Financial Accounting I Mock Exam 2023
Question 1
Financial Accounting I Mock Exam 2023
(72 marks; 108 minutes)
Question 2
(48 marks; 72 minutes)
Ignore VAT for this question
PART A
(54 marks)
You are required to:
a)
b)
Prepare the Statement of Comprehensive Income of Whisk Ltd for the year ended 30 June 2018, in
accordance with International Financial Reporting Standards.
(27 marks)
Comparative amounts are not required
Notes to the financial statements are not required
Prepare the Statement of Changes in Equity of Whisk Ltd for the year ended 30 June 2018 in
accordance with International Financial Reporting Standards.
The total column is not required.
(15 marks)
c) Assuming that Whisk Ltd prepares their statement of cashflows using the indirect method and
dividends and interest are shown under operating activities, discuss the effects of transactions 1,3,5
and 6 on the statement of cashflows of Whisk Ltd for the year ended 30 June 2018 (12 marks)
PART B
(18 marks)
You are required to:
Write an email to Lesedi, discussing the following:
a) What does each ratio indicate/mean?
b) Comment on the ratios provided.
c) Conclude whether Lerato should invest in Whisk Ltd.
Presentation and logical flow
(4 marks)
(7 marks)
(5 marks)
(2 mark)
You are required to:
a)
Prepare the property, plant and equipment note that would appear in the financial statements of
BH2 for the year ended 31 December 2017
(35 marks)
b)
Calculate the profit on sale from the disposal of vehicle A in note 3.
c)
Discuss the initial and subsequent recognition and measurement of the Seshebo Patent in the
financial statements of BH2 for the year ended 31 December 2017
(10 marks)
Round off all amounts to the nearest Rand
Round off all percentages to the nearest 2 decimals.
Comparative figures are not required.
Presentation and logical flow marks are awarded.
(3 marks)