Financial Statements (FNST) ICB ASSIGNMENT 3 ANSWER BOOK ACCREDITED BUSINESS QUALIFICATIONS APR 2022 TO MAR 2023 STUDENT NAME (first name then surname): UNIQUE ICB STUDENT NUMBER: ipro Claassen 90u833 THIS PAPER CONSISTS OF 1 ASSIGNMENT ASSIGNMENT 3: 5 QUESTIONS INSTRUCTION! ICB Assignments form part ofthe formative mark and are to be completed in an open book environment. 2. This Answer Book contains all the answer templates for Assignment 3, 3. All questions are to be completed inthis book. ‘Check that you have the correct number of pages. Please be neat, as illegible handwriting cannot be marked. You must write In blue or black Ink. In practice itis Unacceptable for Bookkeepers to use correcting uid (Tipp-ex). Marks will be deducted for the use of correction fui. All questions must be completed, . Upon completion of this Assignment, remember to submit (upload) this Assignment Answer Book into MACCI, PNSTACBASGS-ABAIZE age tof| [ASSIGNMENT 3 QUESTION 4 FINANCIAL STATEMENTS (FNST) ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023 YEAR-END ACCOUNTING FOR A SOLE PROPRIETORSHIP é ffl Bebee | Crectce 80 Deprecatar US BUIS5) [Recamatared depreciate . Eauprrect |_|ys 84483 Repreaane 7164S vo Keccumwuiated depreaater : Compuey equine Bane [1321 Trade _rectevabie CC. Stewat ) Ceedé Losses [ste “Trede yecetvobtes CL Sonat) Allononcee @ (Credit losses | a Allowance Gi Cet (esses adjustment | Rlilowane for Settlemeng dSlourd granted i Allowance € Settlement distauet granted Bane | Gedit (osses recovered Po¥s and Seevicos _Muved efperses Prepac expenses Insurance. fccrued Wome Commissar income feuce income [nore Trove aes Ocwmme dehow Frode payables ( Poscbud Hetet) Gamage inwards Ltafé troameng Drawings Purchaser RSTICBASG-AB- 2022-1FINANCIAL STATEMENTS (FNST) ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023 Consumables ues on ard 4072, Mratiorery — (nfumabl>s Fickng” materals (ntersst on punt loa |2U \0e hecrued eypenses _ Page 3.015FINANCIAL STATEMENTS (FNST) ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023 Income statement of: AUF glen & {eer ended 20 Ture Jaro 1 oe Gis (isa BUS co - 77 235. ae less + Cast of Sete Opening wadeg Inuin ory Redd: Purchases (Mloort 2 oS- 8). 20 Kedd? Currenge_inwaw | tess: Closing oding tue tory Grose Profit fad: Ofer income Commission wmeome (0 6R1St 1751.41) Savice wrome (Nsug.so- SSab SI) Allowence for credit Lecses _exijustment (912756: USE: Opermbre, expenses fous 4 scryrees (AUS1I0.00+2028-15) Cedi (asses (_N S90 + S% 2b) Stat tinting [2030.00 -874S.84) jWbotsorersy Concumabtes (289 S Go | Packing mattriats ( 1u2S0.00 - | Inrwraree (toc ~ Io1.s¥) “Trowel ed accomme (riers Expert fuel Expense ere PY pendi tue Wages and Scraries (ntweeé _weeme Port etre interest cypense Less: (wetrest expense. Net prehe Gr te your NST cBASGS-AB20221 Page 4 15FINANCIAL STATEMENTS (FNST) ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023 Statement of nancial position of Awa Uglting ~ 30 Tine 2c20 _| Notes [er | Assets ~~ Current assets 1988 280 62! Wperky, Plant and equipmes | be 150 62) Aualebie for Sate Ananccel asset Curent assets LAG 06 [oo (sq1 24/77 Inuentones | | “Wade apd otirer yeceabtes Casty ord ote CaS eqeualenes Total assess | Zquicy Gnd ab nes 1461 yes] 34 T Ourerss eQanty _ (l2s' 319] Is New- Current liakbilnes _ Gre 4 Long term _ berre wing ~ [gaz 744) ae LI Current labiteres Trede Gnd ater payopres lay ose |04 293 330) 23] bert = tem orton 6p bank loan Stas Tote CQuiry and lbabeleges Fusticeasas-as-z02201FINANCIAL STATEMENTS (FNST) Lo L_ ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023 Notes to the financial statements 1. Interest income Indrest an Unit “Trusts, UW Yoo | 60 Interest Cr debts accounts _ & 11s |oo - _ _ 4 17 S75 100) I 2. Interest expense [ [neerast an bane Loan au ‘ou|as| Interest aw (red OFS Accounts _ ~_ [8 26s |6o| 3. Property, plant and equipment ca Cost | Camywa Value at end of Prev GLO [zszso Boo 2s [76 4% IS 375} [200 Fzs | SS SCO [433650 | Aicamtrulaied depreciation [ew t2s (3 sso 12 675) Moverments duneg He year = = | = (16 boy 621 Tb FSO) 16% FoS 62 Addiooms at cost \ pet uso Me2 Yoo} | PispesetS Gt Garrygieg veolue Depreciation for He year [Gryrg veiue at ed oF Current 4 I ear) | 22 Goo (use ales Ie sig — ale ass © kee dz Ost | Aatrulated — depreticein 1.282 S~@ W71 so 135 sm 174s 50 (10197438) 162 es \(I2e 217.42) | | 1 4, Available-for-sale financial assets Wy ccdao it. St _ a __ _ _ 1 ob ja0 5. Inventories Tradmg Inventories _ a7 ee 139] plas Swece CR! herd (1283S .cot 1¥27. 2 |So | Gornsumat _ = 2, ce - I PSTICBASGS-AB.2022v1FINANCIAL STATEMENTS (FNST) ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TOMAR 202300 6. Trade and other receivables “Trade tereavabes (Y2 180 - 1827-34 -S4e 3c) Yo 824] 25 | Less: Allowance for Crete (assen (2137.0 S 2out {8 tess Allviace &r Getlement disace odJwimer (618 + 65.%)( ib. s) 37 621/34] |iet rade Teteruab les ——--— | Fepad expense - _(ngurance IWel ecrwed rome = Comasson then ne, [11s | Pert depest oe _ SB 460 = W2 7sé 7. Cash and cash equivalents Ron O (24 Io + 1321.34 + Los. Is) __ fetty casi oe _ | Cas froat - 8. Owner's equity Capiet_at te _beginnweg oF te yer {180 o00! eo | Prddi borer Capital (OMribumons _ Add. Net profe Qe te~ you _ [309 136, S7 (ess: Prawngs (Sea ¢ S507. U2) [ger 4d ssh (2s1 3411s T 9. Long-term borrowings Bart loan ( YIS co.06 - SQ 250.0%) [42274196 _ 22.7149 4 10. Trade and other payables Fade Payabes (So 350.00 + b¥ 75.00) 51. 22s|00 facccucd ypense ( 222T.1F+ QW iso. 2S) 126 B34 43 | income eCeiv te advance ~ Sevwie tneome SSte |81 | Crete cron — —_|BBb 828/00 | Saes _ - IS 67Slo0 _ _ _ le\_ OB! By] i FUsTICASGS-ABZIZ2 eadFINANCIAL STATEMENTS (FNST) ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023 (QUESTION 2 STATEMENT OF CASH FLOWS. Step 1: Asset disposal procedures Office eaipmen_ Detuls pRmound | Arnciint | Balance b/d | MILA ool Asset DoS e1) 1299 og $0 | Replacement 4 expansion DIS 823 00) Balance ld uz siz'so QU S2s! co) Gu S1s|00. _ _ _ — fp | I | I ‘Accumulated depreciation: _QFhice _€quipmrent _ Detours. Byrount | Detai/s [aroun | hsset dismsal _| 42 8G 1z| Retonve bja asi 2iz|so Baronce la 30 Beg427| Depreciaor (19 Ges So 2710) : [326 $84.50 _ 4 1 = _j | | _ I disposal [Petals ae Petes TRmount | Offte eum nee Probe on dispascu 19) Giliung, pre Accumulated “depres ets ELBE 12 Bio suse] Detsi ls Bone bid | feplacement usTAcBASGS-A8.202201 page 8015FINANCIAL STATEMENTS (FNST) ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023 Available-for-sale financial asset [peas aRcurr _TArcane Ratance P{d [8 2am] Ne decrarase. {| Increases | W181 |s0] Balance “Jt Reza _ 2 _ ___Be2397/so] Step 2: Calculation of cash receipts from customers | {oles ZZ - _ Rddinaal Gpembhrg income | Adjust fr : Deorace I~ tede (ecciuabes _ Chewge ww accmert come Change lw _ Inene fecewed 1+ odvarce | (Casw~ veeepts fram Customers — _ US38% 6o ‘Step 3: Cash paid to suppliers and employees 1. Draw up an illustrative ‘income account’. | Deven ts Betas” Qeprecimace s|0°| Seles (nterest expense 61 BIS | Dynes pecerved Balancing Gquee: Eypeace |b0H 250|00|freht cw Sule oF Ofer ofp 29Svm IY Fu 350] 4 _ — FuSTICBASGo-ABaNz2v1FINANCIAL STATEMENTS (FNST) ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023 2. Adjust for accruals Evpevses 4S per He Stoeement of | Adjust fe Qceructs : probes wd cter C Decrease iw trade puyabte _ (aso ale (Be brs |06) Decrease tw inventories TU %s0| 00 Ciccrucd CyPeSC Step 4: Calculation of dividends and tax pald in cash curing the year Shareholders for dividends — [Resear [Betanc Rimane. _ 6197436] Ratanee b/g (4 392 38) (2 958114) Bwideds eypense 6S SBsiz _ gz 977180] : [32 427/50 | imi SARS (Income tax) Petals | Améant | BekalS Rrwuny Bowe __[87ssaaz| Batence b/ 4 168 wls4 Betance “a {E1b29 4G] Torater enperse BSt Io] _ _ Lousiles| SITIES | ] PUSTACBASGS-AB-202201 Page 100815FINANCIAL STATEMENTS (FNST) ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023 Step 5 and 6: Prepare the cash flow statement and notes Notes tothe cash low statement 1. Reconelliation of net profit before tax with cash generated from operations | frokt bebe koraton __ [DFswtc6] 4 | Rdyuct ment for: _ _ [ita 652 | co Deprecicirion __(g7sz a __f = OF AiSpas.{ ef ner-Cucen ersset (136 (25 | co) wviclenets Wiese £1 31S [oo Ineerest pard _ ___|2 9947916 Operating petit befre usrting Capital dhenges b6 coo: | | |_Uetbwg Copia! Chonges __ [Tq 2010 Decrease ww wwemones | 15 BIS | GO Cecrease I~ mevables [Bt bes |00, 2. Cash and cash equivalents 2Re 2044 | WBISAS) 0G} Current ‘account _ BO dey Money Mareeé account Petry Cosw __ Fusracaasas-aB.2022v1 Page 11 ot 8FINANCIAL ‘STATEMENTS (FNST) — 4 ICB ASSIGNMENT 3. ANSWER BOOK - APR 2022 TO MAR 2023 ——— Statement of cash flows of: Aqualard Gos iy) Led _- 30 September 2090 ICs Pow from Operant chutes Costly _FeeeIpts from Castome Cas Qad +o uppliers CaS _Gerertrd fern oper |_[nterest paid | _Bividends rererved (Income cares Dwiderds Pad | Net cease Alow fier SESE cenw aes e ~ —____ —__ Cosi flow freim Invest, actuches | Replacement Ob Office equipment | Qiszsieo Addihens fe. preperty |__ Rob2sqeo Radditens 40 Anancied Costs assets 11 127/50 _ Proceeds 246 984.Sb Net cast outflows From Investyey Getwites (2001977 WY) —.- It 4 Casw flow fraw Gromeiny achueeg Proceeds frew Steve _(Ssued _ _ | Band loon redeered __ | Alet Cas Irflow from Franory Aehui tes [Net increase im Cost and cose eymuelerte| (66S 11/ U8 Gest. Ord Casi cyvisedents at te begining of pened 2 (407 Sco| 00 equa tens atHe end of Fe pred! & se ou 4 Page 120115 PusTaceases-a8-202.v4FINANCIAL STATEMENTS (FNST) eS 2 TO MAR 2023 ICB ASSIGNMENT 3 ANSWER BOOK - APR 202: _—_—_—_ OE QUESTION 3 DEPARTMENTAL ACCOUNTS. _———__—_—_——_ Departmental rading statement of, NASIEN Unerretiared ~ 20 Jury 209° i bead oe {otal () Sets BS1 1s5]00 SN 21] || Z3USMH OO, less: Gst of Sates ‘eo ar Bed OO) ya HS8O Ovtnrns, Wen toc) 124 BI (o TiZex |oo |! ces | 0| I Mi ChOSES 3S 154 [© ea ugs 00 |ss2. E1Y CO Pedd: Currvage Gr purcvases| 88 ITT 00) 2.2,143)00 | Le. 220/ 09 pid: \eport cubes S227 bo | 2 uselo0|9 163 [OO SB BAY |co |AELSrs [co 'B2S ATO _ Less: Clesing ynventery ([ly1 060 len) (AVY us| 6 usieo) Gress pere Gal Zar co [35S Ssz| 06°76 B13} 60) | | | | |_| | | 4 1} FNSTACBASG2-AB-202201 Page 130F 15,FINANCIAL STATEMENTS (FNST) | (CB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023 QUESTION 4 CLUB ACCOUNTS —_—— General ledger of: Aporttns| Cheng f& te Near ped: 30 Ceplemmber 2020 | Bee | Bedsits a oa Sal Reza Ud memberoie SEES |g0| trom ¢ ibe 26 |80/ iy i ats [fell Unt | meee | ye reba e ess, [| members frown Whack. fee, PUSTICBASGS-AB202201—_ FINANCIAL STATEMENTS ( ner 2023 CB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MA a ‘(QUESTIONS INCOMPLETE RECORDS _—_——<$———— 5A. : 20 Statement of changes inequity of: Awf8_UP_- 30 November 30: ; 5 — | Pour Seer 10° cue WS OBS. Iau 220. L6s ls +UDIS3' Ke. (rose) 358 i Actonl contributions dung the yeer Proto the year Drawings forthe year Balance as a 50 November 2020 52. oe Sues UP Statement of financial position - 30 November 2oQ0 Assets Now Current assets Repert ASEAS | one p equpmere| 08 | ‘No | joo; ~ aaa © [eo | | Ggvora nea stler cask see ito i iso} | 528 | so Totet ASSES Now — Current Labi tires | | Cucert _ | Trade aad OF Payabe etre bernie (ote 1%) Sb co PasTcuAscs-AB:202204 Page 15015