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    Lloyd
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    1) This document outlines the details of a test covering the buy back of shares by BAC Ltd. The test will cover calculations related to average share price before and after the buy back, entries to the general ledger, and completing the retained income note. 2) It provides the financial balances as of March 1, 2023 and details of a share buy back on June 1, 2023 for 100,000 shares costing R800,000. 3) Students will need to show calculations for average share price before and after the buy back, general ledger entries for the year, and complete the retained income note with information provided about net profit, tax, and dividends for the year ending February 28,

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    2024 Acc Gr 12 Test 1 QP

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    1) This document outlines the details of a test covering the buy back of shares by BAC Ltd. The test will cover calculations related to average share price before and after the buy back, entries to the general ledger, and completing the retained income note. 2) It provides the financial balances as of March 1, 2023 and details of a share buy back on June 1, 2023 for 100,000 shares costing R800,000. 3) Students will need to show calculations for average share price before and after the buy back, general ledger entries for the year, and complete the retained income note with information provided about net profit, tax, and dividends for the year ending February 28,

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    5 views1 page

    2024 Acc GR 12 Test 1 QP

    Uploaded by

    Lloyd
    1) This document outlines the details of a test covering the buy back of shares by BAC Ltd. The test will cover calculations related to average share price before and after the buy back, entries to the general ledger, and completing the retained income note. 2) It provides the financial balances as of March 1, 2023 and details of a share buy back on June 1, 2023 for 100,000 shares costing R800,000. 3) Students will need to show calculations for average share price before and after the buy back, general ledger entries for the year, and complete the retained income note with information provided about net profit, tax, and dividends for the year ending February 28,

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Accounting Activities Term 1 2024

    TEST 1 (Buy Back of shares: Calculations, Ledger & Notes to Fin Statements)
    (30 marks; 20 min)

    The information below relates to BAC Ltd. Their financial year ends annually on 28 February.
    Show the following calculations and entries in your ANSWER BOOK.

    1.1 Show the calculations for the average share price BEFORE the buy back of the shares
    on 1 March 2023. (4)

    1.2. Show the required calculations FOR the buy-back of the shares on 1 June 2023. (4)

    1.3 Calculate the Average share price and Net Asset Value (NAV) per share AFTER the
    repurchase of the shares on 28 February 2024. (4)

    1.4 Show the necessary entries in the General Ledger for the year ending 28 February 2024. (14)

    1.5 Complete the Retained Income Note on 28 February 2024. (4)

    Information:
    Balances on 1 March 2023:
    Ordinary Share Capital R4 500 000 (750 000 shares in issue)
    Retained income R1 200 000
    Bank R1 100 000 (Dr)

    1 June 2023
    The directors decided to pay R800 000 for the buy-back of 100 000 shares.

    28 February 2024
    Net profit before tax R1 300 000
    Income tax for the year R 390 000
    Dividends declared and paid R 260 000

    TOTAL: 30

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