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Accounting 2020

Cost of delivery vehicle: $40 000 Estimated useful life: 5 years Estimated residual value: $4000 Depreciation calculation: Cost of asset: $40 000 Less residual value: $4000 Depreciable amount: $36 000 Depreciation per year: $36 000 / 5 years = $7200 Depreciation for the year ended 30 June 2020: $7200 (b) Complete the following extract from the non-current assets section of the balance sheet of Nature and Nurture Zoo as at 30 June 2020. NATURE AND NURTURE ZOO Extract from the balance sheet as at 30 June 2020 ASSETS Non-current assets Delivery vehicle (cost $

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Accounting 2020

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Accounting

2020
1
Question booklet 1
Section 1 (Questions 1 to 3) 60 marks
• Answer all questions
• Write your answers in this question booklet
• Allow approximately 80 minutes

Examination information
Materials
• Question booklet 1
• Question booklet 2
• Information booklet
• SACE registration number label

Instructions
• Use black or blue pen
• You may use a sharp dark pencil for calculations
• Show appropriate working for calculations
• Approved calculators may be used

Total time: 130 minutes

Total marks: 100

© SACE Board of South Australia 2020

Attach your SACE registration number label here

SECTION 1 (60 marks)

Question 1 (20 marks)

Refer to pages 4 and 5 of the information booklet when answering Question 1.

(a) Perform the following calculations in order to prepare a statement of cash flows for Lincoln Parks
Garden Centre for the year ended 30 June 2020.

Cash received from debtors.

Cash paid to creditors.

Cash paid for advertising.

Cash paid for sales staff wages.

(6 marks)

Use the space below for other calculations.

page 2 of 11
(b) Prepare a statement of cash flows for Lincoln Parks Garden Centre for the year ended
30 June 2020.

LINCOLN PARKS GARDEN CENTRE

Statement of cash flows for the year ended 30 June 2020

CASH FLOWS FROM OPERATING ACTIVITIES

Net cash flows from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Net cash flows from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash flows from financing activities

NET INCREASE/DECREASE IN CASH HELD

CASH AT BEGINNING OF YEAR

CASH AT END OF YEAR

(9 marks)

page 3 of 11 PLEASE TURN OVER

(c) After analysing and interpreting the statement of cash flows for Lincoln Parks Garden Centre,
discuss two examples that show that this business managed its cash either well or poorly over the
past 12 months.

____________________________________________________________________________________________________________

_________________________________________________________________________________________________ (2 marks)

(d) (i) Calculate the 2020 quick ratio for Lincoln Parks Garden Centre.

(1 mark)

(ii) Comment on the result of the quick ratio that you calculated in part (d)(i).

_______________________________________________________________________________________________________

____________________________________________________________________________________________ (2 marks)

page 4 of 11
Question 2 begins on page 6.

page 5 of 11 PLEASE TURN OVER

Question 2 (20 marks)

Refer to page 6 of the information booklet when answering Question 2.

(a) Complete the following inventory card for July 2020, using the first-in first-out method of recording
inventory. Record any inventory discrepancy.

INVENTORY CARD
Small panda toys

In Out Balance
Date Details
Qty Cost Total Qty Cost Total Qty Cost Total

1 July Balance 20 16

FINAL BALANCE

(6 marks)

(b) State one disadvantage of using the first-in first-out method of recording inventory.

____________________________________________________________________________________________________________

__________________________________________________________________________________________________ (1 mark)

page 6 of 11
(c) Zara sells two sizes of panda toy: large for $50 each and small for $25 each. The inventory
turnover for the large panda toys is 1.2 times per week.

(i) Using the information from the inventory card in part (a), calculate the weekly inventory
turnover for the small panda toys. (Stock losses or gains are included when calculating cost
of goods sold.)

(2 marks)

(ii) Zara has decided to sell only one size of panda toy in the future.
Advise Zara on which size of panda toy — large or small — she should choose to sell, giving
one reason.

_______________________________________________________________________________________________________

____________________________________________________________________________________________ (2 marks)

(iii) Explain one way in which holding higher stock levels may impact on the liquidity of this
business, and identify one risk of Nature and Nurture Zoo holding too much stock.

_______________________________________________________________________________________________________

____________________________________________________________________________________________ (2 marks)

(d) The debtors’ account balance is $2800. Zara has a number of slow-paying debtors, and has
decided to create an allowance for doubtful debts of 5% of the debtors’ account balance.

(i) Complete the general journal entry to create an allowance for doubtful debts.

GENERAL JOURNAL

Date Details Debit Credit

7 July

Creating an allowance for doubtful debts

(2 marks)

page 7 of 11 PLEASE TURN OVER

(ii) Using the information from part (d)(i), complete the current assets section in the extract
provided. Include a total for current assets.

NATURE AND NURTURE ZOO

Extract from the balance sheet as at 7 July 2020

ASSETS
Current assets
Cash 1 800
Inventory 12 500

(2 marks)

(iii) Suggest one way in which Zara could minimise her bad debts in the future.

_______________________________________________________________________________________________________

_____________________________________________________________________________________________ (1 mark)

(iv) Zara is investigating a new technology that will allow customers to purchase an item by
scanning the item with their smart device and paying online rather than waiting at a checkout.
Identify one potential advantage and one potential disadvantage to the business of
implementing this technology.

(1) Advantage: _____________________________________________________________________________________

________________________________________________________________________________________ (1 mark)

(2) Disadvantage: _________________________________________________________________________________

________________________________________________________________________________________ (1 mark)

page 8 of 11
Question 3 (20 marks)

Refer to page 7 of the information booklet when answering Question 3.

(a) Show the calculation for the depreciation of the delivery vehicle.

(2 marks)

(b) (i) Complete the general journal entry to record the adjustment shown.

GENERAL JOURNAL

Date Details Debit Credit

Adjustment to sales for delivery in July

(1 mark)

(ii) Complete and formally balance the general ledger to update the allowance for doubtful debts.

GENERAL LEDGER
Allowance for doubtful debts

30 June Balance 400

(3 marks)

page 9 of 11 PLEASE TURN OVER

AERIAL MANUFACTURING SOLUTIONS

Income statement for the year ended 30 June 2020

Revenue

Cost of goods sold

Gross profit

Other revenue

Expenses
Selling

Administrative

Financial

Profit / loss

(8 marks)

page 10 of 11
(ii) Prepare the statement of changes in equity for Aerial Manufacturing Solutions for the year
ended 30 June 2020.

AERIAL MANUFACTURING SOLUTIONS

Statement of changes in equity for the year ended 30 June 2020

(2 marks)

(d) Prior to balance-day adjustments, the profit for the business was calculated as $53 200.
Using one item from the income statement on the opposite page as an example, explain why the
concept of faithful representation requires balance-day adjustments.

____________________________________________________________________________________________________________

_________________________________________________________________________________________________ (3 marks)

(e) Outline one social consideration of supplying these drones to the public.

____________________________________________________________________________________________________________

__________________________________________________________________________________________________ (1 mark)

page 11 of 11 — end of booklet

Accounting
2020
Question booklet 2
Section 2 (Question 4) 40 marks
• Answer all parts of Question 4
• Write your answers in this question booklet
• Allow approximately 50 minutes

© SACE Board of South Australia 2020

Copy the information from your SACE label here

CHECK
SEQ FIGURES LETTER BIN
SECTION 2 (40 marks)

Question 4 (40 marks)

Refer to pages 8, 9, and 10 of the information booklet when answering Question 4.

(a) Using specific examples from the three budgeted statements in the information booklet, explain to
Chris how budgeting operates:

(i) as a tool for communicating to external stakeholders.

_______________________________________________________________________________________________________

____________________________________________________________________________________________ (3 marks)

(ii) as a control tool for managers.

_______________________________________________________________________________________________________

____________________________________________________________________________________________ (3 marks)

page 2 of 9
Chris calculated his return on equity for 2019 and 2020, and predicted a result of around 83% for 2021.
He based this 40% increase on the following assumptions:
• this increase is the same as the increase from 2019 to 2020
• this trend will continue.

(b) Using the table of financial analysis ratios and the budgeted figures provided in the information
booklet, calculate a more realistic budgeted return on equity for 2021 and write it in the table below.
You may use the space below for calculations.

2019 2020 2021 (budgeted)

Return on equity 3.66% 43.78%

(2 marks)

(c) Provide Chris with advice on why the figure that you calculated in part (b) is different from his
prediction, including why a trend analysis cannot be performed after only 2 years. Use accounting
concepts to support your advice where appropriate.

____________________________________________________________________________________________________________

_________________________________________________________________________________________________ (3 marks)

Question 4 continues on page 4.

page 3 of 9 PLEASE TURN OVER

(d) Identify two ratios — other than return on equity — that Chris could use to assess the profitability
of his business, and explain what these ratios reveal. No calculations are required.

(i) (1) Ratio 1: _______________________________________________________________________________ (1 mark)

(2) Explanation: ____________________________________________________________________________________

__________________________________________________________________________________________________

________________________________________________________________________________________ (1 mark)

(ii) (1) Ratio 2: _______________________________________________________________________________ (1 mark)

(2) Explanation: ____________________________________________________________________________________

__________________________________________________________________________________________________

________________________________________________________________________________________ (1 mark)

page 4 of 9
(e) Write a letter, report, or email that provides Chris with detailed accounting advice that addresses:
• the current position of the business by referring to the ratios calculated and the reports provided,
and whether or not Chris’s plan to take on a new partner is sensible (10 marks)
• the advisability of Chris making the budgeted cash withdrawal of $90 000 in the first
2 months of the 2021 financial year (5 marks)
• the impact of external factors on budgeting, and how specific numbers in the budget
that Chris created would be impacted by these factors. (5 marks)
Credit will be given for answers that demonstrate clear and concise communication,
and contain only relevant information. Advice may be provided as dot points. (5 marks)
There is space on page 9 for any calculations that you may wish to do to support your advice.

____________________________________________________________________________________________________________

page 5 of 9 PLEASE TURN OVER

_________________________________________________________________________________________________________________

page 6 of 9
_________________________________________________________________________________________________________________

_________________________________________________________________________________________________________________

page 7 of 9 PLEASE TURN OVER

_________________________________________________________________________________________________________________

page 8 of 9
You may use the space below for any calculations that you may wish to do to support your
answer to Question 4(e); however, these calculations will not be assessed.

page 9 of 9 — end of booklet

Accounting
2020
Information booklet
• Refer to the information in this booklet, where appropriate, when answering Questions 1 to 4
• Write your answers in the question booklets
INFORMATION BOOKLET

© SACE Board of South Australia 2020

page 2 of 10
Refer to the following information, where appropriate, when answering Questions 1 to 4.

),1$1&,$/ $1$/<6,6 5$7,26

Name Calculation Expressed as

Profitability (return)
)RU DOO HQWLWLHV
SUR¿W
5HWXUQ RQ HTXLW\
RZQHU¶V HTXLW\

SUR¿W LQWHUHVW H[SHQVH

5HWXUQ RQ WRWDO DVVHWV
WRWDO DVVHWV

SUR¿W
3URILW PDUJLQ
UHYHQXH

LQGLYLGXDO H[SHQVHV
([SHQVH
UHYHQXH

JURVV SUR¿W
*URVV SURILW PDUJLQ
UHYHQXH

)RU FRPSDQLHV
SUR¿W IRU RUGLQDU\ VKDUHKROGHUV
(DUQLQJV SHU RUGLQDU\ VKDUH
QXPEHU RI RUGLQDU\ VKDUHV

HDUQLQJV SHU RUGLQDU\ VKDUH

(DUQLQJV \LHOG
PDUNHW SULFH SHU RUGLQDU\ VKDUH

WRWDO RUGLQDU\ GLYLGHQG

'LYLGHQG SHU RUGLQDU\ VKDUH
QXPEHU RI RUGLQDU\ VKDUHV

GLYLGHQG SHU RUGLQDU\ VKDUH

'LYLGHQG \LHOG
PDUNHW SULFH SHU RUGLQDU\ VKDUH

Financial stability (risk)

6KRUW WHUP OLTXLGLW\
FDVK DVVHWV UHFHLYDEOHV
4XLFN UDWLR DFLG WHVW UDWLR
FXUUHQW OLDELOLWLHV

FXUUHQW DVVHWV
:RUNLQJ FDSLWDO FXUUHQW UDWLR UDWLR
FXUUHQW OLDELOLWLHV

QHW FUHGLW VDOHV

'HEWRUV WXUQRYHU WLPHV
GHEWRUV

FRVW RI JRRGV VROG

,QYHQWRU\ WXUQRYHU WLPHV
LQYHQWRU\

/RQJ WHUP VROYHQF\

WRWDO OLDELOLWLHV
'HEW UDWLR
WRWDO DVVHWV

WRWDO OLDELOLWLHV
'HEWHTXLW\
RZQHU¶V HTXLW\

SUR¿W LQWHUHVW H[SHQVH

7LPHV LQWHUHVW HDUQHG WLPHV
LQWHUHVW H[SHQVH

Averages are used for these values. However, the availability of information may necessitate the use of
opening or closing values.
Net sales should be used, except in the case where a business only provides service.

page 3 of 10 PLEASE TURN OVER

SECTION 1

Question 1

Phil Adendrum is the owner of Lincoln Parks Garden Centre.

In 2020, Phil contributed $15 000 capital and made no drawings. In 2019, he contributed $2000 capital
and made drawings of $7000.

LINCOLN PARKS GARDEN CENTRE

Balance sheet as at 30 June 2020

2020 2019

ASSETS
Current assets
Bank 2 600 0
Debtors 16 500 14 200
Inventory 19 100 13 200
Prepaid advertising 300 900
38 500 28 300

Non-current assets
Investments 10 000 45 000
Tools 47 500 47 500
Accumulated depreciation (7 500) 40 000 (5 000) 42 500
Workshops 160 000 130 000
210 000 217 500

Total assets 248 500 245 800

LIABILITIES
Current liabilities
Creditors 6 000 8 300
Accrued wages 1 500 1 000
Bank overdraft 0 4 000
7 500 13 300

Non-current liabilities
Mortgage 34 000 14 000
34 000 14 000

Total liabilities 41 500 27 300

EQUITY 207 000 218 500

page 4 of 10
LINCOLN PARKS GARDEN CENTRE
Income statement for the year ended 30 June 2020

Revenue
Credit sales 83 100
Cash sales 52 000 135 100

Cost of goods sold

Opening inventory 13 200
Credit purchases 100 000
Discount received (500)
Freight 3 700 103 200
Closing inventory (19 100) 97 300

Gross profit 37 800

Other revenue
Commission received 1 000

Expenses
Advertising 9 800
Sales staff wages 23 000
Depreciation on tools 2 500
Water expense 11 000
Office expenses 15 600
Bad debts 1 300
Interest on mortgage 2 100 65 300

Profit/loss (26 500)

Additional information
• All acquisitions and disposals of non-current assets were for cash.
• All drawings were taken as cash.

page 5 of 10 PLEASE TURN OVER

Question 2

Zara owns and operates Nature and Nurture Zoo, a wildlife zoo that also sells merchandise. During
the first week of July 2020, the following transactions were recorded for small panda toys (all
purchases and sales are on credit).
The zoo began July with 20 small panda toys in stock.

1 July Sold 4 small panda toys for $25 each.

3 July Purchased 13 small panda toys for $17 each.
4 July Returned 2 small panda toys that were purchased on 3 July to the
supplier, as fabric was damaged.
5 July Sold 3 small panda toys for $25 each.
6 July Customer returned 1 small panda toy.
7 July The weekly stocktake revealed 24 small panda toys on hand.

page 6 of 10
Question 3

Manon Jeanot owns and operates Aerial Manufacturing Solutions, which manufactures and sells
flying drones that can make aerial video recordings. The following trial balance for the business was
prepared as at 30 June 2020.

AERIAL MANUFACTURING SOLUTIONS

Trial balance as at 30 June 2020

Account Debit Credit

Accumulated depreciation on plant and equipment 82 000
Accumulated depreciation on delivery vehicle 1 000
Allowance for doubtful debts 400
Capital — Manon Jeanot 520 260
Cash at bank 67 000
Creditors 28 700
Debtors 31 800
Delivery vehicle 46 000
Delivery vehicle expense 14 510
Discount allowed 5 040
Drawings 760
Electricity expense 7 920
General wages 98 000
Inventory 1 July 2019 56 500
Long-term loan 350 000
Plant and equipment 890 000
Purchases 101 200
Purchase returns 370
Rates expense 1 500
Sales 351 200
Sales returns 13 700

1 333 930 1 333 930

Additional information as at 30 June 2020

• Depreciation on plant and equipment has been calculated as $96 960 for the year.
• The delivery vehicle is depreciated using the units-of-use method. It has a residual value of $1000
and a useful life of 300 000 km. It is used to deliver items to customers, and travelled 39 000 km
during the accounting period.
• The rates expense was paid on 1 March 2020 for the following 6 months.
• An amount of $3200 was received and recorded as sales during the period, which was for products
to be delivered in July 2020.
• A stocktake on 30 June 2020 revealed inventory on hand of $50 000.
• Bad debts of $860 were identified during the year but have not been written off.
• The allowance for doubtful debts account should have a final balance equal to 5% of closing
debtors.

page 7 of 10 PLEASE TURN OVER

SECTION 2

Question 4

Tinnsell Town is a small business run by Chris Marstime that manufactures and sells toys for young
children. The business began in 2018 and, after a successful first year, has continued to grow.
Tinnsell Town currently operates under a sole-trader structure, as Chris set up the business with
money received through an inheritance. The business is located outside of a major city, and includes
a large shed (in which manufacturing takes place) and a small shop in front of the shed (from which all
sales are made). Chris imports all of the materials that he uses to manufacture his toys from a cheap
international supplier.
Based on the first 2 years’ results Chris has budgeted for further growth, but he is seeking your advice.
Chris is planning on selling some of his products to the international market in 2021, and used only the
figures from 2019 and 2020 to make his budget estimates. Chris did not conduct any research or seek
any other advice when calculating his figures.
As part of Chris’s plan to expand his business, he is considering taking on an international partner.
The partner would contribute $100 000 to help set up shops internationally. The budgeted figures are
based on Chris’s projections of the increased sales that would be achieved in the international market,
but do not include the additional cash and equity that would be contributed by the partner.

TINNSELL TOWN
Cash budget for the year ended 30 June 2021

Cash received
Receipts from debtors 311 850
Cash 148 500
Total receipts 460 350
Cash paid
Wages 128 630
Rent 9 690
Insurance 13 200
Telephone and internet 6 480
Interest 4 900
Investments 60 000
Drawings 90 000
Payments to creditors 103 900
Total payments 416 800
Opening bank balance 26 000
Receipts less payments 43 550
Closing bank balance 69 550

page 8 of 10
TINNSELL TOWN
Comparative balance sheets as at 30 June

2019 2020 2021 (budget)

ASSETS

Current assets
Cash at bank 7 800 26 000 69 550
Debtors 7 000 4 000 6 000
Stock 52 000 34 000 34 000
Prepaid rent 200 2 400 930
67 000 66 400 110 480

Non-current assets
Machinery 129 150 160 650 160 650
Accumulated depreciation for machinery (6 150) (7 650) (22 950)
Vehicles 68 000 68 000 68 000
Accumulated depreciation for vehicles 0 (6 800) (12 600)
Warehouse 20 000 50 000 50 000
Accumulated depreciation for warehouse 0 (5 000) (10 000)
Investments 6 000 0 60 000
217 000 259 200 293 100

Total assets 284 000 325 600 403 580

LIABILITIES

Current liabilities
Creditors 31 800 46 950 62 100
Accrued wages 0 12 350 6 120
31 800 59 300 68 220

Non-current liabilities
Loan 110 000 70 000 70 000
110 000 70 000 70 000

Total liabilities 141 800 129 300 138 220

EQUITY 142 200 196 300 265 360

page 9 of 10 PLEASE TURN OVER

TINNSELL TOWN
Income statement for the year ended 30 June

2019 2020 2021 (budget)

Revenue
Sales 205 000 350 000 495 000
Discount allowed 900 1 300 1 700

Cost of goods sold

COGS 87 000 127 000 146 600
Freight 4 500 4 000 5 600
Discount received 200 600 1 200

Gross profit 112 800 218 300 342 300

Other revenue
Consulting revenue 1 500 1 250 1 000

Expenses
Insurance 11 000 11 000 13 200
Rent 8 300 9 300 11 160
Depreciation 1 300 13 300 27 100
Telephone and internet 5 000 5 400 6 480
Wages 79 500 102 000 122 400
Interest 4 000 4 450 4 900

Profit / loss 5 200 74 100 148 060

Ratios calculated by Chris

2019 2020 2021 (budget)

Debt/equity ratio 99.72% 65.87% 52.09%

Working capital 2.11 :1 1.12 :1 1.62 :1

page 10 of 10 — end of booklet

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Accounting 2020

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Accounting 2020

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Accounting

Total time: 130 minutes

© SACE Board of South Australia 2020

Attach your SACE registration number label here

Question 1 (20 marks)

Refer to pages 4 and 5 of the information booklet when answering Question 1.

Cash received from debtors.

Cash paid to creditors.

Cash paid for advertising.

Cash paid for sales staff wages.

Use the space below for other calculations.

LINCOLN PARKS GARDEN CENTRE

CASH FLOWS FROM OPERATING ACTIVITIES

Net cash flows from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Net cash flows from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash flows from financing activities

NET INCREASE/DECREASE IN CASH HELD

CASH AT BEGINNING OF YEAR

CASH AT END OF YEAR

page 3 of 11 PLEASE TURN OVER

page 5 of 11 PLEASE TURN OVER

Refer to page 6 of the information booklet when answering Question 2.

Date Details Debit Credit

Creating an allowance for doubtful debts

page 7 of 11 PLEASE TURN OVER

NATURE AND NURTURE ZOO

(1) Advantage: _____________________________________________________________________________________

(2) Disadvantage: _________________________________________________________________________________

Refer to page 7 of the information booklet when answering Question 3.

Date Details Debit Credit

Adjustment to sales for delivery in July

30 June Balance 400

page 9 of 11 PLEASE TURN OVER

AERIAL MANUFACTURING SOLUTIONS

Cost of goods sold

AERIAL MANUFACTURING SOLUTIONS

page 11 of 11 — end of booklet

© SACE Board of South Australia 2020

Copy the information from your SACE label here

Question 4 (40 marks)

Refer to pages 8, 9, and 10 of the information booklet when answering Question 4.

(i) as a tool for communicating to external stakeholders.

(ii) as a control tool for managers.

2019 2020 2021 (budgeted)

Return on equity 3.66% 43.78%

Question 4 continues on page 4.

page 3 of 9 PLEASE TURN OVER

(i) (1) Ratio 1: _______________________________________________________________________________ (1 mark)

(2) Explanation: ____________________________________________________________________________________

(ii) (1) Ratio 2: _______________________________________________________________________________ (1 mark)

(2) Explanation: ____________________________________________________________________________________

page 5 of 9 PLEASE TURN OVER

page 7 of 9 PLEASE TURN OVER

page 9 of 9 — end of booklet

© SACE Board of South Australia 2020

),1$1&,$/ $1$/<6,6 5$7,26

Name Calculation Expressed as

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HDUQLQJV SHU RUGLQDU\ VKDUH

WRWDO RUGLQDU\ GLYLGHQG

GLYLGHQG SHU RUGLQDU\ VKDUH

Financial stability (risk)

QHW FUHGLW VDOHV

FRVW RI JRRGV VROG

/RQJ WHUP VROYHQF\

SUR¿W  LQWHUHVW H[SHQVH

page 3 of 10 PLEASE TURN OVER

Phil Adendrum is the owner of Lincoln Parks Garden Centre.

LINCOLN PARKS GARDEN CENTRE

Total assets 248 500 245 800

Total liabilities 41 500 27 300

EQUITY 207 000 218 500

Cost of goods sold

Gross profit 37 800

SUR¿W LQWHUHVW H[SHQVH

SUR¿W LQWHUHVW H[SHQVH