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Mazibuko Activity

The document contains a question from the National Senior Certificate Accounting Paper I, focusing on the financial statements of Mazibuko Solutions Ltd. It includes tasks such as analyzing share repurchases, completing the statement of comprehensive income, and providing notes on inventories and receivables. The document outlines specific figures and calculations required for the financial analysis.

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39 views3 pages

Mazibuko Activity

The document contains a question from the National Senior Certificate Accounting Paper I, focusing on the financial statements of Mazibuko Solutions Ltd. It includes tasks such as analyzing share repurchases, completing the statement of comprehensive income, and providing notes on inventories and receivables. The document outlines specific figures and calculations required for the financial analysis.

Uploaded by

nyerepolite
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 3

NATIONAL SENIOR CERTIFICATE: ACCOUNTING: PAPER I Page 7 of 15

QUESTION 2 COMPANY FINANCIAL STATEMENTS (62 marks; 37 minutes)

Refer to the information relating to Mazibuko Solutions Ltd.

2.1 Analyse the repurchase of shares by completing the following:

Account in the general Account in the general Amount


ledger to be debited ledger to be credited

(8)

Calculation:

CALCULATION SPACE
Should you wish to use this space for calculations – please clearly label the details of the
amount you are working out. All final amounts must be transferred correctly to the final
question.
Trading stock

Number of shares

IEB Copyright © 2023 PLEASE TURN OVER


NATIONAL SENIOR CERTIFICATE: ACCOUNTING: PAPER I Page 8 of 15

2.2 Complete the statement of comprehensive income (income statement) of Mazibuko


Solutions Ltd for the year ending 28 February 2023.

Sales (78 650 000


Cost of sales (31 460 000
Gross profit
Operating incomes Do not calculate
Fee income (1 140 000
Discount received 214 000
Rent income (139 000

Operating expenses Do not calculate


Telephone (132 600
Insurance (96 450
Bank charges (27 500
Bad debts 150 725
Director's fees 3 200 000
Advertising (231 000
Depreciation 798 500
Auditor's fees 160 000
Salaries & wages 29 700 000
Sundry expenses Do not calculate
Consumable stores (299 000

Operating Profit Do not calculate


Interest income (351 200
Net profit before interest expense Do not calculate
Interest expense (1 012 500)
Net profit before taxation 10 800 000
Taxation for the year
Net profit after taxation
(25)

IEB Copyright © 2023


NATIONAL SENIOR CERTIFICATE: ACCOUNTING: PAPER I Page 9 of 15

2.3 Complete the following notes to the financial statements as at 28 February 2023.

2.3.1 Inventories

Trading Inventories

Consumable store on hand

Do not calculate
(7)

2.3.2 Trade & Other Receivables

Net trade debtors Do not calculate

Debtors control (17 648 000

Less: Provision for bad debts

*
*

Do not calculate
(9)
2.3.3 Trade & Other Payables

Trade creditors (48 420 000

Income received in advance (4 000

Do not calculate
(13)

62
IEB Copyright © 2023 PLEASE TURN OVER

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