Marketers RKB10AB
\nAccounting for HR Practitioners AHP115E
\nAccounting for Marketers ACM115C
\nBusiness accounting BAC115C
\nAccounting for Personnel Practitioners ACC10AB
\nMaximum marks: 100 marks
\nExaminers:
\nMr. L Masimong
\nMs. E Lerata
\nMs. M Thithi
\nMs. T Magubane
\nMs. N Pule
\nMrs. V Koma
\nMrs. V Guvuriro
\nMrs. D Semppe
\nMr. E de Freitas
\nModerator: Mrs. C Malan
\nInstructions:
\n1. Answer all the questions on the provided template (answers will not be marked in any other format).
\n2. This assignment is an open book assessment.
\n3. Only typed assignments that are submitted on the provided template as a word document (no PDF documents) through eThuto via the Safeassign tool will be considered for marking. (see next page)
\n4. You are required to complete the declaration regarding own work on the first page of the answering template.
\n5. This assignment consists of 5 question and 12 pages.
\n6. All the students must answer all questions.
\n7. Late and\/or emailed assignment will not be accepted.
\n8. A rubric will be used as a tool to measure competency.
\n9. Provide the references of the consulted sources while writing the assignment.
\nDear students
\nPlease read the following before writing and submitting your assignment:
\nACADEMIC DISHONESTY
\nThe Please refer to the official CUT Calendar for information regarding the CUT Rules on academic dishonesty and plagiarism. Students should take the responsibility to ensure that they understand what is meant by plagiarism (in all its various forms) as well as academic dishonesty. Should a student be suspected of committing plagiarism and be summoned for a disciplinary hearing, stating that he\/she was unaware\/ignorant of what plagiarism entails, is neither an acceptable excuse nor an adequate defence. See extract in your learning guide.
\nSafeAssign
\nYou will be required to upload your assignment project onto eThuto via the SafeAssign tool. This is a Blackboard\/eThuto-based program that finds parts of an assignment that match other student papers, websites, and various published sources. SafeAssign provides students and instructors\/lecturers with a report indicating areas where possible plagiarised matches were found and allocates a percentage to the match.
\nSafeAssign is not a fool-proof program. Thus, if SafeAssign did not indicate plagiarism in a submission it does not mean that there is no plagiarism in the submission and simply because SafeAssign did indicate a high percentage of possible plagiarism, it does not necessarily mean that plagiarism is present in a piece of writing. SafeAssign is a computer programme and access to it is provided to students as a curtesy. It is useful for alerting instructors to possible plagiarism. SafeAssign however has to be used in combination with human professional judgment substantiated with supporting evidence to come to proper, thorough conclusions regarding the presence\/absence of plagiarism.
\nPENALTY GUIDELINES
\nThe following is an excerpt from the CUT Calendar 2019. Take specific note of the proposed ratings and penalty range for plagiarism.
\nQuestion 1 (10 Marks)
\nRefer to the statement of financial position of Business A below and answer the questions that follow:
\nAssets Equity
\nR R
\nVehicles 120 000 Capital 100 000
\nInventory 30 000 Drawings (15 000)
\nBank 18 000 Profit 40 000
\nLiabilities
\nLoan 43 000
\nTotal assets 168 000 Total equity & Liabilities 168 000
\nNote: Assume that Business A has only been operating for one financial year.
\nRequired:
\n1.1. Which elements of financial statements are represented in the statement of financial position? (3)
\n1.2. Briefly explain what the statement of financial position communicates to the users of financial information. (4)
\n1.3. Will it be correct to record drawings as an expense in the statement of comprehensive income? You need to give a reason for the answer you provide.
\n(3) RUBRIC: to be completed by the examiner
\nAdequate achievement Moderate achievement Unsatisfactory achievement
\nKnowledge of elements in the statement of financial position. Adequate knowledge Moderate knowledge Unsatisfactory knowledge
\nTotal of 10 points 7-10 points 4-6 points 1-3 points
\nQuestion 2 (10 Marks)
\nConsider the following transactions below and explain using the definition of \u2018income\u2019 or \u2018expense\u2019 whether each transaction results in income earned or an expense incurred. Should a transaction not be either income or an expense correctly classification the transaction give a reason why it is the case.
\n2.1. Company A buys a motor vehicle and pays R160 000 cash. (2)
\n2.2. Company A sells inventory for R30 000 cash to customers. (2)
\n2.3. Company A paid R900 for garden services. (2)
\n2.4. Company A received R550 interest on a fixed deposit. (2)
\n2.5. Company A buys inventory for R45 000 on credit. (2)
\nRUBRIC: to be completed by the examiner
\nAdequate achievement Moderate achievement Unsatisfactory achievement
\nRecognition income expenditure of and Adequate ability to recognize items Moderate ability to recognize items Unsatisfactory ability to recognize items
\nTotal of 10 points 7-10 points 4-6 points 1-3 points
\nQuestion 3 (19 Marks)
\nDr Andile is a physician who decided to open his own practise operating under the name Dr Andile Inc. The following tractions took place during June 2020, his first month of business:
\nDate Transaction
\n2 Dr Andile invested R80 000 into a bank account he opened in the name of the business.
\n4 He bought medical and office equipment worth R120 000 on credit. A deposit of R15 000 was paid and the balance will be paid in equal instalments.
\n7 Acquired a loan of R40 000 from ABC Bank. Interest is charged at 20% annually.
\n11 Dr Andile contributed a vehicle valued at R25 000 to the business.
\n14 Cash service fees of R15 500 was received from patients for the week.
\n18 Paid R3 000 by cheque for the monthly rent.
\n20 Dr Andile made claims to the value of R18 300 from patients\u2019 medical aids for services rendered. The money will be paid in the following month.
\n25 Paid Telkom R1 290 for the telephone account and internet connection.
\n28. An amount of R20 000 was paid to reduce the balance on equipment. (See the transaction on the 4th).
\nRequired:
\n3. Complete the table, provided in the answering sheet, to record the transactions of Dr Andile Inc for June 2020 in the accounting equation and clearly indicate which account will be Debited and Credited. (19)
\nRUBRIC: to be completed by the examiner
\nAdequate achievement Moderate achievement Unsatisfactory achievement
\nShow the effect of transactions on the accounting equation with Debit and Credit accounts. Adequately record transactions on the equation with the appropriate Debit and Credit essay writing accounts. Moderately record transactions on equation with the appropriate Debit and Credit accounts Unsatisfactorily record transactions on equation with the appropriate Debit and Credit accounts
\nTotal of 19 points 13-19 points 7-12 points 1-6 points
\nQuestion 4 (35 Marks)
\nThe following balances were extracted from records of Boroto Traders on 1 January 2020. Boroto Traders uses the perpetual inventory system (ignore all VAT implications).
\nRand
\nDr \/ (Cr)
\nLand & Buildings 60 000
\nPlant & Machinery 50 000
\nInventory 75 000
\nBank 18 000
\nAccounts receivable: A Aramis 41 500
\nR Ronald 7 600
\nP Puma 17 900
\nCapital: B Boroto (186 800)
\nLong-term loan @15% p.a (42 100)
\nAccounts payables: B Bennie (14 200)
\nR Nickelson (5 800)
\nR Gould (35 000)
\nThe following transactions took place during the month of January 2020:
\nDate Transactions
\n1 Cash sales, R14 500. Mark-up 25% on selling price.
\n2 Received a cheque from A Aramis to settle his debt to date.
\nBought stationery on credit from B Bennie, R700.
\n3 Cash purchases of merchandise form R Rundle, R7 500.
\nPaid for petrol for the private vehicle of Mr Boroto, R600.
\n6 Paid cash for carriage for the office printers, R720.
\nReceived a cheque from P Puma in full settlement of his account.
\nReceived rent in cash from R Roberts, R1 500.
\n9 Issued an invoice for goods sold on credit to R Ronald, R480. Cost price, R370.
\n11 Received a cheque from R Ronald in full settlement of his account.
\n18 Cash sales, R17 600. Mark-up 25% on cost price.
\n22 Issued a cheque for R800 to pay Telkom for the telephone account.
\n25 Cashed a cheque of R15 000 to pay for wages.
\n27 Issued an invoice for goods sold to T Thomas on credit for R18 200. Cost price amounted to R13 900
\n29 The bank statement reflected a deduction of the monthly interest payment on the loan.
\n30 Issued a cheque to settle our account with R Gould in full.
\nRequired:
\n4.1 Record the above transactions in the relevant subsidiary journals. (23)
\n4.2 Post to the following general ledger accounts:
\n4.2.1 Trading inventory (4)
\n4.2.2 Bank (3)
\n4.2.3 Accounts receivable control (3)
\n4.2.4 Accounts payable control (2)
\nRound off to the nearest number.
\nRUBRIC: to be completed by the examiner
\nAdequate achievement Moderate achievement Unsatisfactory achievement
\nRecording transactions in the Demonstrates the ability to record Moderate ability to record transactions Unsatisfactory ability to record
\nsubsidiary journals and positing to selected general ledger accounts. transactions in the journals and post to selected general ledger accounts in the journals and posting to selected general ledger accounts with moderate errors transactions in the journals and posting to selected general ledger accounts with significant amount of errors
\nTotal of 35 points 22-35 points 15-21 points 1-14 points
\nQuestion 5 (20 Marks)
\nManufactures Ltd has provided you with the following information for the month of December 2018. The following information is available regarding one item of its products for December 2018:
\nDate Transaction details
\n1 Dec Opening balance 100 units @R10,20 each
\n6 Dec Purchased 400 units @R10,45 each 7 Dec Sales 200 units @R35,00 each
\n13 Dec Purchased 300 units @R10,50 each
\n14 Dec Sales 250 units @R40 each
\n19 Dec Purchased 200 units @R10,55
\n24 Dec Purchased 400 units@R10,80
\n27 Dec Sales 700 units@R42 each
\n28 Dec Sales 100 units@R42 each
\n31 Dec Purchased 300 units @R10,90 each
\nNote:
\nUnit cost must be rounded to two decimal places.
\nTotal cost must be rounded to the nearest number.
\nRequired:
\n5. Calculate the value of closing inventory for the December 2018 using the weightedaverage method. . (20)
\nRUBRIC: to be completed by the examiner
\nAdequate achievement Moderate achievement Unsatisfactory achievement
\nRecording transactions in the stock ledger card, calculation of closing inventory using and weighted
\naverage method Demonstrates the ability to record transactions in the stock ledger card and calculation of closing inventory using weighted average method Moderate ability to record transactions in the stock ledger card and calculation of closing inventory using weighted average method with moderate errors Unsatisfactory ability to record transactions in the stock ledger card and calculation of closing inventory using weighted
\naverage method with significate amount of errors
\nTotal of 20 points 15-20 points 7-14 points 1-6 points
\nQuestion 6 (6 Marks)
\nMeikie has recently registered as a VAT vendor. She is struggling to understand VAT calculations. She bakes and sells cakes for different occasions. She is about to sell two cakes. The first cake is for a 21st birthday and the second a 50th wedding anniversary. VAT is levied at the current South African standard rate.
\n6.1 Meikie wants to charge the customer R200 (exclusive of VAT) for the 21st birthday cake.
\nRequired:
\n6.1.1 Calculate the VAT that will be levied on the cake. (2)
\n6.1.2 How much is the customer going to pay for the cake inclusive of VAT? (1)
\n6.2 The customer will pay R400 for the 50th wedding anniversary cake inclusive of VAT.
\nRequired:
\n6.2.1 How much will the VAT amounts to? (2)
\n6.2.2 Calculate the selling price of the 50th wedding anniversary cake. (1)
\nRUBRIC to be completed by the examiner
\nAdequate achievement Moderate achievement Unsatisfactory achievement
\nValue Added Tax – knowledge of VAT principles, VAT calculations and mark-up
\ncalculations Adequate knowledge of VAT principles and able to adequately
\nperform VAT calculations Moderate knowledge of VAT principles and able to moderately perform VAT calculations Unsatisfactory
\nknowledge of VAT
\nprinciples and ability to perform VAT calculations is unsatisfactory
\nTotal of 6 points 5-6 points 3-4 points 1-2 points
\nEND OF QUESTIONS<\/p>\n","protected":false},"excerpt":{"rendered":"
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