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Topics: International Financial Reporting Standards, 1986, 1980 Pages: 10 (2685 words) Published: March 16, 2013
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Faculty of Economic and Management Sciences Department of Accounting Financial Accounting FRK 211 Exam session: Date: Duration: Total marks: Date of perusal: Internal examiners: 1st semester June 2012 8 June 2012 2 hours 80 marks 21 June 2012 Prof J E Myburgh Ms J S Goodey Ms N Pududu

External examiners: Ms HC Verster Mr JJ Bezuidenhout Ms M Pollock Instructions: 1. You should answer all the questions. 2. The paper consists of eight (8) pages. 3. You may keep the question paper. Question 1. 2. 3. 4. 5. Total: Topic Revenue and Events after reporting period Income taxes and Leases Property, plant and equipment, Impairments and Investment Property Intangible assets Changes in accounting estimates and errors Marks 19 20 21 11.5 8.5 80

"Important information"
1. 2. The results of examinations and supplementary examinations for first year students only will be displayed on the notice-boards next to the Human Sciences Building. The results for first, second and third year, as well as postgraduate students will be available on the MTN line (083 123 1111) and on the UP Student Portal. Results will be mailed to individual candidates after the examination period. LECTURERS AND ADMINISTRATIVE STAFF WILL NOT GIVE CANDIDATES THEIR RESULTS PERSONALLY OR PER TELEPHONE. 3. 4. Supplementary examinations are not granted automatically, but are subjected to current Departmental policy. Supplementary examinations take place from 28 June – 5 July 2012. Timetables to determine the date, time and place of their supplementary examinations are available on: 4.1 Notice boards at the main entrance to the Merensky Library; 4.2 UP Student Portal; 4.3 MTN telephone nr. 083 123 1111. The regulations concerning multiple choice examination papers are brought to your attention.


PERUSAL OF EXAMINATION SCRIPTS Perusal implies the right of students to verify their results and that the framework of the marking memorandum be made available to them for perusal. All communication with students arising from the perusal and feedback process will be handled in writing on the prescribed form. Lecturers will not debate the allocation of marks with students, but will obviously be prepared to correct possible marking mistakes. The perusal of examination scripts is available to all students. The following procedure for perusal is to be followed: Students requesting perusal must present a valid student card before the script and a copy of the evaluation framework used during the marking process, will be handed over to the student. PERUSAL WILL ONLY BE ALLOWED ON THE FOLLOWING DATES AND TIMES: DAY THURSDAY DATE 21 JUNE 2012 VENUE EMS 2-91 TIME 10:00 – 12:00 13:00 – 14:00


1 QUESTION 1 (19 marks, 29 minutes)

IT SOLUTIONS LIMITED is a company that sells computer equipment and also renders maintenance and other services. Settlement discount of 5% is granted to customers when accounts are settled within 15 days after invoice date. The company is not registered as a Value added tax (VAT) vendor. The financial statements for the year ended 30 June 20X2 was presented to the board of directors on 25 September 20X2 for approval for issue. The company’s “Revenue” line item for the year ended 30 June 20X2 was calculated as R1 455 000 after the transactions below have been taken into account correctly. Additional information: 1. An invoice for R360 000 was issued on 1 April 20X2 to P Brown for computer equipment sold to him. Included in the amount is a maintenance contract for three (3) years that represents 10% of the invoice amount. On transaction date it was expected that the client will utilise the settlement discount, which he did by settling his account on 14 April 20X2. IT Solutions Limited also offered training courses for computer technicians. R20 000 was received by 30 June 20X2 for a three month course that was presented from 1 June to 31 August, but the fees for one of the six students registered for the course was still...
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