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    2024.written Presentation Grade 12

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    ngomanewandile24
    The document provides instructions for answering questions about concepts, analyses and interpretation of company ledger accounts. It includes sample ledger accounts and transactions for Mzo LTD and information about shareholding for Jolivet LTD. Students are required to analyze the ledger accounts, calculate values from the transactions, and determine shareholding details.

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    2024.written Presentation Grade 12

    Uploaded by

    ngomanewandile24
    3 views5 pages
    The document provides instructions for answering questions about concepts, analyses and interpretation of company ledger accounts. It includes sample ledger accounts and transactions for Mzo LTD and information about shareholding for Jolivet LTD. Students are required to analyze the ledger accounts, calculate values from the transactions, and determine shareholding details.

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    For isizulu

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    2024.written presentation grade 12

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    The document provides instructions for answering questions about concepts, analyses and interpretation of company ledger accounts. It includes sample ledger accounts and transactions for Mzo LTD and information about shareholding for Jolivet LTD. Students are required to analyze the ledger accounts, calculate values from the transactions, and determine shareholding details.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    3 views5 pages

    2024.written Presentation Grade 12

    Uploaded by

    ngomanewandile24
    The document provides instructions for answering questions about concepts, analyses and interpretation of company ledger accounts. It includes sample ledger accounts and transactions for Mzo LTD and information about shareholding for Jolivet LTD. Students are required to analyze the ledger accounts, calculate values from the transactions, and determine shareholding details.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    TOPIC: concepts, analyses and interpretation of company ledger accounts

    MARKS : 50
    ISSUE DATE :
    DUE DATE :
    INSTRUCTIONS:
     ANSWER ALL QUESTIONS
     WRITE NEATLY AND LEGIBLE
     SUBMIT ON OR BEFORE DUE DATE
     SHOW ALL CALCULATIONS TO EARN PART MARKS
     NON-PROGRAMMABLE CALCULATORS MAY BE USED.
    Question 1
    1.1.1. Choose the correct word from those given in brackets. Write only the
    word next to the question numbers.

    1.1.2. The concept (limited /unlimited) liability ensures that shareholders are not
    responsible for the debts of the business in the event of bankruptcy. (1)
    1.1.3. The separate disclosing of significant items, such as interest expenses, is an
    application of the (prudence/materiality) GAAP principle. (1)
    1.1.4. (Directors /shareholders) are the owners of the business. (1)
    [3]

    INFORMATION:
    Balances on 1 March 2022
     Ordinary share capital (1600 000) R3 200 000
     SARS (Income tax) CR R 60 000
     Retained income R1 600 000
    TRANSACTIONS:
    A. On 1 April 2022 the company issued further 900 000 ordinary shares at R3,00
    this was not recorded.
    B. At the beginning of the financial year an EFT was made to SARS to pay
    amount due.
    C. The company paid provisional tax of R400 000 on the 31st of March 2022.
    D. A second provisional payment was paid to SARS.
    E. On 31 January 2023 the directors decided to buy back 400 000 ordinary
    shares at R5 per share from a dissatisfied shareholder. These shares qualify
    for a final dividend.
    F. A final dividend of 30 cent per share was declared on 28 February 2023.
    G. The tax assessment state that the Income tax is R900 000, that is 30% of the
    profit
    1.2. Use the format provided in the ANSWER BOOK to analyse transaction
    number F, G and H in the accounting equation. [20]

    1.3. Analyse the ledger accounts of Mzo LTD provided below and answer the

    questions that follow:

    General ledger of of Mzo LTD for the year ended 28 February 2023
    Retained Income
    Jan Marc
    2023 CPJ 2022 b/d
    31 Bank 1056 000 1 Balance 1600 000
    Febr Feb
    2023 c/d 2023 GJ
    28 balance 1254 000 28 appropriatio 710 000
    n

    2310 000 2310 000


    Mar
    2023 b/d
    1 Balance 1254 000

    SARS - INCOME TAX


    April Mar
    2022 1 Bank CPJ 60 000 2023 1 Balance b/d 60 000
    Mar Febr
    2022 31 Bank CPJ 400 000 2023 28 Income tax GJ 900 000

    Bank CPJ ?

    960 000 960 000


    APPROPRIATION ACCOUNT
    Febr Febr
    2023 28 Income tax GJ 900 000 2023 28 Profit & GJ 3000 000
    loss
    Dividends Marc Retained
    28 on GJ 1390 2022 1 income GJ 544 000
    Ordinary 000
    shares
    Retained
    28 income GJ 1254
    000

    3544 3544 000


    000

    Questions
    1.3.1. Calculate the average issue price? (3)
    1.3.2. Use the total repurchase price to calculate the price above the average
    issue price. (3)
    1.3.3. Calculate the net profit after tax for the current financial year. (3)
    1.3.4. Calculate the amount payable or receivable to or from SARS. Indicate whether
    the amount is receivable or payable. (4)
    1.3.5. How much was the second provincial tax payment? (2)
    1.3.6. Calculate the interim dividends paid to shareholders. (5)
    [20]

    1.4. JOLIVET LTD


    You are provided with the information of JOLIVET LIMITED. The company is
    registered with an authorized share capital of 2000 000 shares, 50% of the
    shares has been issued. The financial year ended 28 February 2023.

    REQUIRED:
    1.4.1. The CEO of Jolivet LTD, Sphiwe Mzizi currently owns 40% of the issued
    shares. How many shares does Sphiwe Mzizi have in this company? (3)
    1.4.2. The board of directors decided to issue unissued shares in July 2022.
    Calculate the minimum number of shares Sphiwe must buy to gain the control
    of the company. (4)

    TOTAL MARKS: 50

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