 232 000 Inventory 566 500 Trade and other receivables
2.2.2EQUITY AND LIABILITIES 2 491 500 ISSUED SHARE CAPITAL AND RESERVES 1 375 000 Issued share capital 1 116 500
2.2.1Name and explain the four qualitative characteristics of good financial eporting that the above statement must satisfy to be regarded useful (8\
2.2.2Calculate the amount for total assets (4
2.2Calculate the amount of property, plant and equipment.
2.2Calculate the amount of otal equity and liabilities 4010216
2.2What will help you to know what type of business ownership Marumo Ltd is
2.2How many directors (minimum\should th type of business
Q2— Section header —
2.2Which share must be registered in the MOI of a company?
2.2What is urrent portion of long term borrowings that appears under the current
2.2Give THREE examples of reserves.
2.210 What s inventory?
2.2.1What is the purpose of this financial statement? (2
2.2.1At which commission should this business be registered? (2
2.3Classify the following items per function: Revenue, distribution cost, finance cost, administrative costs Write first the function as a heading and then classify the items under them
2.3.1Sales, services rendered, interest on loan, salary for sale representatives , stationery, insurance, elephone, royalties, dvertising, interest on bank overdraft (10\
2.3.2Which financial statement is used to complete the items in QUESTION 2. .1? (2\
2.3.3Write the framework of the financial statement mentioned in QUESTION 2. .2 in full
Q3— Section header —
Q4— Section header —
4.1he statement of cash flow for the year ended 29 February 2016 (17\
4.2Cash received from clients (2\
4.3Cash paid to suppliers and employees (8\
4.4Distribution and taxation paid (3\ [30]30
Q5— Section header —
5.1
5.2Name and explain THREE types of audit opinions/reports. (9\
5.327