Financial Accounting N6 — Document
November 2019 — N6 — Financial Accounting
N6
2019
Nated Business
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Q1— Section header —
1.10\in the ANSWER BOOK.
1.1Calculate the amount of sales that will appear in the statement of comprehensive income Sales ( VAT incl.\ R114 00
1.2Calc ulate the amount of dividends as it will appear in the statement of changes in equity, if a dividend of 10 cents per share is declared on ordinary shares 100 000 ordinary shares @ R2 each R200 000
1.3Calculate the amount of retained income at 31 December 2018 using the information below Retained income (1 January 2018\ R35 000 Net profit before tax R80 000 Transfer to general reserve (still to be made\
1.4According to IFRS, the accrual basis must be used when preparing the financial statements . How much will be recorded as Advertising in the statement of comprehensive income if R14 000 was paid for 14 months
1.5How much will be the amount for share capital and reserves if Assets are R450 000 a nd the Liabilities are R320 000 R130 000
1.6Calculate the amount of Loan to appear under non current liability in the statement of financial position using the information below: Financial year end is 30 June 2016 Loan: Absa (15%\
1.7How much will be recorded in the statement of financial position for vehicle if the cost price is R250 000 and the accumulated depreciation is R70 000
1.8How much will the income tax expense for Motswako Ltd be f the net profit before tax is R5 30 000
Q1— Section header —
1.9Use the information above to calculate the total current liability amount R47 000 R58 500 R36 500
1.10Use the information above to cal culate the amount of current assets R17 000 R32 000
Q2— Section header —
2.1Indicate whether the following statements are TRUE or FALSE. Choose the answer and write only ' rue' or ' alse' next to the question number 2.
1.12.
1.10\the ANSWER BOOK.
2.1.1Holders of ordinary shares are the owners of a company.
2.1.2Every business can register as a VAT vendor.
2.1.3The name of companies owned by the state must end with SOC .1.4 A s hare certificate is proof that one is a shareholder.
2.1.5Reserved share capital refers to shares which were not issued.
2.1.6Dividends are due and payable once they are declared.
2.1.7The public interest score is determined by us ing a formula.
2.1.8Preference shares have first preference on the profit of the company.
2.1.9Statement of changes in equity shows the movements in the equities of the company.
2.1.10
2.2Differentiate between a profit company and non profit company (4\
2.3Differentiate between statement of financial position and statement of comprehensive income (4\ 4010216
2.4Differentiate between preference shares and ordinary shares (4\
2.5Differentiate between distributable reserves and non distributable reserves (4\
2.6Name and discuss four qualitative characteristics of good financial reporting (8\
2.7Name TWO elements of the financial statement found in the statement of comprehensive income. (2\
2.8Name THREE elements found in the statement of financial position. (3\
2.9Fill in the missing amounts Inclusive amount Exclusive amount VAT 1 140
2.9.1
2.9.2
2.9.3
2.9.4 700
2.9.5 15 000
2.9.6 26 220
2.9.7
2.973
Q3— Section header —
3.1Prepare the statement of financial position of Mabotja Traders CC at 31 December 2017
3.2Prepare t he note for property, plant and vehicle [30] 401021630
Q4— Section header —
4.1Prepare the tatement of Cash Flow for the year ended 31 October 2016
4.2Prepare t he following notes and calculations:
4.2.1Reconciliation of net profit b efore tax with cash generated
4.2.2Taxation and distribution paid [34]34
Q5— Section header —
5.1Give FOUR differences between internal auditing and external auditing (8\
5.2Name and explain THREE types of external audit reports (9\
5.3Describe any FOUR objectives of internal auditing (8\
5.4Name the FOU steps of the internal audit process (8\ [33] TOTAL 20033
Topics Identified
7
VATDepreciationInventoriesFinancial StatementsCompaniesDebtors ControlCreditors Control
Mark Allocation
Total200 marks
Sections30 + 73 + 30 + 30 + 34 + 33 = 230 marks
Paper information
TitleDocument
SubjectFinancial Accounting
LevelN6
Document typeQuestion paper
Year2019
MonthNovember
Pages9
Downloads6
Examination context
Decade2010s
Years ago7y
SeasonSpring (SH)
Start dayFriday
Exam periodNovember 2019
Days since exam2,538
About Financial Accounting examination preparation
TVET Financial Accounting tests bookkeeping, financial statements, and interpretation of financial data. The examination covers journals, ledgers, and financial statement preparation.
How to use this resource for revision
A TVET past examination paper is most useful when it is treated as an active revision exercise. Try the questions yourself before checking the corresponding memorandum. Where you make an error, identify the reason — was it a knowledge gap, a calculation mistake, an interpretation issue, or an examination technique problem?
For stronger examination practice, complete the paper without unnecessary interruptions and keep track of the questions that take the most time. Afterwards, review the memorandum and separate knowledge gaps from mistakes caused by interpretation, calculation, structure, or examination technique.
accurate accounting calculations
interpreting financial information
applying accounting principles
presenting structured answers
checking numerical accuracy
A practical revision approach
Accounting rewards presentation discipline — the memorandum allocates method marks on a per-line basis. Keep working papers neat and label every calculation.
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