Financial

Statements
{FNST)

ICB ASSIGNMENT 3

ANSWER BOOK
ACCREDITED BUSINESS
QUALIFICATIONS APR 2022 TO MAR 2023

STUDENT NAME (first name then surname): UNIQUE ICB STUDENT NUMBER:

(l®SSe""

THIS PAPER CONSISTS OF 1 ASSIGNMENT

ASSIGNMENT 3: 5 QUESTIONS

INSTRUCTIONS:

1. ICB Assignments form part of the formative mark and are to be completed In an open book environment.
2. This Answer Book contains all the answer templates for Assignment 3.
3. All questions are to be completed in this book.
4. Check that you have the correct number of pages.
5. Please be neat, as illegible handwriting cannot be marked. You must write in blue or black Ink. In practice it is
unacceptable for Bookkeepers to use correcting fluid (Tipp-ex). Marks will be deducted for the use of correction fluid.
6. All questions must be completed.
7. Upon completion of this Assignment, remember to submit (upload) this Assignment Answer Book into MACCI.

FNST-ICBASG3-AB-2022.v1 Page 1 of 15
 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK. APR 2022 TO MAR 2023

!ASSIGNMENT 31

QUESTION 1 YEAR-END ACCOUNTING FOR A SOLE PROPRIETORSHIP

General journal of: ~\liCA US~-hV'j

.Ba"' t 13 ~1 29 _ 1

Tra.c.te ~CUVC4&ol~ ( L . S-te..vJQ. t- \ l ~~, :~9

r - - - t - - - - - - - t - - - - - - - - - - = - - - - - - - - _ _ , , L - - - - - l - - 1 - ------l- ~
C.~t ~ Losses .Sib gJ..
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Trc.....le ll'~c.<~Ce _s ( L- -.St,~i.,->a ~) Sit>_J-!~
"'' °~«> {ti c~ l -
t -Losses .
- - - - - - -·- f - - + - - - + - - + - - - - - + - - - - 1
A:t lo ~ ce {of (red• 't LQ.S.Ses o.qj~t- -----+---+----1---+------,--1
fc,l(o WC\t"- ~ ~r Se tt(elll'\e•"-t- cl I.SC<ii..t-1. arc.""-~ <lC uu.s bSO .s;5
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FNST-ICBASG)-A8-2 022.v1
 FINANCIA L STATEME NTS (FNST)
ICB ASSIGNM ENT 3 ANSWER BOOK • APR 2022 TO MAR 2023
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Png• 3 of 15
 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK • APR 2022 TO MAR 2023

~cilQS ( 11 s.:2- S~ .co - 71 ;i,,3-5. cc,) i 4.~ blO _ oo_

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FNST-ICBASG3-AB-2022.v1 Paga 4 of 15
 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK • APR 2022 TO MAR 2023

Statement of financial position of: ~U( ct L\a\.,-J'tl,~ -- 30 ~H'' e ;l.,ci::l,O

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fro p ~r ~ ... pla~ C\~ e£t 1'-'.l aOV\'\,e.-11' e- -3 l ~,tsi b'L
(\vo.l la.lo le fur . .Sett e. f;ll'q "'-Ge.ca l Gu5(...f-- 4- l l4 QClC> co --
(u.r,e.n -t- Cl,SS~ l f>4 l 1.(( 71
lt'u(¼l\-tof\. ~ s .. s
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L,ASl,v cu~ Q\:;\.e ~ (.,c.'3 tv ec.µit\J<?tl"~K 1
Totctl t\,s.Se .b-s 19·~1 465 ~

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FNST-ICB"-SG3-AB-2022.v1
 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

Notes to the financial statements

1. Interest income

lt\ttre~t- Q\I\ lJ.V"• t" "'Trus-rs l\ ltoo 00

'"~~~ Of' dob ~,.,g C>.CC.0...A.V\. ·t'S b 11S 00
l151S ()0

2. Interest expense

l~btn~sb CJ f', bov" ~ loC\V\, ~U' lOb 2S

I" te re..s t- (JV\. rrtd t ldr.S Q.CCo U" t-, R 1bS 00
.~311 z

3. Property, plant and equipment

vo.lut-
-

otr! I :J.fa &:f:J 311 .S2S. b<) .aSS .co !I btlJ 2~. tz
,________________
l ;l.i'2 600 4,'21 8XJ g5 SOO
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\ 1~.S 8d)
(~l°N,A{o~d d-cp<e,u~hsn - lCi<lqi<.t.3 l~Z.~tD 14 -z..11. ~J
II

4. Available-for-sale financial assets

I \J(l\l t

5. Inventories

'"~ +Of" LP--.,S; ,Q.1 blO l~'t

Trudi~ -~

Cc ~ d \0 tru- S«>cc~ a"" ' v-,ot--c:I I 11.6$. oo -t- 1~67 .@) lf 072, so
5bb~ 3C,

Pago 6 of 15
FNST-ICBASG3-AB-2022.v1
 .-. . '

FINANCIAL STATEMENTS (FNST)

ICB ASSIGNMENT 3 ANSWER BOOK • APR 2022 TO MAR 2023

6. Trade and other receivables

\rcu!e. ttre.,\Ab ~~ ( \fl 1.so - Ia.21 ·3C, - .S'1-b .3t,) 408U ~

l.v~. . . . · Mlo wCV"-cie-. fa, Ct<d, t- t "-~~"'.Q { cQ. I 3 ,. oe - q I... 1c;) ~..:2- O\fl ~
t c--45 ·.·A:lk)\iol(\"'-C(., (or J'4ttte ~~ d ~ Ctcll'-.5~ ( 6\S t"' C...SO,E6 { (\ b3 ~)
l"-1 ~ t- .-\-(c. de f'e t.~ 1J C4. lo \e-S
- 31 l,Z...I 13~
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111s ~'.'lL
,-
~~t d~,-t. 639~ Qt)
l<IL 1SS ~~
· - - - - - - - - - - - ---

7. Cash and cash equivalents

f;ut"-C ( ~4 1m -r- (3::;\,1, 3'1 +- t,.05. IS) cQ.1:::, (:..52. S4

f<:-th,\ C~l,,v. s ~2.-S 00
WSl-v ,Aoct-t- 12., !'L<; 00
Ult {,1J2..jS (f
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8. Owner's equity

le.ss :

9. Long-tern, borrowings

loct~ l ~1.s a:o. oc. - .s~ ~a. o\.f.,)

10. Trade and other payables

T~d-e PC:A..4ecble.t Lsc 3s,.oo -t bg 1s.<X>) 51~ 00

f\a..ru. e-d- e-'le~~~e t :i.?..2 ~. 1g + ~ L6o. 2,s J ~b ~tfl ~3
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FNST-ICBASG:l-AB-2022.v1
Page 7 of 15
 FINANC IAL STATE MENTS (FNST)
ICB ASSIG NMENT 3 ANSWE R BOOK • APR 2022 TO MAR 2023

QUESTION 2 STATEMENT OF CASH FLOWS

Step 1: Asset disposal procedures

Office- eq,,u ,p~ +

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~ p lc.c ~~ e,," P Ct-"SLO"\ :i~ az.s!I oo B-tCL...ce, c, /d lLI 2.. SlZ.. $0
\ ~ll sis!oo ILW s15/oo
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Accumul ated depreciation: ~ e , eq,u l p ~

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-, - -- - - -- - -- - - - + -- - t - - -1

~ - -- - - - - -- - - 1 -- - - + - --l-

Asset disposal

- - -- - -- - - - -j - -- - - 1

Property

Dt~ l l..S 'i. ~ tv\rull" t b e..t-0- l Ls \ f\yvteilA~t'\.t

~ c. ""ce., b d ~ t ,Z,S_ -~ - _~ d lSp:>Sc a l ~ j

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I - - - - -

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P• ~• 8 of 15
FNST-ICBASG3-A B-2022.v1
 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMEN T 3 ANSWER BOOK • APR 2022 TO MAR 2023

Available-for-sale financial asset

.C t~.\S
~l~v-ee
'ii '{'·
~JJ

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8,1\ is'.) 00
P~tcI,lS
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IK~.S~ l\ \61 .SI) ~ \C:..V'Ce,, -~ Id gnzs-: s:>

3gi3g1 so ~2.531 &c
-
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Step 2: Calculation of cash receipts from customers

JtJ.le.s
MJ, n~, ae~h~ l lf\-Co.,-..e 1~01SQOO~
l\.ctius-t- ti>{ D~&e '.,..
,-- c,Jun,..J - -~-!-
~ tbdci ~<'£'-f va,b le._s _:z~ :l1S I 00
c..~-.C\e I w a.ccfVle~ LIA{''1 CIW'-e
t~-a e l""-' pe, (c.<etll'ed
{ '4&W'~ 1/"C.{'._l t' et..S ~~ (J.J.S ~ ,w,,s :G IS3 i"}!;i (SC)
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Step 3: Cash paid to suppliers and employees

1. Draw up an illustrative 'income account'.

,_ _ _ _ ____ __ _____ L-------1-+ --- - - - - -

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FNST-ICBASG3-AB-2022.v1 Pao~ 9 of 15
 FINANCIAL STATEMEN TS (FNST)
ICB ASSIGNMEN T 3 ANSWER BOOK • APR 2022 TO MAR 2023

2. Adjust for accruals

2,'lp~ ct.S per ~ ~ic>tf~~,-.t o~ r:,roA t:: I~ u.4 otf,e.r c.~-r~ f,690 1,SD co- I
, ...
Adiust- ~r Q.ccruo-fS :
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lJ e,c,,reJS e n-s 7~ 'Z..SO OD
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tl,N ll'\¥e.,t\.-f'1
Qecr4t:.J e,.,pe;SC
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U,UlN f!._«lc:I -to 61,4P_J2lt~ t:J.,..d efl'lt!_l!4J_ ee.t:' • bO<JZ..btJ' co

- -

Step 4: Calculation of dividends and tax paid in cash during tile year

Shareholders for dividends

l4 312.3~

SARS (Income tax)

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FNST~CBASG3-AB-2022.v1
Page 10 o l 15
 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK • APR 2022 TO MAR 2023
]
Step 5 and 6: Prepare the cash flow statement and notes

Notes to the cash flow statement

1. Reconciliation of net profit before tax with cash generated from operations

fro ~t bekrt, ,tt>-)IA t"\C,h !l9S\.fCOO 11

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ft0~-tr OJ- chSpos...·f c,.,f- 13,(;, f2S CP:;,
NI\ - CUfrE''"'* °'\.S,.5¢ II
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-- -
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0 p e,a \'L"'9 ec0+t((:. \::)e_fa.-e l.J$l(~l <l~ ~µ~, l-u( °'°~ es ua>O·· (10

(..uGr~,~ CAp\-m-1 ~eS 141.8l (3()

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2. Cash and cash equivalents

FNBT-ICBABG3-AB-2022.v1 Page 11 ol 1S
 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023
- -1
___J
Statement of cash flows of: ~q,AAGti ~ (;p,,QV (P!j) l,;t--d - 3Q Sep t.c.~loer ;J.o:J-0
I• ~ -
' :.~ ' ~~f lit~
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(~~ oewern-tcd ~V'f\ cee\'tt t \ ~ I s OtO 1SO ! ao
,~~~- pc"d I bl81S Ob ~

t:'\\Vl dt.MS rtt.e-&!fed 131. [tS cP ~

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FNST-ICBASG3-AB-21122.V1
 FINANCIA L STATEME NTS (FNST)
2023
ICB ASSIGNM ENT 3 ANSWER BOOK • APR 2022 TO MAR

QUESTION 3 DEPARTMENTAL ACCOUNTS

Department al trading statement of: P_'_l_ V4{

--=-{'l_t_.S_l_ _ _{l!
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Customer se,rvices , I Total (R)
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MJ : C ct.rr rl:1,C\e O V'- Pwc..tro.sP.~ 38 111 00 ~;;L 1~3 <YJ :r b03:JA tP
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Page 13 of 15
FNST-ICBASG3 -AB-2022.v1
 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK • APR 2022 TO MAR 2023

QUESTION 4 CLUB ACCOUNTS

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Page 14 of 15
FNST-ICBASG3-AB-2022.v1
 FINANCIAL STATEMENTS (FNST) AR 2023
TO M
ICB ASSIGNMENT 3 ANSWER BOOK • APR 2022

QUESTION 5 INCOMPLETE RECORDS

5.1.

J~r f& Up - 30 ~\fe I"" be r 9-0 ~O

Statement of changes in equity of:
. .
~;. ~I\ ~o~ 4 ·
)f,' ~ ~ ,.., JI. .. ;,

Balance as at 30 November 2020

Calc:l~ -~-~ .T..!.~.'!.i.M.:f..l.f§.l/..l.~ .±:.'J.~?~.rJ.'!:'!.) .--:CJl&

.!±71i
Additional contributions during lhe year
I 71 cco_ oD

Profit for the year - - -- - - -- - - - - j U3 6(,0 oO

Drawings for the year
[us "w _L00 _
i3alar.ce as al 30 November 2020
4 04 15/<l / uO

5.2.

Statement of financial position of:

Page 15of15
FNST-lCBASG3-/\B-2022.~ 1