BOSTON CITY CAMPUS

COURSE OUTLINE

Financial Accounting 3B: Groups

HFAC302-1

Assessment Strategy: AS3

July – December 2022

About the Institution

Boston City Campus (Pty) Ltd, Reg. No. 1996/013220/07, is registered with the Department of Higher
Education and Training (DHET), as a private higher education institution, No. 2003/HE07/002, in terms
of Section 54(1)(c) of the Higher Education Act, 1997 (Act No 101 of 1997), and Regulation 16(4)(a) of
the Regulations for the Registration of Private Higher Education Institutions, 2002.

Disclaimer
This Course Outline forms part of the ‘Boston Student Rules and Regulations’ and is accurate at the
time of publication. Boston City Campus (Pty) Ltd reserves the right to alter any of the content due to
changes in regulations, market requirements and other reasons.
Website: www.boston.co.za

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CONTENTS

1. COURSE INTRODUCTION 4
1.1 Overview
1.2 The Module
1.3 Notional Hours
1.4 Introduction to SAQA, QCs and the NQF

2. CRITICAL OUTCOMES OF THE LEARNING PROGRAMME 7

3. TEACHING, LEARNING AND ASSESSMENT 10

3.1 Learning Philosophy
3.2 Learning Methodology
3.3 Assessment Strategies and Types of Assessments
3.3.1 Self-Assessment and Recommended Reading
3.3.2 Report Writing
3.3.3 True-False Tests
3.3.4 Open-Book Test/Assignment
3.3.5 Multiple-Choice Question Examination
3.3.6 Student-Centred Interaction
3.3.7 Sample Assignment and Examination Papers and Memoranda
3.4 Feedback to Students

4. STUDENT ACCESS TO IT, LIBRARY AND OTHER RESOURCES 16

4.1 Distance Learners and Support Centres
4.2 Hours of Operation
4.3 Head Office Resource Centre

5. COMMUNICATION AND SUPPORT 19

5.1 Student Support
5.2 General and Administrative Support (Administrative – Not course related)
5.3 Academic Support (Course related – Not administrative)
5.4 Student Wellness
5.5 Summary of Contact Procedure

6. REQUIREMENTS TO COMPLETE THE MODULE SUCCESSFULLY 22

6.1 General
6.2 Comments on the Study Guide and/or Prescribed Textbook
6.3 Prescribed Course Material
6.4 Recommended Reading
6.5 Additional Teaching and Learning Activities

7. MODULE STRUCTURE AND ASSESSMENT SPECIFICS 24

7.1 Module Structure
7.2 Formative Assessments
7.3 Summative Assessments

8. GRADE REQUIREMENTS 26
8.1 General
8.2 Summative Assessment (Examination) Entry Requirements
8.3 Requirements for Promotion and Distinction
8.4 Supplementary Assessments

9. STUDY PROCEDURE AND GUIDELINES FOR COMPLETING ASSESSMENTS 27

10. PLAGIARISM 28
10.1 Unicheck

11. CONCLUSION 29

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ANNEXURES:

A. EXPLANATION OF ACTION VERBS REQUIRED FOR COMPLETING ASSESSMENTS 30

B. PROPOSED STUDY PROGRAMME 31

C. BREAKDOWN OF PRESCRIBED MATERIAL 47

D ACADEMIC CALENDAR FOR 2022 48

E PLAGIARISM INFORMATION SHEET 57

F FORMATIVE ASSESSMENT 1 62

G. SAMPLE FORMATIVE ASSESSMENT 1 69

H SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM 78

I SUMMATIVE ASSESSMENT 2 92

J SAMPLE SUMMATIVE ASSESSMENT 1 98

K. SAMPLE SUMMATIVE ASSESSMENT 1: MEMORANDUM 108

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1. COURSE INTRODUCTION

1.1 Overview

Welcome to the Financial Accounting 3B: Groups (HFAC302-1) module. This Course Outline
is intended to assist students by providing a detailed support document to help you with
navigating this specific module.

Students are regarded as adult learners who are self-motivated and are treated as such.
Boston places students at the centre of the learning process, emphasising learning as an
“individual act”, thus students take full responsibility for their own learning. Educators will
facilitate learning to enable students to achieve the learning outcomes required in each
module.

The purpose of Financial Accounting 3B: Groups is to provide students with IFRS and IAS
knowledge on group accounting, business combinations, consolidating a wholly owned
subsidiary, consolidating a partly owned subsidiary, including sundry consolidation aspects,
fair value adjustments to subsidiary assets at acquisition, adjusting for intragroup
transactions and balances, consolidating complex groups and consolidating a subsidiary with
preference shares.

1.2 The Module

This module is part of a learning programme or qualification that is registered by the South
African Qualifications Authority (SAQA) on the Higher Education Qualifications Sub-
Framework (HEQSF), which is a sub-framework of the National Qualifications Framework
(NQF) and is structured as follows.

• Module name: Financial Accounting 3B: Groups (HFAC302-1)

• Learning type: Core
• Course level: 6
• Module credits: 18
• Notional hours: 180

1.3 Notional Hours

The South African Qualifications Authority (SAQA) introduced the model of credits related to
notional hours as part of Outcomes-Based Education (OBE). Notional hours are defined as the
amount of time it takes the average student to achieve the learning outcomes as defined for
each course. The model of notional hours prescribes for this 18 credit module, the notional
hours will be 180.

Notional hours can consist of any combination of the following activities: reading, tasks or
self-evaluation exercises, listening or viewing of tapes and videos, attendance of tutorial or
lecture sessions, participation in discussions or online forums, undertaking experiential or
collaborative learning, completing assignments and research work, conducting interviews,
and preparing for and sitting of examinations. It is important to note that this model considers
workload from a student’s perspective and how much time it would take the average student

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to comprehend the knowledge, skills, attitudes and values that are embodied in a particular
course (Kilfoil, 2009)1.

Within Annexure B of each Course Outline is a detailed Proposed Study Programme to assist
students with the planning of their studies according to a specific academic workload model,
to ensure success in meeting the required learning objectives and activities within the
required timelines as stipulated in the Academic Calendar (Annexure C).

1.4 Introduction to SAQA, QCs and the NQF

Who is the South African Qualifications Authority (SAQA)?

In terms of the NQF Act 67 of 2008, the South African Qualifications Authority (SAQA) is a
juristic person, given a legal personality by law. SAQA has a Board, whose members are
appointed by the Minister of Higher Education and Training. Identified stakeholders in
education, training and related support practices, nominate these members. SAQA's role is
to:
• Advance the objective and oversee the further development of the NQF;
• Coordinate with the Quality Councils, three sub-frameworks of the NQF; and
• Regulate professional bodies.

In terms of qualifications and professional bodies, SAQA must:

• Develop and implement policy and criteria, after consultation with the QCs, for the
development, registration and publication of qualifications and part-qualifications.
• Develop policy and criteria, after consultation with the QCs, for assessment,
recognition of prior learning and credit accumulation and transfer.
• Develop and implement policy and criteria for recognising a professional body and
registering a professional designation.

What are Quality Councils (QCs)?

Quality Councils (QCs) are sector-based structures responsible for the development and
quality assurance of qualifications on the NQF. There are three QCs for the three main sectors,
namely:
• General and Further Education and Training;
• Higher Education; and
• Trades and Occupations.

The three QCs are:

• UMALUSI, the QC for General and Further Education and Training, which encompasses
schools, and public and private TVET Colleges.
• The Council on Higher Education (CHE), the QC for Higher Education and concerns
itself with universities and private higher education institutions.
• The Quality Council for Trades and Occupations (QCTO), the QC for occupations, which
deals with workplace learning and skills development. Such an example is a
learnership.

1
Kilfoil. W.R. 2009. Credits, Notional Hours and Workload. [Web Access] http://www.unisa.ac.za/ [Access Date:
27 June 2011].

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What is the National Qualifications Framework?

The National Qualifications Framework (NQF) is a comprehensive system for the

classification, registration, publication and articulation of quality assured national
qualifications. The NQF is the set of principles and guidelines that enables national recognition
of acquired skills and knowledge, thereby ensuring an integrated system that encourages life-
long learning.

NQF Objectives

The objectives of the NQF, as outlined in the NQF Act 67 of 2008, are as follows:
• To create an integrated national framework for learning achievements;
• To facilitate access to, and mobility and progression within, education, training and
career paths;
• To enhance the quality of education and training;
• To accelerate the redress of past unfair discrimination in education, training and
employment opportunities; and
• To contribute to the full personal development of each citizen/learner and the socio-
economic development of the nation at large.

What Does the NQF Look Like?

The NQF is organised as a series of levels of learning achievement, arranged in ascending

order from one to ten. A statement of learning achievement, known as a level descriptor,
describes each level on the NQF. A level descriptor provides a broad indication of learning
achievements or outcomes that are appropriate to a qualification at that level. The content
of the level descriptors are developed and determined by SAQA, in agreement with the three
QCs.

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2. CRITICAL OUTCOMES OF THE LEARNING PROGRAMME

The generic, cross-curricular outcomes of a programme supports all aspects of the learning
process, and a disciplinary specialist within Boston’s Faculty formulates them.

The table below provides information about the critical cross-field outcomes, an explanation
thereof, the associated assessment criteria, and their alignment with the appropriate NQF
standards, which inform all of the teaching and learning within this module.

This ensures that the intended purpose of the qualification is realised with the intended type
of graduate by providing:
• A well-rounded, broad education.
• Knowledge that emphasises the theory and methodology of disciplines in the
professional context.
• Principles and theory that are emphasised as a basis for entry into professional
practice, in a wide career range.

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 NQF LEVEL DESCRIPTORS:

Description NQF 5 NQF 6 NQF 7 NQF 8

SCOPE OF KNOWLEDGE Demonstrate an informed Detailed knowledge of main areas in Integrated knowledge of the central areas Demonstrate knowledge of and
understanding of the core areas of one or more fields. An of one or more fields. The ability to apply engagement in an area at the forefront of
one or more fields… an informed understanding and the ability to and evaluate the key terms, concepts, a field. An understanding of the theories,
understanding of the key terms, apply the key terms, concepts, facts, facts, principles, rules and theories of that research methodologies, methods and
concepts, facts, general principles, principles, rules and theories to field. techniques relevant to the field, discipline
rules and theories of that field. unfamiliar but relevant contexts. or practice. Understand how to apply such
knowledge in a particular context.
KNOWLEDGE LITERACY Demonstrate awareness of how Demonstrate an understanding of Demonstrate an understanding of Demonstrate the ability to interrogate
knowledge or a knowledge system different forms of knowledge, knowledge as contested and the ability to multiple sources of knowledge in an area
develops and evolves within the schools of thought and forms of evaluate types of knowledge and of specialisation and to evaluate
area of study or operation explanation within a specific study explanations typical within the area of knowledge and processes of knowledge
area, and an awareness of study. production.
knowledge production processes.
METHOD AND PROCEDURE Demonstrate the ability to select Demonstrate an ability to evaluate, Understanding of range of methods of Understanding of the complexities and
and apply standard methods, select and apply appropriate enquiry in a field, and their suitability to uncertainties of selecting, applying or
procedures and techniques to a methods, procedures and specific investigations, and the ability to transferring appropriate standard
particular field, and to plan and techniques in investigation or select and apply a range of methods to procedures, processes or techniques to
manage such implementation. application of processes within a resolve problems or introduce change unfamiliar problems in a specialised field.
defined context. within a practice.
PROBLEM SOLVING Ability to identify, evaluate and Ability to identify, analyse and solve Ability to identify, analyse, evaluate, Ability to use a range of specialised skills
solve defined, routine and new problems in unfamiliar contexts, critically reflect on and address complex to identify, analyse and address complex
problems within a familiar context. gathering evidence and applying problems, applying evidence-based or abstract problems drawing
Ability to apply solutions based on solutions based on evidence. solutions and theory-driven arguments. systematically on the body of knowledge
relevant evidence, demonstrating and methods appropriate to a field.
an understanding of the
consequences.
ETHICS AND PROFESSIONAL PRACTICE Ability to take account of, and act Demonstrate an understanding of Ability to take decisions and act ethically Ability to identify and address ethical
in accordance with, prescribed the ethical implications of decisions and professionally and the ability to justify issues based on critical reflection on the
organisational and professional and actions within an organizational those decisions drawing on appropriate suitability of different ethical value
ethical codes of conduct. or professional context. ethical values. systems to specific contexts.

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ACCESSING, PROCESSING, MANAGING Ability to gather information from Ability to evaluate different sources Ability to develop appropriate processes of Ability to critically review information
INFORMATION a range of sources and to select of information and to select information gathering for a given context gathering, synthesis of data, evaluation
information appropriate for the information appropriate for the of use, and the ability to independently and management processes in specialised
task. task and to apply well-developed validate the sources of information and contexts in order to develop creative
processes of analysis, synthesis and evaluate and manage information. responses to problems and issues.
evaluation of that information.
PRODUCING AND COMMUNICATING Ability to communicate Ability to present and communicate Ability to develop and communicate his or Ability to present and communicate
INFORMATION information reliably, accurately complex information reliably and her ideas and opinions in well- formed academic, professional or occupational
and coherently, using conventions coherently using appropriate arguments, using appropriate academic, ideas and texts effectively to a range of
appropriate to the context… an academic and professional or professional and occupational discourse. audiences, offering creative insights,
understanding of and respect for occupational conventions. rigorous interpretations and solutions to
the conventions around problems and issues appropriate to the
intellectual property, copyright context.
and plagiarism
CONTEXT AND SYSTEMS Ability to operate in a range of Ability to make decisions and act Ability to manage processes in unfamiliar Ability to operate effectively within a system,
familiar and new contexts, appropriately in familiar and new and variable contexts, recognising that or manage a system based on an
demonstrating an understanding contexts, demonstrating an problem solving is context and system understanding of the roles and
of different systems, their parts understanding of the relationship bound relationships between elements within
and the relationships between between systems and how one the system.
these parts. impacts on another.
MANAGEMENT OF LEARNING Ability to evaluate his or her Ability to evaluate performance Ability to identify, evaluate and address his Ability to apply, in a self-critical manner,
performance and the performance against given criteria, and or her learning needs in a self-directed learning strategies which effectively
of others; and to take appropriate accurately identify and address his manner and to facilitate a collaborative address his or her professional and
actions where necessary and to or her task- specific learning needs learning process. ongoing learning needs and the
take responsibility for his learning in a given context. And to provide professional and ongoing learning needs
within a structured learning support for others where of others.
process. appropriate.
ACCOUNTABILITY Ability to take account for his or Ability to work effectively in a team Ability to take full responsibility for his or Ability to take full responsibility for his or
her actions, to work effectively or group and take responsibility for her work, decision making and use of her work, decision-making and use of
with and respect others and to his or her decisions and the actions resources… and limited accountability for resources, and full accountability for the
take supervisory responsibility in a of others in well-defined contexts. the decisions of others in varied or ill- decisions and actions of others where
well- defined context. defined contexts. appropriate.

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3. TEACHING, LEARNING AND ASSESSMENT

3.1 Learning Philosophy

As an accredited and registered private higher education institution, Boston is committed to

the implementation of Outcomes-Based Education (OBE), and as such the learning and
assessment approach and methodology that facilitate the appropriate execution thereof.

Boston views learning as a complex interaction between students’ personal purpose, which
is to improve their knowledge and ability, their prior knowledge and disposition, and
requirements for specific subject matter enquiry. Therefore, Boston subscribes to an
approach that learning:

• Should be action-orientated and communicative

• Is not transferred but constructed
• Is the making of meaning and could be propositional or presentational
• Is a process shaped by learning perspectives and learning schemes
• Occurs through refinement and elaboration
• Should be authentic and true, instrumental, communicative and reflective
• Should be active and based on a reflective decision to act
• Should result in an acquisition of instrumental and communicative competence via
critical reflection and self-reflection on assumptions.

3.2 Learning Methodology

Teaching and learning at Boston is integrated into every aspect of the development,
evaluation and delivery of each module and learning programme.

Boston has moved from the traditional presentation of learning support materials i.e.
textbook and study handbook based only, which has a traditional instructor-centred
curriculum, to a student-centred approach that mandates the faculty and academic support
staff to:

• Encourage students to develop the ability to think critically and solve problems
creatively.
• Promote an understanding of the relevance of the intended learning outcomes.
• Encourage students to develop enquiring minds and to investigate relevant topics
further in order to enrich their learning experiences.
• Provide students with the opportunity to experience the demands of the working
world.
• Promote a positive and supportive learning environment where students, faculty and
support staff work towards common objectives.
• Encourage students to grasp the practical application behind the theory.
• Promote a sense of responsibility for learning and assessment.

Teaching at Boston consists of:

• Faculty and information, communication and technology (ICT) equipment
• Describing and unpacking of specific knowledge components
• Discussing examples within industry and/or the workplace
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 • Relating these with the purpose and objectives of the module and learning
programme
• Interaction with students
• Outcomes-based learning materials, filmed lectures on TMS2, online assessments,
course outlines, prescribed textbooks, study guides/workbooks, study plans and
sample assessments and memoranda
• Evaluation and feedback.

Learning consists of:

• Student access to information, communication and technology (ICT)
equipment/programme
• Readings, discussions and participation sessions of knowledge components and
practical application thereof
• Independent study and investigation into knowledge and practical components
• Interaction with faculty
• Experiential, peer and collaborative learning, self-evaluation exercises and learning
activities
• Outcomes-based learning materials, prescribed and recommended readings,
assessments and feedback.

3.3 Assessment Strategies and Types of Assessments

The following are examples of assessment strategies used:

• Assessment Strategy C (ASC): Formative assessments (FA1 and FA2), also known as
quizzes, will count fifty percent (50%) – twenty five percent (25%) each - towards the
overall mark. A summative assessment in the form of a final exam (SA1), will count fifty
percent (50%) towards the overall mark.

• Assessment Strategy 1 (AS1): The formative assessment 1 (FA1), formative assessment 2

(FA2), formative assessment 3 (FA3) and summative assessment 1 (SA1) are all in the form
of practical assessments, each will count twenty five percent (25%) towards the overall
mark.

• Assessment Strategy 2 (AS2): The formative assessment (FA1), also known as an

assignment or test, will count fifty percent (50%) towards the overall mark. The
summative assessment in the form of a final exam or capstone project (SA1), will count
fifty percent (50%).

• Assessment Strategy 3 (AS3): The formative assessment (FA1), also known as an

assignment or test, will count forty percent (40%) towards the overall mark. Summative
assessments in the form of a final exam or capstone project (SA1), will count fifty percent
(50%), and a research or reflective essay (SA2) will count ten percent (10%) towards the
overall mark.

2
TMS [Training/Telematic Management System incorporating a Learning Management System (LMS)]
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• Assessment Strategy 4 (AS4): Formative assessments (FA1 and FA2), also known as
assignments or tests, will count forty percent (40%) - twenty percent (20%) each - towards
the overall mark. Summative assessments in the form of a final exam or capstone project
(SA1), will count fifty percent (50%), and a research or reflective essay (SA2) will count ten
percent (10%) towards the overall mark.

• Assessment Strategy 5 (AS5): Formative assessments (FA1 and FA2), also known as
assignments or tests, will count thirty percent (30%) - fifteen percent (15%) each - towards
the overall mark. Summative assessments in the form of a final exam or capstone project
(SA1), will count sixty percent (60%), and a research or reflective essay (SA2) will count
ten percent (10%) towards the overall mark.

• Assessment Strategy 6 (AS6): Formative Assessments (FA1 & FA2), which may take the
form of assignments, research essays or tests will count forty percent (40%) – twenty
percent (20%) each – towards the overall mark. Summative Assessments (SA1 & SA2),
which may take the form of capstone projects, tasks, presentations, written or oral exams,
or a research proposal which will count sixty percent (60%) – thirty percent (30%) each –
towards the overall mark.

• Assessment Strategy Research Report (ASRR): Formative Assessment (FA1, FA2, FA3, FA4
and FA5) are a series of critical reviews of Units 1, 2, 3, 4 and 5 of a sample Research
Report and will count twenty five percent (25%) – five percent (5%) each – towards the
overall mark. Formative Assessment 6 (FA6) includes the candidate’s original Research
Proposal carried forward from the module Research Methods, the Literature Review, the
Research Instrument, and the application for Ethical Clearance thereon, which will count
twenty five percent (25%) – towards the overall mark. Summative Assessment 1 (SA1) –
in the form of the final submitted Research Report (SA1) – will count forty percent (40%)
towards the overall mark. Summative Assessment 2 (SA2), in which the candidate
presents the findings and recommendations from the written Research Report, will count
ten percent (10%) towards the overall mark.

• Assessment Strategy W (ASW): Formative assessments (FA1 and FA2), also known as
assignments, will count forty percent (40%) - twenty percent (20%) each - towards the
overall mark. Summative assessments in the form of a practicum, will count forty percent
(40%), and a research or reflective essay (SA2) will count twenty percent (20%) towards
the overall mark.

There are a number of assessment types appropriate to the distance-learning environment,

of which the most common are report writing, true-false tests and multiple-choice
examinations (Foltz, 1990)3.

Distance learning is reliant on independent study. For this reason, most formative
assessments are considered open-book assessments, while summative assessments are
invigilated events. They all aim at assessing a student's mastery of certain or specific subject
matter.

Regardless of the assessment type, any formative assessment in this environment should
have three main aims, which are:

3
Foltz, D. 1990. Toward Better Service and Testing. Occasional Paper Number 3. Washington, DC: DETC.
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 • To encourage students to review
• To enable students to monitor their comprehension of the knowledge areas
• To reinforce the learning outcomes of a study unit or series of units.

Measured by these aims, outlined below are the various types of assessments utilised in the
module and the learning programme.

3.3.1 Self-Assessment and Recommended Reading

Students are guided by the course outlines and contents within study units to complete
specific self-assessment exercises, such as, self-evaluation questionnaires, activities or
practices, which appear in the prescribed textbooks and/or study guides. In addition, students
are encouraged to make use of the institution’s library, or any resource centre, to access the
recommended reading list which includes self-assessment exercises.

Students are also informed of the importance and relevance of self-assessment exercises, and
are encouraged to keep records of it to assist with reflection, examination preparation and
student-centred interaction.

3.3.2 Report Writing

With some study units or courses, writing and composition might be the only practical
method of assessment. Report writing requires a student to demonstrate their knowledge of
a particular subject through composing a written representation that communicates
understanding and insight.

3.3.3 True-False Test

Carefully constructed true-false questions can measure higher mental processes such as
understanding, application and interpretation. They are particularly suitable for testing
attitudes and beliefs, and can be adapted to most content areas, although they work best in
testing elementary subject matter. True-false tests do have the advantage of making it
possible to ask many questions on a larger number of knowledge areas in a limited amount
of time.

3.3.4 Open-Book Test/Assignment

Open-book testing is used to:

• Stimulate review
• Reinforce learning objectives
• Communicate goals
• Furnish feedback on misunderstood knowledge areas
• Separate those students who have reached a specific set of objectives from those who
have not, indicating further specific interventions by the Faculty.

Suitable open-book questions should require that students review the learning material
continuously. This assessment type should be thought of as context-dependent. If questions
are properly prepared, students have to demonstrate their ability to extrapolate and infer key
concepts from a specific knowledge area, rather than simply find an answer in the text and
“parrot” it back. Therefore, the emphasis is on repetition and inference, as students review
and re-review the learning materials in an effort to recognise, understand, synthesize and
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select appropriate responses. Questions that can be answered on the basis of rote memory
should be kept to a minimum as students can simply "cram" to prepare for such testing and
little, if any, learning takes place.

3.3.5 Multiple-Choice Question Examination

Multiple-choice examinations, consisting of questions in the form of a stem and four or five
options (the correct answer along with distracters, or incorrect alternatives) have many
advantages. The greatest of these is perhaps their versatility: multiple-choice questions can
measure factual recall, as well as the students' ability to reason, exercise judgment, and
express themselves correctly and effectively. Students find them less ambiguous and
generally prefer them to true-false tests. This type of assessment can also be scored
accurately and provide immense per-item reliability.

3.3.6 Student-Centred Interaction

By encouraging students to continually ask questions and be comfortable with the

questioning of concepts and engaging in self-reflection, students are given ample opportunity
to assess and improve their knowledge and understanding by means of effective
communication with distance learning faculty and peers.

3.3.7 Sample Assignment and Examination Papers and Memoranda

Students receive a sample assignment and memorandum, as well as a sample examination

paper and memorandum, so as to familiarise themselves with the various assessment formats
and duration. This further enables them to determine their overall progress and level of
preparedness for the final summative assessment.

3.4 Feedback to Students

Boston’s approach to teaching, learning and assessment is strongly influenced by the belief
that students are entitled to feedback and a discussion on their performance. This is
interwoven into the teaching strategies. There are many sound educational reasons for doing
this in a comprehensive manner. Students are encouraged to contact Educators for personal
feedback on their assessments.

Detailed feedback reports accompany the marks/grades for formal formative assessments,
which are communicated and returned to students within 4 weeks after the due dates of
submission. In each instance, an examiner’s report accompanies the memorandum with
correct responses and/or examples of model answers for each formal formative assessment
activity.

This provides an opportunity to repeat important learning objectives and knowledge areas,
considering that repetition is a powerful element in learning. A good feedback report should
motivate and assist students to improve. A thorough feedback report should also clear up any
misconceptions and misunderstandings.

Finally, a comprehensive feedback report should point out learning objectives, and underline
and reinforce important knowledge areas. Therefore, feedback on assessments should
include the following aspects:
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 • Identifying errors and, where appropriate, describe the degree of error
• Postulating the probable cause of the error
• Suggesting a solution or a way to improve
• Comments that are positive and encouraging
• Focus on specific errors, clarifying any concepts the student overlooked.

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4. STUDENT ACCESS TO IT, LIBRARY AND OTHER RESOURCES

4.1 Distance Learners and Support Centres

Essential to the effectiveness of the Boston network of Support Centres is granting distance
learners localised access to technology, library and the service support resources that are
provided to students by the Boston Head Office.

As guiding principles, it must be re-emphasised that Boston Support Centres do not form part
of the programme other than the centres being conveniently located throughout South Africa
which assist them in serving as a point of contact and access to provide support services for
students who:
• do not have access to resource rich infrastructure at home, an office or elsewhere in
a relative close proximity
• Experience difficulty with taking control of their study environments, for example,
mitigating excessive distractions, exercising sufficient self-discipline, implementing a
routine, and managing time
• Relate better to auditory and kinaesthetic learning styles.

In other words, every learner is registered with Head Office as a unique distance learner, and
the teaching, learning and assessment remains at a distance with appropriate quality assured
materials and services to complete their studies independently. No student accessing services
at a Support Centre will be placed at a discernible advantage over a student that elects not to
access services at a Support Centre. Support Centres will be utilised as examination venues
for invigilated sittings.

In considering all of the above information, the support services accessible at Boston Support
Centres may be delineated in the following manner by classifying them as:

• Venues for accessing the range of important career, study and motivational
counselling services, and the completing and submitting of an online Application for
Admission, or other administrative documents i.e. change of module, submitting
request for deferral, handing in ID etc.
• Venues for accessing Information Technology and Communication resources, to pre-
book4 time to utilise computers for accessing filmed lectures on TMS , typing
assessments, submitting assessments online, emailing Head Office re: Academic,
Assessment, and Administrative queries etc.
• Venues for facilitating logistical support i.e. a reliable address to receive and send
study guides, prescribed textbooks, assignments, feedback reports, certificates etc.
• Venues for facilitating the sitting of invigilated tests and examinations.

4.2 Hours of Operation

Normal hours of operation within Boston for telephonic, email or access to premises are
Monday to Thursday 08:00 to 17:00 and on Friday from 08:00 to 13:00. An extension hereof
will be reviewed periodically in accordance with students’ needs.

4
It is important to pre-book and confirm bookings with the selected Support Centre for attendance of video
(TMS/LMS) sessions, assessment uploading and submission and sitting of tests within formative assessment weeks.
16 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022
4.3 Head Office Resource Centre

Boston established a Resource Centre (RC) for students and staff at its Head Office in Orange
Grove. The RC provides students and Support Centres with access to national and
international databases for all its information searches. All research and information material
not available in the RC may be obtained for students, faculty, support staff and Support
Centres through inter-library lending or purchasing and disseminating of e-publications.

Head of Library Services Contact details

Nolubabalo Ncoko 087-255-4243
[email protected]

17 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022

5. COMMUNICATION AND SUPPORT

5.1 Student Support

Students are encouraged to engage with Educators as and when they have academic queries
- as indicated in section 5.3 below. Educators will provide support during the semester within
office hours, Monday to Thursday.

PLEASE NOTE:
There will be no student support:

• From Educators on a Friday.

• From HE Faculty for one week (Week 23 of the Academic Calendar – Annexure C)
between Semester A and Semester B.

• From HE Faculty between 17h00, 15 December until 08h00, 02 January annually.

5.2 General and Administrative Support (Administrative – NOT Course Related)

When you communicate with Boston, or when you submit your assignments, it is important
that you supply the College with your:
• Surname and initials
• Student number
• ID number
• Correct postal address and/or email address
• Cellular phone number and/or telephone numbers at home and/or work
• Name of Support Centre selected

Please note that all written communication such as emails, and all queries must be addressed
under specific topics. Please address your queries in writing to the relevant section at the
College i.e. the Administrative Coordinators deal with registrations, student accounts,
timetables, results, etc., the Educators deal with academic content matters such as a query
about a particular theory in the guide or an assignment question within a paper.

When phoning the Institution please identify your specific query to the switchboard operator
to enable them to put you through to the relevant department and person who can address
your inquiry effectively.

Registrar: Administration Contact details

Ruan Venter 087-255-4290
[email protected]
Assessment Manager Contact details
Samantha Mitchell 087-255-4291
[email protected]
Student Accounts Consultant Contact details
Your selected Support Centre Available on website

18 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022

5.3 Academic Support (Course Related – Not Administrative)

An Educator who is a qualified and experienced subject specialist is appointed for each
module to support students throughout their studies. Academic matters should be addressed
directly with the Educator (see contact details on the next page).

Educator support does not provide support for queries of an administrative nature, such as
due dates or late submissions. Educators deal only with academic content or subject matter-
related queries such as: “... please help clarify the meaning of question 2, which appears on
page 15 of my Study Guide for Fundamentals of Accounting.”

At least one Educator will be assigned to each module of study. The Educator will be available
to assist students with academic queries related to subject-matter content. They will also be
available to offer assistance and feedback on assessments upon request.

Support Centres are not staffed with Educators and students cannot expect to have their
academic queries addressed by Support Centre staff.

Registrar: Academic Contact details

Nadine Botha 087-255-4277
[email protected]
Academic & Quality Manager (AQM)
Gabriel Chipaumire 087-255-4248
[email protected]
Educator Contact details
Ephraim Bungne 087-255-4245
[email protected]

Providing quality academic support is of the utmost importance to Boston. In order to ensure
this quality is maintained, Boston has undertaken to ensure the process of engaging with
Educators is as transparent as possible.

Students are able to contact an Educator by means of:

1. E-mail
2. Telephone
3. Face-to-face consultation
4. Skype

1. E-mail queries must be directed to the Educator for a particular module. The Educator will
reply directly to the student and will copy in the Academic Coordinator.

2. Telephonic consultations will take place by appointment only. Firstly, this ensures that the
most suitable facilitator or tutor is allocated. Secondly, it will also serve to ensure that a
firm arrangement is made, and a sufficient time-slot is allocated to deal thoroughly with
the subject matter concerned. Thirdly, the Educator will call the student on the agreed
number at the agreed time. Confirmation of the agreed number and time will be
communicated to the student beforehand. To book a telephonic appointment, students
can either call or e-mail the Educator or Academic Quality Manager.

19 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022

3. Face-to-face consultations will take place by appointment only. Face-to-face
appointments will take place exclusively at the Head Office in Orange Grove,
Johannesburg. Confirmation of the agreed time will be communicated to the student
beforehand. To request a face-to-face appointment, students can either call or e-mail the
Educator or Academic Quality Manager.

4. Skype consultations will take place by appointment only. Firstly, this ensures that the most
suitable facilitator or tutor is allocated. Secondly, it will also serve to ensure that a firm
arrangement is made, and a sufficient time-slot is allocated to deal thoroughly with the
subject matter concerned. Thirdly, the Educator will skype-call the student at the agreed
time. Confirmation of the agreed time will be communicated to the student beforehand.
To book a skype-call appointment, students can either call or e-mail the Educator or
Academic Quality Manager.

Students must take note that any further or subsequent communication must be directed to
the Educator or Academic Quality Manager, who in turn will repeat the process described
above.

5.4 Student Wellness

Embarking on higher education studies is an exciting journey. It can also be a time of change
and pressure that may lead to unexpected challenges that affect your academic performance
and/or personal life. Student Wellness is an initiative that offers limited personal support to
our students for assistance and referrals due to personal, social or career issues/concerns.

A dedicated Student Wellness Module is available to all registered students on ColCampus.

The purpose of the module is to provide Boston’s students with information and guidance
regarding a variety of interpersonal, study, and wellness topics, with the aim of making the
transition to college and distance learning as seamless as possible.

Head of Institution/Academic Head Contact details

Dr. Hendrik Botha 087-255-4254
[email protected]
Registrar: Academic Contact details
Nadine Botha 087-255-4277
[email protected]
Student Wellness Contact details
Robyn Wright-Parkin 011-883-0933
[email protected]

5.5 Summary of Contact Procedure:

Forward your query or questions to the Academic Quality Manager or your Educator via e-
mail, or phone to request an appointment to speak with an Educator.

When contacting your Educator or the Academic Quality Manager, please be specific about
the support you require by providing the following information, together with your personal
information:

20 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022

 • Learning programme name and module code
• Page number and query or question
• Name and Surname
• Student or ID number
• Correct postal address and/or email address
• Correct cellular phone number and/or telephone numbers at home and work

Within two (2) business days (weekends and public holidays are excluded), an Educator will
respond or make direct contact with you. The Educator’s response will also be copied to the
Academic Coordinator’s e-mail address for record keeping and quality control purposes.

PLEASE NOTE:
There will be no student support:

• From Educators on a Friday.

• From HE Faculty for one week (Week 23 of the Academic Calendar – Annexure C)
between Semester A and Semester B.

• From HE Faculty between 17h00, 15 December until 08h00, 02 January annually.

21 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022

6. REQUIREMENTS TO COMPLETE THE MODULE SUCCESSFULLY

6.1 General

This is an examined module. To enable students to complete this module successfully

students must have the following:
• Access to TMS and the LMS
• A Course Outline, available on the LMS
• Prescribed textbook(s) and/or study guide, and, where applicable, recommended
textbooks and journal readings
• A file to keep printouts of own sourced additional readings, records, copies of
submitted formative assessments (assignments and/or reports) and any other
materials not stored electronically for reference purposes
• Completion of the learning activities in the LMS, and that appear throughout each unit
in the study guide and/or prescribed textbook; as well as the self-evaluation section
that appears at the end of each study unit, referencing the aligned chapter(s), which
should then be filed for reflective and preparation of summative assessment
(examination)
• Submission of the formative assessments (assignments and/or participation in the
tests) and summative assessments (examinations and/or assignments) within the LMS
or at the Support Centre
• Commitment to viewing filmed lectures hosted in the LMS or available on TMS at the
Support Centres, especially those learners who study better through audio and/or
visual means
• Commitment in re-viewing filmed lectures when the sub-minima has not been
obtained in formal formative assessments
• Commitment in re-viewing specific sections of the filmed lectures when a topic and/or
specific unit is not yet completely mastered.

6.2 Comments on the Study Guide and/or Prescribed Textbook

• The point of departure is the module specific study guide and/or prescribed textbook.
• It is the core component of the learning material and guides the student structurally
through each module.
• The learning activities contained within the study guide and/or prescribed textbook
and the referencing to the self-assessment activities are of utmost importance to
ensure and assess understanding of the learning content.
• All the study material required for examination purposes is contained in the study
guide and/or prescribed textbook.
• Please note that students may have to consult additional sources to complete the
various formative or summative assessments such as academic or business journal
articles or a site visitation.
• Content in the study guide and/or prescribed textbook is presented in such a manner
that students will be able to master the study material through self-study.
• The formative assessment (assignment) is presented in such a manner that students
will be able to master completion through both self-study, and use of the study guide
and/or prescribed textbook.
• At the end of each unit in the study guide and/or prescribed textbook are a selection
of questions or self-evaluation tests and/or activities, through which students can
22 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022
 assess their ability to master the study material and make their own meaning of the
work covered in the unit.
• Above average results/marks will be allocated to answers in formative assessments
(assignments and/or tests) and in the summative assessments (examinations), if the
examiner notes that the selected content was studied thoroughly. Some questions
may be aimed at assessing the insight students acquired into the study material with
application-based questions.
• Boston is developing a new and exciting platform that will further enhance access to
high quality literature and academic resources – coming soon!

6.3 Prescribed Course Material

• Kraut R. 2019. Mastering Group Financial Statements Volume 1. Edition 1, Impression 1. Juta.

6.4 Recommended Reading

• Issa, H., Sun, T., Vasarhelyi, M.A. 2016. Research ideas for artificial intelligence in auditing: the
formalisation of audit and workforce supplementation. Journal of emerging technologies in
accounting, 13(2):1-20. Retrieved from https://www.aaajournals.org/doi/pdf/10.2308/jeta-
10511 [Accessed 27 January 2020].

• Verhoef, G., Samken, G. 2017. The accounting profession and education: the development of
disengaged scholarly activity in accounting in South Africa. Accounting, auditing and
accountability journal, 30(6):1370-1398. Retrieved from
https://www.researchgate.net/profile/Grietjie_Verhoef/publication/318292379_The_
accounting_profession_and_education_The_development_of_disengaged_scholarly_
activity_in_accounting_in_South_Africa/links/59c3ef870f7e9b07cbb9d10b/The- accounting-
profession-and-education-The-development-of-disengaged-scholarly- activity-in-accounting-
in-South-Africa.pdf [Accessed 27 January 2020].
• Opperman, H.R.B., Booysen, S.F., Van der Merwe, N. 2017. Accounting standards. 17th Ed.
Claremont: Juta.

• Any topical or related articles students may access, such as academic, newspapers,
trade magazines or through the Internet.
• References made to journals and other articles and websites in the bibliographies
contained in the e-prescribed textbook and recommended textbooks.

6.5 Additional Teaching and Learning Activities

• During the course of the semester, the Educators will provide students with additional
teaching and learning activities. These activities are aimed at enriching students’
learning experience and ensuring that students are exposed to a variety of resources.
• These learning activities are neither compulsory nor weighted, but it will be to the
students’ benefit to participate in these activities.

23 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022

7. MODULE STRUCTURE AND ASSESSMENT SPECIFICS

7.1 Module Structure

Two different types of assessments are used in the module:

• Formative assessments (such as individual assignments and tests)
• Summative assessments (such as invigilated examinations and assignments).

In support hereof, the academic year is divided into two (2) semesters, each consisting of a
twenty (20) week cycle5 with provision for the following:
o Ten (10) weeks dedicated to teaching and learning of study units and prescribed texts
o Additionally, structured throughout, four (4) weeks dedicated to formative
assessment and feedback opportunities for semester marks
o Finally, four (4) weeks, depending on examination dates, are dedicated to preparation,
sitting and submission of summative assessments, plus two (2) weeks for the
finalisation and release of overall module results.
This module makes use of the: AS3 Assessment Strategy

o One (1) Formative Assessment (FA):

o This is a formal assessment for semester marks and contributes towards the
final module mark
o The Formative Assessment is in the form of an assignment

o Two (2) Summative Assessment (SA) opportunities:

o Both are formally assessed for semester marks and contribute towards the final
module mark
o SA1 is in the form of an online examination
o SA2 is in the form of an assignment (research essay)
7.2 Formative Assessments

The purpose of formative assessments is to determine where students are in relation to where
they should be in terms of the specific outcomes for each module. Formative assessments assist
students and Educators with making a determination as to what work will have to be revisited.
Thus, formative assessments are very important for students to monitor their progress and their
readiness to sit for examinations (summative assessments).

Formative assessments, excluding tests which follow the protocols of examination sittings6 (see
also section 7.3 below), must be submitted for marking by uploading to the LMS (refer to
Annexure C) which can be accessed at the Support Centre or from home.

To complete your formative assessment, please take note of the following:

Formative Assessment (FA1)

• Read the instructions for the assessment carefully before commencing with the
assessment.
• Remember to provide your:
o initials
o surname

5
For a detailed breakdown of the 20 week cycle, in table format, pertaining to this module, see Annexure B.
6
Boston Student Rules and Regulations
24 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022
 o student number
o ID number
o email address
• In cases of assignments, essays, research papers or reports remember the following:
o Provide your student number at the top of each page of your assignment.
o Make sure that pages are numbered correctly.
• Complete and submit your assessment well ahead of the due date.
• Every formative assessment must be submitted from the correct module page on the
LMS. If a student submits their assessment incorrectly (for example, submitting a
Company Law 1 assignment in the Business Management 1 module page), the student
forfeits the grade for the assignment and will be awarded 0%. Boston does not assume
responsibility for ensuring that a student’s assignment reaches the correct
Educator/grader. Students have to ensure that they submit their assignment correctly
in order for a mark to be awarded.

7.3 Summative Assessments

Summative Assessment (SA1)

Students are required to sit for a final integrative summative assessment (examination) for the
module at the end of the semester. The assessment will be completed online, under invigilated
conditions.

To prepare for the examinations, please take note of the following:

• Study all the content as outlined in the study guide and/or prescribed textbook.
• Do not take unnecessary risks, and ensure that all module content is studied
thoroughly.
• Identify themes and refer to the specific outcomes and assessment criteria of each
unit or chapter.
• Answer the five multiple-choice questions provided at the end of each unit, or
referenced self-assessment questions per chapter in the study guide and/or
prescribed textbook. This will provide an indication of the level of mastery of study
material.
• Plan your studies according to the examination dates and the due date set for your
assessments in Annexure C: Academic Calendar.

Summative Assessment 2 (SA2):

In addition to SA1, students are required to complete and submit a final integrative
summative assessment (assignment) for the module at the end of the semester. This will be
in the form of a research essay, which will be completed and submitted no later than the
examination date of the SA1. It must be in typed format and uploaded on the LMS.

25 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022

8. GRADE REQUIREMENTS

The Formative and Summative assessments are weighted according to the following
guidelines:

• Formative assessment is weighted forty percent (40%) of the final module mark

• Summative assessment is weighted sixty percent (60%) of the final module mark

8.1 General

The combination of type of assessment, weighting per assessment, sub-minimum per

assessment, and overall module pass requirements are detailed in the Table below.

Assessment/Type Weight
Due Date: Formative 40%
Refer: Academic Calendar Assessment 1
Due Date: Summative 50%
Refer: Academic Calendar Assessment 1
Due Date: Summative 10%
Refer: Academic Calendar Assessment 2

8.2 Summative Assessment (Examination) Entry Requirements

There are no entry requirements for the Summative Assessments, however the overall mark
will be calculated from the student’s performance on the formative assessment (FA) and
summative assessment (SA).

The FA will count forty percent (40%) towards the overall mark. The two SA’s in the form of a
final exam will count fifty percent (50%) and a research or reflective essay will count ten
percent (10%) towards the overall mark.

8.3 Requirements for Promotion and Distinction

In order to obtain a pass result for a module and be awarded the module credits (promoted),
students must obtain a module average of fifty percent (50%) or higher. The average is
calculated according to the weightings as indicated in the table above. For a student intending
to be promoted with “Distinction”, a module average of seventy-five percent (75%) or higher
is required.

8.4 Supplementary Assessments

There are no supplementary opportunities available for the Formative Assessments. Students
who do not qualify for promotion (i.e., have not obtained a module average of 50%), are
eligible to participate in supplementary summative assessment/s.

26 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022

9. STUDY PROCEDURE AND GUIDELINES FOR COMPLETING ASSESSMENTS

• Study the content of each unit and/or chapter before proceeding to the next unit
and/or chapter.
• Complete the learning activities within each unit and self-assessment questions at
the end of each unit and/or chapter.
• Complete and submit your assessments as soon as possible.
• Students must keep in mind that although all Educators are professional
academics, they are also human. A well-presented answer, in typed or printed
format, will make it easier for the examiner to read answers and to evaluate the
student’s knowledge.
• Answers must be neat, well organised and grammatically edited.
• Formative Assessment questions may also be used as Summative Assessment
questions.
• All students with difficulties may contact the College and arrange to meet with the
Faculty to discuss study difficulties.

27 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022

10. PLAGIARISM

Plagiarism (copying) is a serious offence and is a contravention of the Copyright Act (98 of
1978) of South Africa. Students are guilty of plagiarism when they appropriate the ideas and
work of others without due recognition. For detailed information about the nature of
plagiarism, as well as how to avoid committing plagiarism, refer to Annexure D.

It is important to note that plagiarism has been committed when two or more students
submit identical, verbatim copies of the same assessment and/or examination answers. The
Academic Committee reserves the right to take appropriate action in cases where plagiarism
is found. Should it be found that a student copied an assessment or examination answer from
a fellow student, both students involved will not receive their result for that particular
assessment.

10.1 Unicheck
To ensure that students abide by ethical practices when completing and submitting
assignments, the plagiarism verification system, Unicheck, has been implemented. This tool
will verify the levels of similarities between a student’s submitted assignment and other
original sources. With each FA1 and SA2 submission that a student uploads onto ColCampus,
a Unicheck report will be issued, indicating a similarity percentage. This report will serve as a
plagiarism indicator to both the student, as well as the grader. As students can submit
assignments multiple times before the due date, a Unicheck report will be issued for the final
submission.

For a Unicheck report to be issued, students are required to take the following steps when
uploading FA1 and SA2 assignments onto ColCampus:

• No scanned PDF assignments are allowed to be submitted. Assignments MUST be directly

converted from MS Word to PDF format.

• For assignments with multiple file type submissions, as instructed in the specific
assignment, the required PDF document must be uploaded LAST.

• If a student does not abide by these instructions, and a Unicheck report is not issued /
issued for the incorrect document, a mark of zero (0) will be awarded for the
assessment.

For HFAC302-1– Formative Assessment 1 (FA1): You should be working towards a

similarity rating of 30% or less. Currently, for this assessment (FA1), no marks will be
deducted for a similarity report that exceeds 30%.

HFAC302-1- Summative Assessment 2 (SA2): Currently, for this assessment (FA1), no

marks will be deducted for a similarity report that exceeds 30%.

Please refer to the Unicheck Guide for Students in the HE Library module (on ColCampus) for
a basic “how-to” guide to the system.

28 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022

11. CONCLUSION

The best way to prepare for an assessment is to work methodically and continuously
throughout the semester. This requires students to:
• Plan and programme their studies, and the writing of assessments by taking into account
their personal and work schedules and other commitments.
• Make a habit of planning well ahead, and noting in advance those dates and events that
could affect their studies.
• Arrange study leave and study blocks well in advance.

We wish you every success in your studies!

29 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022

ANNEXURE A:

EXPLANATION OF ACTION VERBS REQUIRED FOR COMPLETING ASSESSMENTS

Action verb Description

Analyse Describe the different parts of a topic and explain how they work
together or not. Give arguments for and against each situation. A
reasonable amount of insight must be shown in terms of knowledge
already gained in this regard.
Apply Show the application of acquired knowledge or given information in
practice or in relation to what is asked. Use knowledge to find an
answer to the question.
Comment Give your own opinion regarding the subject matter and illustrate it
through examples. Interpret and evaluate.
Compare Contrast facts, events or problems and indicate the similarities and
differences, or analyse the similarities and differences between
statements, ideas, etc.
Contrast Point out the differences between certain objects, facts, events or
characteristics.
Criticise Point out the good and bad characteristics or viewpoints and give your
own opinion after taking into account all the facts.
Define Give a clear, to the point, systematic explanation or description of
concepts; to reflect the precise meaning thereof.
Describe Give the characteristics, basic facts or results in a logical, systematic
and well-structured manner. Comments and your own interpretation
are not necessary.
Discuss Give terminology and concepts in your own words with comments or
your own interpretation. Compare, contrast and debate.
Design Create and plan. Portray by means of illustrations or concrete objects.
Create a model with a specific objective in mind and indicate the
planning phase.
Evaluate Make an assessment of values based on specific points of reference or
criteria and give your own opinion. Do not describe. Personal
viewpoints may be given.
Explain Clarify the term, concept or topic by presenting it with your own
knowledge and words. If required you can use illustrations, descriptions
or simple logical layout of the facts.
Illustrate Use a sketch, picture, diagram, graph or concrete item to explain a
concept or solve a problem. This can also mean to give examples in
well-chosen, descriptive words.
Motivate Provide reasons and comment.
Summarise State the key or most important aspects of a topic without detail,
illustrations, critical analysis and discussion.

30 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022

ANNEXURE B:

PROPOSED STUDY PROGRAMME

Each semester has a 14-week duration from the last day of Registrations to the start of the
Examination Period. We strongly recommend that students follow the study programme for
the course outlined below closely. It is important not to fall behind. Students are expected
to apply a great deal of self-discipline otherwise they may be unprepared for the examination.
See Table overleaf.

31 Course Outline- HFAC302-1-Jul-Dec2022-GT-V.2-15082022

 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
After studying the prescribed and (VIDEO) ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
recommended material for the week, you (FA) (SA)
should be able to:
After studying this chapter, you should be able to:
• understand what group financial statements are;
• understand why we prepare group financial
statements;
• identify a group of entities;
• know the different degrees of influence that an
investor can exert over an investee and how this
impacts on the accounting treatment of the
investee in the group financial statements;
• define what is meant by control and explain each
of the elements of control; Complete Self- Take note
• critically analyse various investment structures to Assessment of
determine whether or not an investor has control Activities and important
over an investee; Unit 1
1 144 Learning dates in
• understand what consolidated financial (Chapter 1) 72 mins N/A
mins Activities your
statements are, when they need to be prepared 216 mins
and the basic accounting and financial reporting Academic
principles that underlie their preparation; 288 mins Calendar
• know the requirements for classification of an
entity as an investment entity as well as the
accounting treatment of an investment entity in
the consolidated financial statements;
• understand what a direct and an indirect
controlling interest in a subsidiary is;
• know and apply the different accounting
treatments for an investment in a subsidiary, an
associate and a joint venture in the separate
financial statements of the parent/investor;

32 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
(VIDEO) ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
(FA) (SA)
• know the disclosure requirements in the separate
financial statements of a parent that is exempt
from presenting consolidated financial
Complete Self- Take note
statements;
Assessment of
• know the disclosure requirements in the separate
financial statements of:
Unit 1 Activities and important
216
1 • a parent that prepares consolidated (Chapter 1) 108 mins Learning N/A dates in
financial statements; and mins Activities your
324 mins
• an investor with joint control of, or Academic
significant influence over, an investee; and 432 mins Calendar
• now the disclosure requirements of IFRS 12
Disclosure of Interests in Other Entities.
After studying this chapter, you should be able to:
• know which transactions are excluded from the
scope of IFRS 3;
• understand what constitutes a business in terms
of IFRS 3;
• understand what is meant by a business
combination as per IFRS 3; Complete
• know how to apply the IFRS 3 acquisition method Self-
in accounting for a business combination, more Unit 2 Assessment
216
2 specifically, be able to: (Chapter 2) 108 mins Activities and N/A
• identify the acquirer; mins Learning
• determine the acquisition date; 324 mins
Activities
• recognise and measure the identifiable assets 432 mins
acquired and liabilities assumed;
• recognise and measure any non-controlling
interest in the acquiree;
• measure the consideration transferred; and
• recognise and measure goodwill or a gain from a
bargain purchase.

33 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
After studying the prescribed and recommended (VIDEO ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
material for the week, you should be able to: ) (FA) (SA)
• know the differences in accounting for an IFRS 3 business
combination where an acquiree’s net assets are directly
Complete
acquired compared to an IFRS 3 business combination
Self-
where the shares in an acquiree are purchased; and Unit 2 Assessment
2 108 mins 216 Activities and N/A
• provide the disclosures required by IFRS 3 for a business (Chapter 2)
mins Learning
combination that occurs in the current year. 324 mins
Activities
432 mins
After studying this chapter, you should be able to:
• know the basic consolidation principles for a parent
with a wholly owned subsidiary;
• understand what the consolidation worksheet is and
how it is used to prepare consolidated financial
statements;
• explain what pro forma consolidation journals are
and why they are processed;
• understand what the analysis of equity is and how it Complete Self-
is used in preparing consolidated financial Assessment
statements for a parent and its wholly owned Unit 3 Activities and
subsidiary; 216
3 (Chapter 3) 108 mins Learning N/A
• identify and process the consolidation adjustments mins Activities
required at acquisition date to eliminate the 324 mins
investment in the subsidiary as well as the equity of
the subsidiary and to recognise any goodwill or 432 mins
bargain purchase gain;
• prepare a consolidated statement of financial
position for a parent and its wholly owned subsidiary
at acquisition date;
• identify and process the consolidating pro forma
journal entries to eliminate the effects of intragroup
dividends;

34 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
After studying the prescribed and recommended (VIDEO) ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
material for the week, you should be able to: (FA) (SA)
• prepare consolidated financial statements for a parent
and its wholly owned subsidiary for reporting periods
after acquisition date; Complete Self-
• prepare consolidated financial statements for a parent Assessment
and its wholly owned subsidiary acquired during a Unit 3 Activities and
216
3 reporting period; and (Chapter 3) 108 mins Learning N/A
• identify and process the consolidating pro forma mins
324 mins Activities
journals to reverse fair value adjustments and the tax
effects thereof for a parent’s investment in a subsidiary 432 mins
in the parent’s separate financial statements.

After studying this chapter, you should be able to:

• understand what the non-controlling interest is and
how it is brought to account in the consolidated
financial statements;
• know how to apply the two options for measuring non-
controlling interest at acquisition date in the
consolidated financial statements; Complete Self-
• identify and process the pro forma journal entries at Assessment
acquisition in order to eliminate the investment in Unit 4 Activities and
subsidiary, recognise goodwill or a gain on bargain 216
4 (Chapter 4) 108 mins Learning N/A
purchase and allocate the equity of the subsidiary to the mins
non-controlling interest; 324 mins Activities
• prepare a consolidated statement of financial position
at acquisition date for a parent and its partly owned 432 mins
subsidiary;
• identify and process consolidating pro forma journal
entries to eliminate the effects of intragroup dividends
and to allocate the appropriate portion of the dividend
to the non-controlling interest;

35 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
After studying the prescribed and recommended (VIDEO) ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
material for the week, you should be able to: (FA) (SA)
• prepare consolidated financial statements for a parent
and its partly owned subsidiary for reporting periods
after acquisition date;
• deal with the impairment of goodwill in the
Complete Self-
consolidated financial statements; and
• prepare consolidated financial statements where: Assessment
• the subsidiary has an accumulated loss at Unit 4 Activities and
216
4 acquisition date or is insolvent; (Chapter 4) 108 mins Learning N/A
mins
• the subsidiary incurs losses after acquisition date; 324 mins Activities
• the subsidiary has a reporting date different to the
reporting date of the group; and 432 mins
• the subsidiary has an accounting policy that is not
the same as that of the group for a similar
transaction and event.

Estimated
Subm
View/study preparation
it FA1
5&6 Sample time: 6 hours
DUE: FORMATIVE ASSESSMENT 1 Review Review N/A onlin
Formative Refer to
e on
Assessments academic
ColCa
calendar
mpus

36 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
After studying the prescribed and recommended (VIDEO) ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
material for the week, you should be able to: (FA) (SA)
After studying this chapter, you should be able to:
• understand that, subject to limited exceptions, under
IFRS 3 assets and liabilities of a subsidiary acquired must
be measured at their respective fair values at
acquisition date in the consolidated financial
statements;
• understand the implications at acquisition of a
subsidiary revaluing its assets to fair value in its own
records;
• know how to process pro forma journal entries at
acquisition date in order to record subsidiary assets
(both current and non-current) at fair value under IFRS
3, in the consolidated financial statements where a
subsidiary does not revalue its assets to fair value in its Complete
own records; Self-
• understand the deferred tax effects arising from at Unit 5 Assessment
7 acquisition IFRS 3 fair value adjustments to subsidiary 108 mins 216 Activities and N/A
(Chapter 5)
assets (both current and non-current) and be able to mins Learning
324 mins
process pro forma journal entries to record such Activities
deferred tax effects at acquisition date in the 432 mins
consolidated financial statements;
• understand the effects of IFRS 3 at acquisition fair value
adjustments to subsidiary assets (both current and non-
current) and the related deferred tax effects thereof on
the amount of goodwill or gain on bargain purchase
recognised at acquisition date;
• process the pro forma journals required in the post-
acquisition period in order to adjust, for group
purposes, the subsequent depreciation and/or
profit/(loss) on disposal of property, plant and
equipment, recognised by a subsidiary, which assets
were fair valued, under IFRS 3, at acquisition date;

37 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
After studying the prescribed and recommended (VIDEO) ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
material for the week, you should be able to: (FA) (SA)
• process the pro forma journals required in the post-
acquisition period to adjust, for group purposes, the
subsequent cost of sales recognised by a subsidiary, in
respect of inventory sold that was re-measured to fair
value under IFRS 3, at acquisition date;
• process the pro forma journals required to recognise
the deferred tax implications in the consolidated Complete
financial statements at acquisition and in subsequent Self-
reporting periods, arising from IFRS 3 at acquisition fair Assessment
value adjustments to subsidiary assets, both current Unit 5
7 108 mins 216 Activities and N/A
and non-current; (Chapter 5)
mins Learning
• apply the correct accounting treatment in the 324 mins
Activities
consolidated financial statements when a subsidiary’s
property, plant and equipment is adjusted to its at 432 mins
acquisition fair values on consolidation, and the
subsidiary then revalues these assets in its own records
subsequent to acquisition date; and
• prepare consolidated financial statements that include
the effects of IFRS 3 at acquisition fair value adjustments
to subsidiary assets, both current and non-current.
After studying this chapter, you should be able to:
• understand that, subject to limited exceptions, under Complete Self-
IFRS 3 assets and liabilities of a subsidiary acquired must Assessment
be measured at their respective fair values at Unit 6
216 Activities and
acquisition date in the consolidated financial (Chapter 5)
8 108 mins Learning N/A
statements; mins
• understand the implications at acquisition of a 324 mins Activities
subsidiary revaluing its assets to fair value in its own
records; 432 mins

38 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
After studying the prescribed and recommended (VIDEO) ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
material for the week, you should be able to: (FA) (SA)
• know how to process pro forma journal entries at
acquisition date in order to record subsidiary assets (both
current and non-current) at fair value under IFRS 3, in the
consolidated financial statements where a subsidiary
does not revalue its assets to fair value in its own records;
• understand the deferred tax effects arising from at
acquisition IFRS 3 fair value adjustments to subsidiary
assets (both current and non-current) and be able to
process pro forma journal entries to record such deferred
tax effects at acquisition date in the consolidated
financial statements;
• understand the effects of IFRS 3 at acquisition fair value
adjustments to subsidiary assets (both current and non-
current) and the related deferred tax effects thereof on
Complete Self-
the amount of goodwill or gain on bargain purchase Assessment
Unit 6 Activities and
recognised at acquisition date; 216
8 (Chapter 5) Learning N/A
• process the pro forma journals required in the post- 108 mins mins
acquisition period in order to adjust, for group purposes, 324 mins Activities
the subsequent depreciation and/or profit/(loss) on
disposal of property, plant and equipment, recognised by 432 mins
a subsidiary, which assets were fair valued, under IFRS 3,
at acquisition date;
• process the pro forma journals required in the post-
acquisition period to adjust, for group purposes, the
subsequent cost of sales recognised by a subsidiary, in
respect of inventory sold that was re-measured to fair
value under IFRS 3, at acquisition date;
• process the pro forma journals required to recognise the
deferred tax implications in the consolidated financial
statements at acquisition and in subsequent reporting
periods, arising from IFRS 3 at acquisition fair value
adjustments to subsidiary assets, both current and non-
current;

39 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
After studying the prescribed and recommended (VIDEO) ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
material for the week, you should be able to: (FA) (SA)
• apply the correct accounting treatment in the
consolidated financial statements when a subsidiary’s
Complete Self-
property, plant and equipment is adjusted to its at
Assessment
acquisition fair values on consolidation, and the
subsidiary then revalues these assets in its own records Unit 6 Activities and
216
8 subsequent to acquisition date; and (Chapter 5) 108 mins Learning N/A
mins
324 mins Activities
• prepare consolidated financial statements that include
the effects of IFRS 3 at acquisition fair value adjustments
to subsidiary assets, both current and non-current. 432 mins

After studying this chapter, you should be able to:

• understand what intragroup transactions and balances
are and how they arise;
• understand how and why we eliminate intragroup
transactions and balances in the consolidated financial
statements; Complete Self-
• explain and prepare pro forma journal entries to reverse Assessment
intragroup transactions and balances arising from: Unit 7 Activities and
• intragroup services rendered; (Chapter 6) 216
9 108 mins Learning N/A
• and intragroup loans. mins
• explain the concept of unrealised profits and losses in 324 mins Activities
respect of intragroup transactions;
• know how to process pro forma journals to recognise the 432 mins
prior year unrealised intragroup profit on sale of
inventories in the current period when the inventory is
sold outside the group, when consolidated financial
statements are prepared;

40 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
After studying the prescribed and recommended (VIDEO) ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
material for the week, you should be able to: (FA) (SA)
• prepare pro forma journal entries in order to recognise
the deferred tax implications:
• of the elimination of unrealised intragroup profits
on sale of inventories; and
• of the subsequent realisation of previously
unrealised intragroup profit on sale of inventories.
• understand and process the effects of inventories written
down to net realisable value on the reversal of unrealised
intragroup profits in the consolidated financial
statements;
• know how to eliminate unrealised profits arising from
intragroup sales of both depreciable and non-depreciable
property, plant and equipment, when preparing Complete Self-
consolidated financial statements; Assessment
• know how to recognise intragroup profit in respect of
Unit 7 Activities and
intragroup sales of property, plant and equipment in the 216
9 consolidated financial statements of subsequent
(Chapter 6) 108 mins Learning N/A
mins
reporting periods where the intragroup profit realises 324 mins Activities
either by way of:
• sale to a party outside the group; 432 mins
• or a reduction in the depreciation charge.
• prepare pro forma journal entries in order to recognise
the deferred tax implications:
• of the elimination of unrealised intragroup profit on
sale of property, plant and equipment; and
• of the subsequent realisation of previously
unrealised intragroup profit on sale of property,
plant and equipment whether realised by way of
sale of the property, plant and equipment to
external parties or by way of a reduction in the
depreciation charge.

41 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
After studying the prescribed and recommended (VIDEO) ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
material for the week, you should be able to: (FA) (SA)
• know how to eliminate unrealised losses arising from
intragroup sale of property, plant and equipment,
including understanding the effects of impairments
losses on the amount of the unrealised loss eliminated,
when preparing consolidated financial statements; Complete Self-
• prepare pro forma journal entries in respect of the Assessment
intragroup sale of assets where there is a change of use Unit 7 Activities and
216
9 of the asset sold intragroup in the following scenarios: (Chapter 6) 108 mins Learning N/A
• inventories of the seller are classified as property,
mins
324 mins Activities
plant and equipment by the buyer; and
• property, plant and equipment of the seller are 432 mins
classified as inventory by the buyer.
• prepare consolidated financial statements for a group
where there are all manner of intragroup transactions
and balances.
After studying this chapter, you should be able to:
• understand what intragroup transactions and balances
are and how they arise;
• understand how and why we eliminate intragroup
transactions and balances in the consolidated financial
statements; Complete Self-
• explain and prepare pro forma journal entries to reverse Assessment
intragroup transactions and balances arising from: Unit 8 Activities and
216
10 • intragroup services rendered; (Chapter 6) 108 mins Learning N/A
mins
• and intragroup loans. 324 mins Activities
• explain the concept of unrealised profits and losses in
respect of intragroup transactions; 432 mins
• know how to process pro forma journals to recognise the
prior year unrealised intragroup profit on sale of
inventories in the current period when the inventory is
sold outside the group, when consolidated financial
statements are prepared;

42 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
After studying the prescribed and recommended (VIDEO ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
material for the week, you should be able to: ) (FA) (SA)
• prepare pro forma journal entries in order to recognise
the deferred tax implications:
• of the elimination of unrealised intragroup profits
on sale of inventories; and
• of the subsequent realisation of previously
unrealised intragroup profit on sale of inventories.
• understand and process the effects of inventories written
down to net realisable value on the reversal of unrealised
intragroup profits in the consolidated financial
statements;
• know how to eliminate unrealised profits arising from
intragroup sales of both depreciable and non-depreciable
property, plant and equipment, when preparing Complete Self-
consolidated financial statements; Assessment
• know how to recognise intragroup profit in respect of Unit 8 Activities and
intragroup sales of property, plant and equipment in the (Chapter 6) 216
10 108 mins Learning N/A
consolidated financial statements of subsequent mins
reporting periods where the intragroup profit realises 324 mins Activities
either by way of:
• sale to a party outside the group; 432 mins
• or a reduction in the depreciation charge.
• prepare pro forma journal entries in order to recognise
the deferred tax implications:
• of the elimination of unrealised intragroup profit on
sale of property, plant and equipment; and
• of the subsequent realisation of previously
unrealised intragroup profit on sale of property,
plant and equipment whether realised by way of
sale of the property, plant and equipment to
external parties or by way of a reduction in the
depreciation charge.

43 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
After studying the prescribed and recommended (VIDEO ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
material for the week, you should be able to: ) (FA) (SA)
• know how to eliminate unrealised losses arising from
intragroup sale of property, plant and equipment,
including understanding the effects of impairments
losses on the amount of the unrealised loss eliminated,
when preparing consolidated financial statements;
Complete Self-
• prepare pro forma journal entries in respect of the
intragroup sale of assets where there is a change of use Assessment
of the asset sold intragroup in the following scenarios: Unit 8 Activities and
216 Learning
10 • inventories of the seller are classified as property, (Chapter 6) 108 mins N/A
plant and equipment by the buyer; and mins Activities
324 mins
• property, plant and equipment of the seller are
classified as inventory by the buyer.
•
432 mins
prepare consolidated financial statements for a
group where there are all manner of intragroup
transactions and balances.

Estimated
View/study preparation Complete
11 & Sample time: 6 hours FA2
Prepare for the SA1 and SA2 Review Review N/A
12 Formative Refer to online on
Assessments academic ColCamp
calendar us

44 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

Financial Accounting 3B: Groups (HFAC302-1)

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE
PRESCRIBED RECOMMENDED
After studying the prescribed and recommended (VIDEO ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
material for the week, you should be able to: ) (FA) (SA)
After studying this chapter, you should be able to:
• understand the differences between a simple group, a
horizontal group, a vertical group and a mixed group;
• understand what a direct controlling interest and an
indirect controlling interest in a subsidiary are;
• know what an effective interest in the profit and post-
acquisition reserves of a subsidiary is;
• determine the effective interest of a parent in the profit
and post-acquisition reserves of the subsidiaries making
up a horizontal group, a vertical group and a mixed
group;
• determine the effective interest of the non-controlling
interest in the profit and post-acquisition reserves of
the subsidiaries making up a horizontal mixed group; Complete
group, a vertical Self-
• group and a prepare consolidated financial statements Assessment
Unit 9
13 for a horizontal group; 108 mins 216 Activities and N/A
(Chapter 7)
• understand how to account for intragroup transactions mins Learning
324 mins
in the consolidated financial statements of a vertical Activities
group and a mixed group; 432 mins
• prepare consolidated financial statements for a vertical
group in the following circumstances:
• the parent acquires a controlling interest in a
subsidiary on the same date that this subsidiary
acquires a controlling interest in a sub-subsidiary;
• the parent acquires a controlling interest in a
subsidiary, after which this subsidiary acquires a
controlling interest in a sub-subsidiary; and
• a subsidiary acquires a controlling interest in a
sub-subsidiary before the parent acquires a
controlling interest in the subsidiary.
• prepare consolidated financial statements for a mixed
group.
Financial Accounting 3B: Groups (HFAC302-1)
45 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
 ANNEXURE B:
PROPOSED STUDY PROGRAMME

WEEK LEARNING OUTCOMES TMS FORMATIVE SUMMATIVE

PRESCRIBED RECOMMENDED
After studying the prescribed and recommended (VIDEO ASSESSMENT ASSESSMENT OTHER
COURSEWARE BOOK(S)
material for the week, you should be able to: ) (FA) (SA)
After studying this chapter, you should be able to:
• understand the differences between the rights attached
to preference shares and ordinary shares;
• explain the implications of consolidating a subsidiary
with preference shares at acquisition both when the
preference shares are classified as equity and when
classified as a liability of the issuing subsidiary;
• understand how to allocate profits of the subsidiary Complete Self-
between the ordinary and preference shareholders on Assessment
consolidation when the preference dividend is non-
Unit 10 Activities and
cumulative and when it is cumulative; 216
14 (Chapter 8) 108 mins Learning N/A
• prepare consolidated financial statements where the
subsidiary has issued preference shares classified as 324 mins mins Activities
equity and the parent has acquired some, all, or none of
the preference shares; 432 mins
• prepare consolidated financial statements where the
preference dividend is in arrears at the date of
acquisition and after that date; and
• prepare consolidated financial statements where the
subsidiary has issued preference shares classified as a
liability and the parent has acquired some, all, or none
of the preference shares.
View all
Examination: Submit
View/study Sample previous FA’s
Refer to SA2
15 - 17 EXAM WEEKS Review Summative with
Review academic online on
Assessments suggested
calendar ColCampus
solutions

46 HFAC302-1-ProposedStudyProgramme-ET-V1-01022022
ANNEXURE C:
BREAKDOWN OF PRESCRIBED MATERIAL

The prescribed books for this module are:

• Kraut, R. 2019. Mastering Group Financial Statements Volume 1. Claremont: Juta and Company (Pty) Ltd.

The course material is divided into 10 units. These 10 units should be studied according to your proposed study programme
(Annexure B). Below, you can find a detailed breakdown of the chapters in the prescribed textbook that make up the
respective units in your study programme.

Financial Accounting 3B: Groups (HFAC302-1)

UNIT CHAPTERS IN PRESCRIBED TEXTBOOK – Remember to read with SAICA IFRS books
1 Chapter 1: An Introduction to Group Accounting
2 Chapter 2: IFRS 3 Business Combinations – Basic Concepts
3 Chapter 3: Consolidation of a Wholly Owned Subsidiary

4 Chapter 4: Consolidation of a Partly Owned Subsidiary and Sundry Consolidation

Aspects
Formative Assessment 1 therefore covers Units 1-4 (Chapters 1-4)
5 Chapter 5.1-5.2.7: Consolidations: IFRS 3 Fair Value Adjustments to Subsidiary
Assets at Acquisition
6 Chapter 5.2.8-5.2.9: Consolidations: IFRS 3 Fair Value Adjustments to Subsidiary
Assets at Acquisition
7 Chapter 6.1-6.3: Adjusting for Intragroup Transactions and Balances
8 Chapter 6.4-6.5: Adjusting for Intragroup Transactions and Balances
Formative Assessment 2 therefore covers Units 5, 6, 7 and 8 (5-6)
9 Chapter 7: Consolidation of Complex Groups
10 Chapter 8: Consolidation of a Subsidiary with Preference Shares

47 Breakdown of Prescribed Course Material- HFAC302-1

Annexure D-ACADEMIC CALENDAR FOR 2022 SemB2022

Academic Calendar Sem B 2022

SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
July 5 17:00 Applications Close
July 29 13:00 Registrations Close
1 August 1 Studies Commence - Week 1
HPRM441-1 FA 1 – Assignment Due
Submit online via ColCampus no later than
1 August 5 23:59 5 August 2022 23:59. Feedback given in Week 2
HPRM441-1 FA 2 – Assignment Due
Submit online via ColCampus no later than
2 August 12 23:59 12 August 2022 23:59. Feedback given in Week 3
HPRM441-1 FA 3 – Assignment Due
Submit online via ColCampus no later than
3 August 19 23:59 19 August 2022 23:59. Feedback given in Week 4
HPRM441-1 FA 4 – Assignment Due
Submit online via ColCampus no later than
4 August 26 23:59 26 August 2022 23:59. Feedback given in Week 5
HPRM441-1 FA 5 – Assignment Due
Submit online via ColCampus no later than
5 September 2 23:59 2 September 2022 23:59. Feedback given in Week 6
FA 1 – Assignment Due
Submit online via ColCampus no later than
6 September 9 23:59 9 September 2022 23:59
HACP130-1, HADR1181, HADV100-1, HADV1181,
HADV200-1, HADV300-1, HALP1181, HALT130-1,
HALL130-1, HANT130-1, HAPR300-1, HAPS1181,
HASD200-1, HAUD200-1, HAUD230-1, HAUD331-1,
HAUD332-1, HBFB1181, HBLE300-1, HBMN100-1,
HBMN102-1, HBMN1181, HBMN130-1, HBMN200-1,
HBMN201-1, HBMN230-1, HBMN233-1, HBMN231-1,
HBMN232-1, HBMN300-1, HBMN301-1, HBMN330-1,
HBMN331-1, HBMN333-2, HBMN334-1, HBMT1181,
HBRD1181, HBRD300-1, HBRD330-1, HBTB1181,
HCBB1181, HCGA232-1, HCGE130-1, HCGE231-1,
HCGE232-1, HCLT108-1, HCLT106-1, HCLT107-1,
HCML330-1, HCMLW230-1, HCNM1181,
HCONL330-1, HCOU1181, HCYLW230-1, HDBP200-1,
HECM1181, HECO130-1, HECO231-1, HECO232-1,
HEMK1181, HENT100-1, HENT1181, HENT130-1,
HENT200-1, HENT230-1, HENT300-1, HENT330-1,
HERL230-1, HERL330-1, HETA231-1, HEVM100-1,
HEVM1181, HEVM200-1, HEVM300-1, HFAC130-1,
HFAC131-1, HFAC132-1, HFAC201-1, HFAC231-1,
HFAC232-1, HFAC301-1, HFAC302-1, HFAC331-1,
HFAC332-1, HFAC333-1, HFAC334-1, HFMN230-1,
HFMN233-1, HFMN300-1, HFMN301-1, HFMN302-1,
HFMN330-1, HFMN331-1, HFOA100-1, HGOP330-1,
HGPLC230-1, HGPLD230-1, HHIVC1181, HHM1181,
HHMP1181, HHRD100-1, HHRD130-1, HHRD200-1,
HHRD230-1, HHRD300-1, HHRF1181, HHRM100-1,
HHRM130-1, HHRM200-1, HHRM230-1, HHRM300-1,
HHRM331-1, HHRM332-1, HHRM333-1, HHS1181,
HHTD1181, HHWPT1181, HIAI1181, HIAP1181,

48 SemB2022-AcademicCalendar-V.3-12012022
Annexure D-ACADEMIC CALENDAR FOR 2022 SemB2022

Academic Calendar Sem B 2022

SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HICMA1181, HIMC300-1, HIND1181, HINT1181,
HIPLW130-1, HIPM300-1, HISL130-1, HISM100-1,
HISM200-1, HISM300-1, HIT1181, HLAA130-1,
HLGE330-1, HLLW330-1, HLTX330-1, HLWC1181,
HLWC130-1, HLWC200-1, HLWC230-1, HLWE230-1,
HLWH1181, HLWI230-1, HLWL200-1, HLWL300-1,
HLWM200-1, HLWP130-1, HLWS130-1, HMAC200-1,
HMAC202-1, HMAC230-1, HMAC300-1, HMAC330-1,
HMKR1181, HMKT100-1, HMKT1181, HMKT130-1,
HMKT200-1, HMKT230-1, HMKT300-1, HMKT330-1,
HMLW1181, HNTS201-1, HNTS202-1, HNTS203-1,
HNTS300-1, HODV1181, HPAA200-1, HPAD1181,
HPBM440-1, HPBM441-1, HPBM442-1, HPBM443-1,
HPBM444-1, HPCP440-1, HPDL230-1, HPFM440-1,
HPLM1181, HPLW230-1, HPLW440-1, HPMK440-1,
HPMK442-1, HPPC1181, HPPL1181, HPPR1181,
HPPS1181, HPR1181, HPR200-1, HPRM1181,
HPRM440-1, HPSW200-1, HPSW230-1, HPSY131-1,
HPSY132-1, HPSY231-1, HPSY232-1, HPSY331-1,
HPSY332-1, HPX100-1, HPXN200-1, HPXS200-1,
HRDC1181, HRMB330-1, HRML330-1, HRMM330-1,
HRMS230-1, HRMS331-1, HSAD300-1, HSAP1181,
HSCI1181, HSDJ1181, HSEC1181, HSEC200-1,
HSEM1181, HSFT300-1, HSHE1181, HSMB1181,
HSMS1181, HSOC131-1, HSOC132-1, HSOC231-1,
HSOC232-1, HSOC331-1, HSOC332-1, HSOS1181,
HSPC230-1, HSPM300-1, HSPS1181, HSYD100-1,
HSYD202-1, HSYD300-1, HTAX201-1, HTAX202-1,
HTAX230-1, HTAX331-1, HTAX332-1, HTCP300-1,
HTDP1181, HTDS1181, HTDSA1181, HTOP1181,
HTSS100-1, HTTM1181, HWBAC230-1, HWBHR330-1,
HWBLW330-1,HWBMM330-1, HWBSS330-1,
HWCACP1171, HWCBMP1171, HWCGMT1181,
HWCHAP1181, HWCHCM1171, HWCHMP1181,
HWCHPR1181, HWCHRM1171, HWCHRP1181,
HWCLSP1171, HWCMDM1181, HWCMP1171,
HWCMSM1181, HWCMSP1181, HWCMTM1181,
HWCPLP1181, HWCTTMP1181, HWDBM300-1,
HWDEM300-1, HWDFA300-1, HWDHR300-1,
HWDMM300-1, HWDPR300-1, HWFM300-1,
HYFT1181
FA 1 – Online Quiz Due
Complete online via ColCampus no later than
6 September 9 23:59 9 September 2022 23:59
HCLT101-1, HCLT102-1, HCLT103-1, HCLT104-1,
HCLT105-1, HPXN301-1, HPXS301-1, HSYD201-1
9 September 28 17:00 FA 1 - Results Release
10 October 3 13:00 FA 1 - Results Appeal Close
10 October 7 17:00 FA 1 - Results Appeal Release

49 SemB2022-AcademicCalendar-V.3-12012022
Annexure D-ACADEMIC CALENDAR FOR 2022 SemB2022

Academic Calendar Sem B 2022

SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HPRM441-1 FA 6 – Assignment Due
Submit online via ColCampus no later than
10 October 7 23:59 7 October 2022 23:59. Feedback given in Week 12
FA 2 - Assignment Due
Submit online via ColCampus no later than
12 October 21 23:59 21 October 2022 23:59
HACP130-1, HALT130-1, HALL130-1, HANT130-1,
HAUD230-1, HAUD331-1, HAUD332-1, HBMN130-1,
HBMN233-1, HBMN330-1, HCGA232-1, HCGE130-1,
HCGE231-1, HCGE232-1, HCLT108-1, HCLT107-1,
HECO130-1, HENT130-1, HETA231-1, HFAC130-1,
HFAC131-1, HFAC132-1, HFAC231-1, HFAC232-1,
HFAC331-1, HFAC332-1, HFAC333-1, HFAC334-1,
HFMN230-1, HFMN330-1, HFMN331-1, HGOP330-1,
HHRD130-1, HHRM130-1, HHRM332-1, HHRM333-1,
HISL130-1, HLAA130-1, HLGE330-1, HLWC130-1,
HMAC230-1, HMAC330-1, HMKT130-1, HMKT330-1,
HPBM440-1, HPBM441-1, HPBM442-1, HPBM443-1,
HPBM444-1, HPCP440-1, HPFM440-1, HPLW440-1,
HPMK440-1, HPMK442-1, HPRM440-1, HPSY131-1,
HPSY132-1, HPSY331-1, HPSY332-1, HSOC131-1,
HSOC132-1, HSOC231-1, HSOC232-1, HSOC331-1,
HSOC332-1, HTAX230-1, HTAX331-1, HTAX332-1,
HWBAC230-1, HWBHR330-1, HWBLW330-1,
HWBMM330-1, HWBSS330-1, HWCACP1171,
HWCBMP1171, HWCGMT1181, HWCHAP1181,
HWCHCM1171, HWCHMP1181, HWCHPR1181,
HWCHRM1171, HWCHRP1181, HWCLSP1171,
HWCMDM1181, HWCMP1171, HWCMSM1181,
HWCMSP1181, HWCMTM1181, HWCPLP1181,
HWCTTMP1181, HWDBM300-1, HWDEM300-1,
HWDFA300-1, HWDHR300-1, HWDMM300-1,
HWDPR300-1
FA 2 – Online Quiz Due
Complete online via ColCampus no later than
12 October 21 23:59 21 October 2022 23:59
HBMN230-1, HBMN231-1, HBMN232-1, HBMN331-1,
HBMN333-2, HBMN334-1, HBRD330-1, HCLT101-1,
HCLT102-1, HCLT104-1, HCLT105-1, HCML330-1,
HCMLW230-1, HCONL330-1, HCYLW230-1,
HECO231-1, HECO232-1, HENT230-1, HENT330-1,
HERL230-1, HERL330-1, HFAC201-1, HFMN233-1,
HFMN302-1, HGPLC230-1, HGPLD230-1, HHRD230-1,
HHRM230-1, HHRM331-1, HIPLW130-1, HLLW330-1,
HLTX330-1, HLWC230-1, HLWE230-1, HLWI230-1,
HLWP130-1, HLWS130-1, HMAC200-1, HMKT230-1,
HPDL230-1, HPLW230-1, HPSW230-1, HPSY231-1,
HPSY232-1, HRMB330-1, HRML330-1, HRMM330-1,
HRMS230-1, HRMS331-1, HSPC230-1

50 SemB2022-AcademicCalendar-V.3-12012022
Annexure D-ACADEMIC CALENDAR FOR 2022 SemB2022

Academic Calendar Sem B 2022

SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HPXN302-1 FA 1 Online Quiz and HPXN302-1 Draft
Project Proposal Assignment Due. Submit online via
12 October 21 23:59 ColCampus no later than 21 October 2022 23:59.
HPXS302-1 FA 1 – Online Quiz Due
Submit online via ColCampus no later than
12 October 21 23:59 21 October 2022 23:59.
13 October 28 13:00 FA 2 - Results Release
14 October 31 17:00 FA 2 - Results Appeal Close
14 November 3 17:00 FA 2 - Results Appeal Release
SA 1 Time Table for paper-based sit down exams
only (with SA 2). Accompanying SA 2’s to be
submitted online via ColCampus no later than 23:59
15 to 17 on day that SA 1 is written
15 November 7 09:00-12:00 HTAX332-1
09:00-11:00 HBMN201-1, HBMN200-1
12:00-14:00 HBMN230-1, HLWC200-1
15:00-17:00 HCMLW230-1, HHRM331-1, HLTX330-1
November 8 09:00-12:00 HFAC132-1, HFAC231-1, HFAC232-1, HFAC332-1
09:00-11:00 HHRM200-1, HADV300-1, HMAC300-1
12:00-14:00 HFAC201-1, HBMN231-1, HFMN302-1
15:00-17:00 HCGE232-1, HADV200-1, HCML330-1
November 9 09:00-12:00 HFAC130-1, HAUD332-1
09:00-11:00 HSOC332-1
12:00-14:00 HCYLW230-1, HFAC301-1
15:00-17:00 HENT200-1, HFMN330-1, HBMN300-1
November 10 09:00-12:00 HTAX230-1, HTAX331-1
09:00-11:00 HHRD200-1, HHRD300-1, HTAX201-1, HTAX202-1
12:00-14:00 HEVM200-1, HEVM300-1, HFMN301-1
15:00-17:00 HECO231-1, HECO232-1
November 11 09:00-12:00 HETA231-1, HFAC333-1
09:00-11:00 HPSW200-1, HGPLC230-1, HGPLD230-1, HLWC130-1
12:00-14:00 HIMC300-1, HLWC230-1, HBMN331-1, HERL230-1
15:00-17:00 HAUD200-1, HBLE300-1, HGOP330-1
16 November 14 09:00-12:00 HFAC331-1, HFAC302-1, HBMN233-1
09:00-11:00 HHRM230-1, HBMN333-2
12:00-14:00 HLWM200-1, HPSY231-1, HPSY331-1
15:00-17:00 HENT230-1, HENT330-1, HFMN233-1, HSPC230-1
November 15 09:00-12:00 HFAC131-1, HFMN230-1
09:00-11:00 HLWI230-1, HBRD300-1, HPAA200-1
12:00-14:00 HAPR300-1, HCONL330-1
15:00-17:00 HPR200-1, HERL330-1
November 16 09:00-12:00 HMAC230-1, HMAC330-1, HFAC334-1
09:00-11:00 HMAC200-1, HMAC202-1, HPSY332-1
12:00-14:00 HPDL230-1, HLWL300-1
15:00-17:00 HRMM330-1, HPSY232-1
November 17 09:00-11:00 HBMN301-1, HFMN300-1
12:00-14:00 HLLW330-1, HHRD230-1
15:00-17:00 HSEC200-1, HLWE230-1, HRMB330-1

51 SemB2022-AcademicCalendar-V.3-12012022
Annexure D-ACADEMIC CALENDAR FOR 2022 SemB2022

Academic Calendar Sem B 2022

SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
November 18 09:00-12:00 HAUD230-1, HCGA232-1, HAUD331-1 HFMN331-1
09:00-11:00 HRMS230-1, HPLW230-1, HBRD330-1
12:00-14:00 HMKT200-1, HMKT230-1, HLWL200-1
15:00-17:00 HBMN334-1
17 November 21 09:00-11:00 HBMN232-1, HSOC231-1, HSOC232-1
12:00-14:00 HPSW230-1, HSOC331-1
SA 1 Time Table for online exams only.
No SA 2’s to submit.
Please book to sit for these online exams as soon as
you are ready. These exams must be completed
15 to 17 November 7 - 21 within the exam period.
HADR1181, HADV1181, HALP1181, HAPS1181,
HBFB1181, HBMN1181, HBMT1181, HBRD1181,
HBTB1181, HCBB1181, HCLT101-1, HCLT102-1,
HCLT103-1, HCLT104-1, HCLT105-1, HCLT106-1,
HCNM1181, HCOU1181, HECM1181, HEMK1181,
HENT1181, HEVM1181, HHIVC1181, HHM1181,
HHMP1181, HHRF1181, HHS1181, HHTD1181,
HHWPT1181, HIAI1181, HIAP1181, HICMA1181,
HIND1181, HINT1181, HIT1181, HLWC1181,
HLWH1181, HMKR1181, HMKT1181, HMLW1181,
HODV1181, HPAD1181, HPLM1181, HPPC1181,
HPPL1181, HPPR1181, HPPS1181, HPR1181,
HPRM1181, HRDC1181, HSAP1181, HSCI1181,
HSDJ1181, HSEC1181, HSEM1181, HSHE1181,
HSMB1181, HSMS1181, HSOS1181, HSPS1181,
HTDP1181, HTDS1181, HTDSA1181, HTOP1181,
HTTM1181, HYFT1181
SA 1 Time Table for open book online exams with
SA 2’s to submit. Please book to sit for these online
exams as soon as you are ready.
These exams must be completed on the stipulated
dates as indicated below. Remember to upload your
SA2 via ColCampus by the stipulated due date no
later than 23:59.
16 November 14 09:00-12:00 HPBM440-1
16 November 17 09:00-12:00 HPMK440-1
17 November 21 09:00-12:00 HPBM443-1
SA 1 & SA 2 Time Table for
projects/internship/assignments only.
Submit online via ColCampus no later than
15 to 17 November 7 - 21 23:59 21 November 2022 23:59
HASD200-1, HBMN330-1, HCGE231-1, HENT300-1,
HHRM300-1, HHRM332-1, HHRM333-1, HLGE330-1,
HMKT300-1, HMKT330-1, HPBM441-1, HPBM442-1,
HPBM444-1, HPCP440-1, HPCPB100-1, HPFM440-1,
HPLW440-1, HPMK442-1, HPRM440-1, HPRM441-1,
HPX100-1, HPXN302-1, HPXS200-1, HPXS302-1,
HSAD300-1, HSYD201-1, HSYD300-1, HWBAC230-1,
HWBHR330-1, HWBLW330-1, HWBMM330-1,

52 SemB2022-AcademicCalendar-V.3-12012022
Annexure D-ACADEMIC CALENDAR FOR 2022 SemB2022

Academic Calendar Sem B 2022

SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HWCACP1171, HWCBMP1171, HWCGMT1181,
HWCHAP1181, HWCHCM1171, HWCHMP1181,
HWCHPR1181, HWCHRM1171, HWCHRP1181,
HWCLSP1171, HWCMDM1181, HWCMP1171,
HWCMSM1181, HWCMSP1181, HWCMTM1181,
HWCPLP1181, HWCTTMP1181, HWDBM300-1,
HWDEM300-1, HWDFA300-1, HWDHR300-1,
HWDMM300-1, HWDPR300-1, HWBSS330-1,
HRML330-1, HRMS331-1
SA 1 Time Table for online exams with SA 2’s to
submit.
Please book to sit for these online exams as soon as
you are ready. These exams must be completed
within the exam period. Remember to upload your
15 to 17 November 7 - 21 SA 2 on ColCampus by the stipulated due date.
HACP130-1, HADV100-1, HALT130-1, HALL130-1,
HANT130-1, HBMN100-1, HBMN102-1, HBMN130-1,
HCGE130-1, HDBP200-1, HECO130-1, HENT100-1,
HENT130-1, HEVM100-1, HFOA100-1, HHRD100-1,
HHRD130-1, HHRM100-1, HHRM130-1, HIPLW130-1,
HIPM300-1, HISL130-1, HISM100-1, HISM200-1,
HISM300-1, HLAA130-1, HLWP130-1, HLWS130-1,
HMKT100-1, HMKT130-1, HNTS201-1, HNTS202-1,
HNTS203-1, HNTS300-1, HPSY131-1, HPSY132-1,
HPXN200-1, HPXN301-1, HPXS301-1, HSFT300-1,
HSOC131-1, HSOC132-1, HSPM300-1, HSYD100-1,
HSYD202-1, HTCP300-1, HTSS100-1, HWFM300-1
HCLT107-1 and HCLT108-1 FA 3 – Assignment Due.
Submit online via ColCampus no later than
15 November 7 23:59 7 November 2022 23:59.
HCLT107-1 and HCLT108-1 SA 1 – Assignment Due.
Submit online via ColCampus no later than
17 November 21 23:59 21 November 2022 23:59.
HBACC230-1 and HBACC330-1 SA 1 for paper-based
17 November 25 09:00-12:30 sit down exams
19 December 5 13:00 SA 1 & 2 Results Release
19 December 8 17:00 SA 1 & 2 Results Appeal Close
20 December 13 13:00 SA 1 & 2 Results Appeal Release

HE OFFICE CLOSED FROM 17:00 ON 15 DEC 2022. WILL RE-OPEN 2 JAN 2023

Supplementary SA 1 Time Table for paper-based sit

down exams only (with Supplementary SA 2).
Accompanying Supplementary SA 2’s to be
submitted online via ColCampus no later than 23:59
21 to 22 January 2023 4 - 10 on day that SA 1 is written
21 January 2023 4 09:00-12:00 HAUD332-1, HETA231-1, HTAX230-1, HTAX331-1
09:00-11:00 HBMN230-1, HBMN300-1, HPSY332-1, HLWC130-1
HTAX201-1, HTAX202-1, HLWC230-1, HLWC200-1,
12:00-14:00
HBMN200-1, HBMN334-1

53 SemB2022-AcademicCalendar-V.3-12012022
Annexure D-ACADEMIC CALENDAR FOR 2022 SemB2022

Academic Calendar Sem B 2022

SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HPAA200-1, HCMLW230-1, HCGE232-1, HADV200-1,
15:00-17:00
January 4 HHRM331-1
HFAC132-1, HFAC231-1, HFAC232-1, HFAC332-1,
09:00-12:00
January 5 HFAC333-1
HBMN201-1, HENT230-1, HLWI230-1, HENT200-1,
09:00-11:00
HHRM230-1, HFMN330-1, HADV300-1, HMAC300-1
HFAC201-1, HRMS230-1, HBMN231-1, HCYLW230-1,
12:00-14:00
HFAC301-1, HFMN302-1
HPSW200-1, HEVM200-1, HECO231-1, HENT330-1,
15:00-17:00
HECO232-1, HEVM300-1
HFAC130-1, HFAC131-1, HFMN230-1, HFAC331-1,
09:00-12:00
January 6 HFAC334-1, HFAC302-1, HBMN233-1
09:00-11:00 HBMN333-2, HGOP330-1
HPSW230-1, HLWM200-1, HBMN331-1, HPLW230-1,
12:00-14:00
HBRD300-1, HERL330-1, HRMB330-1
HHRM200-1, HPR200-1, HLWE230-1, HPSY231-1,
15:00-17:00 HPSY232-1, HAUD200-1, HPSY331-1
22 January 9 09:00-12:00 HMAC230-1, HMAC330-1, HFMN331-1
HMAC200-1, HMAC202-1, HGPLC230-1, HGPLD230-1,
09:00-11:00
HSOC332-1
HIMC300-1, HHRD200-1, HRMM330-1, HAPR300-1,
12:00-14:00
HHRD300-1, HCML330-1, HBLE300-1
HMKT200-1, HBMN301-1, HPDL230-1, HMKT230-1,
15:00-17:00
HERL230-1, HFMN233-1, HFMN300-1, HFMN301-1
January 10 09:00-12:00 HAUD230-1, HCGA232-1, HAUD331-1, HTAX332-1
HSEC200-1, HBMN232-1, HSPC230-1, HHRD230-1,
09:00-11:00
HLTX330-1
HLWL200-1, HSOC231-1, HSOC232-1, HLLW330-1,
12:00-14:00
HCONL330-1, HLWL300-1, HBRD330-1, HSOC331-1
Supplementary SA 1 Time Table for online exams
only. No Supplementary SA 2’s.
Please book to sit for these online exams as soon as
you are ready. These exams must be completed
21 to 22 January 2023 4 - 10 within the exam period.
HADR1181, HADV1181, HALP1181, HAPS1181,
HBFB1181, HBMN1181, HBMT1181, HBRD1181,
HBTB1181, HCBB1181, HCLT101-1, HCLT102-1,
HCLT103-1, HCLT104-1, HCLT105-1, HCLT106-1,
HCNM1181, HCOU1181, HECM1181, HEMK1181,
HENT1181, HEVM1181, HHIVC1181, HHM1181,
HHMP1181, HHRF1181, HHS1181, HHTD1181,
HHWPT1181, HIAI1181, HIAP1181, HICMA1181,
HIND1181, HINT1181, HIT1181, HLWC1181,
HLWH1181, HMKR1181, HMKT1181, HMLW1181,
HODV1181, HPAD1181, HPLM1181, HPPC1181,
HPPL1181, HPPR1181, HPPS1181, HPR1181,
HPRM1181, HRDC1181, HSAP1181, HSCI1181,
HSDJ1181, HSEC1181, HSEM1181, HSHE1181,
HSMB1181, HSMS1181, HSOS1181, HSPS1181,

54 SemB2022-AcademicCalendar-V.3-12012022
Annexure D-ACADEMIC CALENDAR FOR 2022 SemB2022

Academic Calendar Sem B 2022

SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HTDP1181, HTDS1181, HTDSA1181, HTOP1181,
HTTM1181, HYFT1181
Supplementary SA 1 Time Table for open book
online exams with Supplementary SA 2’s to submit.
Please book to sit for these online exams as soon as
you are ready. These exams must be completed on
the stipulated dates as indicated below. Remember
to upload your Supplementary SA 2 via ColCampus
by the stipulated due date no later than 23:59.
21 January 4 09:00-12:00 HPBM440-1
21 January 6 09:00-12:00 HPMK440-1
22 January 10 09:00-12:00 HPBM443-1
Supplementary SA 1 & Supplementary SA 2 Time
Table for projects/internship/assignments only.
Submit online via ColCampus no later than 10
21 to 22 January 2023 4 - 10 23:59 January 2023 23:59
HASD200-1, HBMN330-1, HCGE231-1, HENT300-1,
HHRM300-1, HHRM332-1, HHRM333-1, HLGE330-1,
HMKT300-1, HMKT330-1, HPBM441-1, HPBM442-1,
HPBM444-1, HPCP440-1, HPCPB100-1, HPFM440-1,
HPLW440-1, HPMK442-1, HPRM440-1, HPRM441-1,
HPX100-1, HPXN302-1, HPXS200-1, HPXS302-1,
HSAD300-1, HSYD201-1, HSYD300-1, HWBAC230-1,
HWBHR330-1, HWBLW330-1, HWBMM330-1,
HWCACP1171, HWCBMP1171, HWCGMT1181,
HWCHAP1181, HWCHCM1171, HWCHMP1181,
HWCHPR1181, HWCHRM1171, HWCHRP1181,
HWCLSP1171, HWCMDM1181, HWCMP1171,
HWCMSM1181, HWCMSP1181, HWCMTM1181,
HWCPLP1181, HWCTTMP1181, HWDBM300-1,
HWDEM300-1, HWDFA300-1, HWDHR300-1,
HWDMM300-1, HWDPR300-1, HWBSS330-1,
HRML330-1, HRMS331-1
Supplementary SA 1 Time Table for online exams
with Supplementary SA 2’s to submit.
Please book to sit for these online exams as soon as
you are ready. These exams must be completed
within the exam period. Remember to upload your
21 to 22 January 2023 4 - 10 SA 2 on ColCampus by the stipulated due date.
HACP130-1, HADV100-1, HALT130-1, HALL130-1,
HANT130-1, HBMN100-1, HBMN102-1, HBMN130-1,
HCGE130-1, HDBP200-1, HECO130-1, HENT100-1,
HENT130-1, HEVM100-1, HFOA100-1, HHRD100-1,
HHRD130-1, HHRM100-1, HHRM130-1, HIPLW130-1,
HIPM300-1, HISL130-1, HISM100-1, HISM200-1,
HISM300-1, HLAA130-1, HLWP130-1, HLWS130-1,
HMKT100-1, HMKT130-1, HNTS201-1, HNTS202-1,
HNTS203-1, HNTS300-1, HPSY131-1, HPSY132-1,
HPXN200-1, HPXN301-1, HPXS301-1, HSFT300-1,
HSOC131-1, HSOC132-1, HSPM300-1, HSYD100-1,
HSYD202-1, HTCP300-1, HTSS100-1, HWFM300-1

55 SemB2022-AcademicCalendar-V.3-12012022
Annexure D-ACADEMIC CALENDAR FOR 2022 SemB2022

Academic Calendar Sem B 2022

SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HCLT107-1 and HCLT108-1 Supplementary SA 1 –
Assignment Due. Submit online via ColCampus no
22 January 10 23:59 later than 8 July 2022 23:59.
HBACC230-1 and HBACC330-1 Supplementary SA 1
22 January 13 09:00-12:30 for paper-based sit down exams
23 January 18 17:00 Supplementary SA 1 & 2 Results Release
23 January 20 13:00 Supplementary SA 1 & 2 Results Appeal Close
24 January 24 17:00 Supplementary SA 1 & 2 Results Appeal Release

56 SemB2022-AcademicCalendar-V.3-12012022
Annexure E: Plagiarism Information Sheet

INFORMATION SHEET: PLAGIARISM

This document serves as a source of information regarding the nature of plagiarism, why it is
important to avoid, and how to ensure that you do not commit plagiarism.

Definition

Plagiarism is the reproduction of somebody else’s work or ideas, and presenting it as your own
without giving recognition to that person (Larney, 2012:5). Any piece of work that you present
under your own name must indeed be your own. If you used someone else’s ideas or words
without citing that person’s work, you have committed plagiarism.

Importance

If you have used someone else’s words or ideas in your work without giving them due credit, that
amounts to you presenting that person’s ideas as your own (AAUP, 2015:6). This affects the
academic integrity of your work, and can also be considered an infringement on the copyright of
the author whose work you used. It is therefore very important to avoid plagiarism when you
present academic work.

Examples

Plagiarism comes in many forms and is not limited to the direct quotation of another person’s
work without giving him credit. The most important cases of plagiarism are set out below:

Plagiarism of Ideas

Definition: Appropriating an idea (e.g. an explanation, a theory, a conclusion, a

hypothesis, a metaphor) in whole or in part, or with superficial modifications, without
giving credit to its originator (Roig, 2011:4)

Example: Original text: “Customer involvement is a fairly novel phenomenon in the

marketplace. By involving customers in the service delivery process, innovation and
productivity is improved.” (Axcell et al, 2015:217)

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Annexure E: Plagiarism Information Sheet

Plagiarism of idea: “If one involves customers in the process of service delivery, this
generally increases innovation and productivity – even though this idea is still a relatively
new and foreign one in the marketplace.”

This is plagiarism because the idea of Axcell et al was taken directly without providing a
reference to their work. The plagiariser only changed “novel idea” to “a relatively new
and foreign idea” to his own version – but this does not represent his own thoughts. It is
the idea of Axcell et al written in a slightly different way.

This can be corrected by adding a reference to the source into work. For example: “If one
involves customers in the process of service delivery, this generally increases innovation
and productivity – even though this idea is still a relatively new and foreign one in the
marketplace (Axcell et al, 2015:217).

Plagiarism of Text

Definition: Copying a portion of text from another source without giving credit to its
author and without enclosing the borrowed text in quotation marks (Roig, 2011:6).

Example: Original text: “The period from 1652 to 1870 was characterized by colonial
settlement and slavery. 1870 – 1924 bought the discovery of gold and diamonds, limited
trade unionism, industrialization and oppression of black workers. From 1924-1956 the
Industrial Conciliation Act was promulgated which created dispute settlement
mechanisms through establishing industrial councils.” (Thompson, 2015: 94).

Plagiarism of text: The period from 1652 to 1870 was characterized by colonial settlement
and slavery. 1870 – 1924 bought the discovery of gold and diamonds, limited trade
unionism, industrialization and oppression of black workers.

This is plagiarism because you are quoting the work of Thompson directly without putting
it in between quotation marks, and without providing a reference to his work.

This can be corrected by adding a reference to the source into the text and placing the
sentence in between quotation marks. For example: “The period from 1652 to 1870 was

58 PlagiarismInformationSheet-GT-V1-26072022
Annexure E: Plagiarism Information Sheet

characterized by colonial settlement and slavery. 1870 – 1924 bought the discovery of
gold and diamonds, limited trade unionism, industrialization and oppression of black
workers” (Thompson, 2015: 94).

Plagiarism by Improper Paraphrasing

Definition: Taking portions of text from one or more sources, paraphrasing what was said,
and then adding some of your own ideas to that text to pass the entire thought off as your
own. (Roig, 2011:7).

Example: Original text: “The entrepreneur has to be sensitive to opportunities or

problems arising in the business or outside. This awareness is the stimulus for creative
ideas. It is also important that one should have clarity concerning the nature of the
problem in order to develop a creative solution. Therefore, it is of utmost importance to
define the problem clearly.” (De Beer et al., 2008, 168)

Plagiarism by improper paraphrasing: It is important for an entrepreneur to be sensitive

to opportunities as well as problems that occur inside or outside the business. Such
awareness will allow him to come up with creative ideas. Therefore it is important to
pursue the continuous generation of creative ideas.

This is plagiarism because you merely rephrasing the idea of De Beer et al. and then
adding your own sentence to that, without giving reference to the authors for the first
part of your text.

This can be corrected by adding a reference to the source after the first part of this
paragraph. For example: “It is important for an entrepreneur to be sensitive to
opportunities as well as problems that occur inside or outside the business. Such
awareness will allow him to come up with creative ideas” (De Beer et al., 2008: 168).
Therefore it is important to pursue the continuous generation of creative ideas.

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Annexure E: Plagiarism Information Sheet

Tips to avoid plagiarism:

1) Ensure that you understand the source that you are using and the ideas that it is trying to
convey. A good rule of thumb is that if you can repeat what you have read in your own
words, you most likely have a good understanding of that work. And if you can do that –
you can be sure that you are writing your own ideas.
2) Refer to a few sources (or at least more than one) before starting to write your own work.
This allows you to develop your own thoughts and opinions on the subject matter.
3) Be sure to cite every source that you use. When you are collecting sources, ensure that
you have all the relevant detail for the source that you need to cite it correctly – refer to
the referencing guide in this regard
4) Use quotation marks around text that you have taken directly from an original source.
5) Always include a list of references at the end of your work, with the relevant detail of all
the sources you referred to in your text.
6) Read and edit your work to make sure that you can confidently present it as your own
words and ideas.

Useful sources if you want more information on plagiarism

UT-Austin Academic Integrity “A Brief Guide to Avoiding Plagiarism” (2012) Available at:
[http://www.utexas.edu/cola/cwgs/_files/pdf-4/ai2012.pdf]

The Harvard Method of Referencing: A Beginner’s Guide available on COLcampus.

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Annexure E: Plagiarism Information Sheet

LIST OF REFERENCES:

AAUP 2015. Policy Documents and Reports 11ed. Baltimore: Johns Hopkins University Press.

Axcell S., Benedict E., Pria S.D., Kharsany K., Meyer S., Williams S.J. 2015. Marketing
Management 3. Cape Town: EDGE Learning Media.

De Beer A.A., Zeelie D., Groenewald H., Watson H., Rossouw D., Jacobs H. 2008.
Entrepreneurial Skills. Cape Town: Juta and Co Ltd.

Larney, T. 2012 NWU Referencing Guide. Potchefstroom: North-West University Library

Services.

Roig, A. 2011. Avoiding Plagiarism, Self-Plagiarism, and Other Questionable Writing Practices:
A Guide to Ethical Writing. ORI. Avaialble at: [http://ori.hhs.gov/avoiding-plagiarism-self-
plagiarism-and-other-questionable-writing-practices-guide-ethical-writing. Last accessed:
9/11/2015]

Thompson, D. 2015 Company Law 2. Cape Town: EDGE Learning Media.

61 PlagiarismInformationSheet-GT-V1-26072022
ANNEXURE F-FORMATIVE ASSESSMENT 1

HIGHER EDUCATION PROGRAMMES

Academic Year 2022: July – December

Formative Assessment 1: Financial Accounting 3B:
Groups (HFAC302-1)
NQF Level, Credits: 6, 18
Weighting: 15%
Assessment Type: Open Book
Examiner: C Pfister
Educator: E. Bungne
Due Date: 9 September 2022
Total: 100 marks

Instructions:

• This assignment consists of two (2) questions.

• It is based on units 1-4 of your textbook (Chapters 1-4).

• All of the questions are compulsory.

• Show all calculations.

62 HFAC302-1-Jul-Dec2022-FA1-CP-V3-22062022
ANNEXURE F-FORMATIVE ASSESSMENT 1

QUESTION 1 (45 marks)

You are presented with the following trial balances for Lion Limited and Croc Limited
as at 30 June 2022:
Lion Limited Croc Limited
R R
Debits
Dividend paid 200 000 -
Property, plant and equipment 1 200 00 750 000
Investment in Croc Limited 600 000 -
Income tax expense 21 850 9 880
Cash and cash equivalents 32 000 12 000
Trade receivables 126 200 46 500
2 180 050 818 380

Credits
Share capital 500 000 150 000
Retained earnings (1 July 2021) 1 346 920 557 180
Mark to market reserve (1 July 2021) 77 600 -
Deferred tax 26 880 -
Trade payables 56 400 23 600
Profit before tax 152 250 87 600
Fair value adjustment 20 000 -
2 180 050 818 380

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ANNEXURE F-FORMATIVE ASSESSMENT 1

Additional information:
• Lion Limited purchased 100% of the shares in Croc Limited on 1 November 2020
for R480 000. At the acquisition date, Croc Limited had a retained earnings balance
of R345 550.
• At the acquisition date, Lion Limited considered the carrying amount of the
identifiable net assets of Croc Limited to be equal to their acquisition fair values.
• Lion Limited accounted for its investment in Croc Limited in its separate financial
statements at fair value through other comprehensive income in accordance with
IFRS 9.
• The income tax rate applicable is 28%, and 80% of capital gains are included in
taxable income. Lion Limited is not a share dealer for income tax purposes.

REQUIRED:

1.1) Provide the pro forma journal entries necessary to prepare the Consolidated
Financial Statements of the Lion Limited group for the financial year ended 30
June 2022.
(20 marks)
1.2) Prepare the Consolidated Statement Financial Position of the Lion Limited
Group for the year ended 30 June 2022.
(25 marks)

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ANNEXURE F-FORMATIVE ASSESSMENT 1

Competency Framework Reference:

B1 REPORTING FUNDAMENTALS
B1.1 Fundamental reporting concepts
Identify users’ needs and develop a reporting approach by selecting suitable
reporting and regulatory framework(s) which satisfies most users’ needs in
general purpose reporting by: (i) Applying the fundamental theories related to
a)
reporting, (ii) Applying the objective, usefulness and limitations of the available
reporting frameworks, (iii) Applying the objective, nature and characteristics of
regulatory frameworks and requirements
b) Apply the qualitative characteristics and principles of useful information
c) Identify, define and evaluate appropriate reporting boundaries
d) Identify, define and evaluate the different elements in reporting frameworks
e) Apply the recognition and de-recognition criteria to an element
f) Select and apply a measurement basis to an element
PERFORMANCE MEASUREMENT FOR EXTERNAL USERS OF
D1
GENERAL-PURPOSE FINANCIAL STATEMENTS
Financial reporting: in accordance with International Financial Reporting
D1.1
Standards (IFRS)
Prepare, analyse and evaluate general purpose financial statements in
a) accordance with IFRS for an entity, which could be a for-profit entity, an SME,
a public sector entity or a not-for-profit entity

65 HFAC302-1-Jul-Dec2022-FA1-CP-V3-22062022
ANNEXURE F-FORMATIVE ASSESSMENT 1

QUESTION 2 (55 marks)

You are presented with the following trial balances for Whale Limited and Shark
Limited as at 31 December 2021:
Whale Shark
Limited Limited
R R
Debits
Dividend paid: 31 May 2021 - 25 000
Dividend paid: 30 November 2021 100 000 50 000
Property, plant and equipment 235 350 888 340
Investment in Shark Limited 720 000 -
Income tax expense 156 200 65 480
Trade receivables 35 420 34 200
1 246 970 1 063 020

Credits
Share capital 100 000 200 000
Retained earnings (1 January 2021) 566 870 587 800
Trade payables 25 400 22 520
Profit before tax 554 700 252 700
1 246 970 1 063 020

Additional information:
• Whale Limited purchased 80% of the shares in Shark Limited on 1 July 2021.
• At the acquisition date, Whale Limited considered the carrying amount of the
identifiable net assets of Shark Limited to be equal to their acquisition fair values.
• On 1 July 2021, Shark Limited’s trial balance showed a profit before tax of
R122 450 and an income tax expense of R31 740.
• Whale Limited measured the non-controlling interest at its at acquisition date fair
value of R180 000.
• Whale Limited measures its investment in Shark Limited at cost price.

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ANNEXURE F-FORMATIVE ASSESSMENT 1

REQUIRED:

2.1) Provide the pro forma journal entries necessary to prepare the Consolidated
Financial Statements of the Whale Limited group for the financial year ended
31 December 2021.
(22 marks)

2.2) Prepare the Consolidated Statement of Profit or Loss and Other

Comprehensive Income of the Whale Limited Group for the financial year ended
31 December 2021.
(11 marks)

2.3) Prepare the Consolidated Statement of Changes in Equity of the Whale Limited
Group for the financial year ended 31 December 2021.

(8 marks)

2.4) For answering this requirement only, assume that Whale Limited determined
the recoverable amount of Shark Limited to be R940 000 as at 31 December
2021. Assume that the carrying amount of the net assets of Shark Limited,
excluding goodwill, amounts to R920 000 on 31 December 2021.

Prepare the pro-forma journal entry required to account for the impairment loss,
if applicable, on Shark Limited in the Consolidated Financial Statements of the
Whale Limited Group as at 31 December 2021.
(14 marks)

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ANNEXURE F-FORMATIVE ASSESSMENT 1

Competency Framework Reference:

B1 REPORTING FUNDAMENTALS
B1.1 Fundamental reporting concepts
Identify users’ needs and develop a reporting approach by selecting suitable
reporting and regulatory framework(s) which satisfies most users’ needs in
general purpose reporting by: (i) Applying the fundamental theories related to
a)
reporting, (ii) Applying the objective, usefulness and limitations of the available
reporting frameworks, (iii) Applying the objective, nature and characteristics of
regulatory frameworks and requirements
b) Apply the qualitative characteristics and principles of useful information
c) Identify, define and evaluate appropriate reporting boundaries
d) Identify, define and evaluate the different elements in reporting frameworks
e) Apply the recognition and de-recognition criteria to an element
f) Select and apply a measurement basis to an element
PERFORMANCE MEASUREMENT FOR EXTERNAL USERS OF
D1
GENERAL-PURPOSE FINANCIAL STATEMENTS
Financial reporting: in accordance with International Financial Reporting
D1.1
Standards (IFRS)
Prepare, analyse and evaluate general purpose financial statements in
a) accordance with IFRS for an entity, which could be a for-profit entity, an SME,
a public sector entity or a not-for-profit entity

68 HFAC302-1-Jul-Dec2022-FA1-CP-V3-22062022
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1

HIGHER EDUCATION PROGRAMMES

Academic Year 2022: July-December

Sample Formative Assessment 1: Financial Accounting 3B: Groups (HFAC302-1)
NQF Level, Credits: 6, 18
Weighting: 40%
Assessment Type: Open Book
Examiner: L van Niekerk
Educator E Bugne
Due Date: Sample
Total: 100 marks

Instructions:

• This assignment consists of essay type questions.

• It is based on units 1-4 of your textbook (Chapters 1-4).

• All of the questions are compulsory.

• Show all calculations.

69 HFAC302-1-Jul-Dec2022-FA1Sample-LVN-V3-25012021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1

The following Learning Outcomes are assessed:

• Identify when an investment in another company will be classified as an
investment in a subsidiary.
• Prepare pro-forma consolidation journals and consolidated financial statements
for a wholly owned subsidiary at the date of acquisition.
• Identify when an investment in another company will be classified as an
investment in a subsidiary.
• Prepare pro-forma consolidation journals and consolidated financial statements
for a partly owned subsidiary at the date of acquisition.
• Identify when an investment in another company will be classified as an
investment in a subsidiary.

• Prepare pro-forma consolidation journals and consolidated financial statements

for a partly owned subsidiary at a date after acquisition.

70 HFAC302-1-Jul-Dec2022-FA1Sample-LVN-V3-25012021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1

QUESTION 1 (23 marks)

The following are the condensed statements of financial position of Fred Ltd and its
subsidiary Flintstone Ltd as at 31 December 2020, the date on which Fred Ltd obtained
its interest in Flintstone Ltd:
Fred Ltd Flintstone
Ltd
ASSETS R R
Property, plant and equipment 10 000 40 000
Investment: Flintstone Ltd (30 000 shares at cost) 70 000 -
Trade receivables 25 000 22 500
Inventory 15 000 7 500
120 000 70 000
EQUITY AND LIABILITIES
Share Capital (70 000 & 30 000 shares respectively) 70 000 30 000
Revaluation reserve 16 000 12 000
Retained earnings 14 000 18 000
Trade payables 20 000 10 000
120 000 70 000

Additional information:
Assume that the identifiable assets acquired, and the liabilities assumed at acquisition
date are shown at their acquisition date fair values, as determined in terms of IFRS 3.

71 HFAC302-1-Jul-Dec2022-FA1Sample-LVN-V3-25012021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1

REQUIRED:

1.1 Prepare the at acquisition pro-forma consolidation journal entries in respect of

the investment in Fred Ltd for the Group for the year ended 31 December 2020.
(journal descriptions are not mandatory, but account classification must be
indicated (SFP/SCE/SPL).
(10 marks)
1.2 Prepare the consolidated statement of financial position of Fred Ltd and its
subsidiary as at 31 December 2020. (No notes are required).
(13 marks)

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ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1

QUESTION 2 (22 marks)

The following are the condensed statements of financial position of Donalt Ltd and its
subsidiary Tromp Ltd as at 31 December 2020, the date on which Donalt Ltd obtained
its interest in Tromp Ltd:
Donalt Ltd Tromp
Ltd
ASSETS R R
Property, plant and equipment 70 000 50 000
Investment: Tromp Ltd (30 000 shares at cost) 42 000 -
Trade receivables 20 000 15 000
132 000 65 000
EQUITY AND LIABILITIES
Share capital (100 000 & 50 000 shares respectively) 100 000 50 000
General reserve 12 000 5 000
Retained earnings 20 000 10 000
132 000 65 000

Additional information:
Assume that the identifiable assets acquired, and the liabilities assumed at acquisition
date are shown at their acquisition date fair values, as determined in terms of IFRS 3.
It is the entity’s policy to measure any non-controlling interest in an acquiree as its
proportionate share of the acquiree’s identifiable net assets.

REQUIRED:

2.1 Prepare the at acquisition pro-forma consolidation journal entries in respect of

the investment in Tromp Ltd for the Group for the year ended 31 December 2020.
(Journal descriptions are not mandatory, but account classification must be
indicated (SFP/SCE/SPL).
(12 marks)
2.2 Prepare the consolidated statement of financial position of Donalt Ltd and its
subsidiary as at 31 December 2020. (No notes are required).
(10 marks)

73 HFAC302-1-Jul-Dec2022-FA1Sample-LVN-V3-25012021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1

QUESTION 3 (15 marks)

The following are the condensed statements of financial position of Top Ltd and its
subsidiary Deck Ltd as at 31 December 2019, the date on which Top Ltd obtained its
interest in Deck Ltd:
Top Ltd Deck Ltd
ASSETS R R
Property, plant and equipment 100 000 30 000
Investment: Deck Ltd (60 000 shares at cost) 80 000 -
Inventory 100 000 30 000
Trade receivables 120 000 60 000
400 000 120 000
EQUITY AND LIABILITIES
Share capital (200 000 / 80 000 shares) 200 000 80 000
Retained earnings 160 000 20 000
Trade payables 40 000 20 000
400 000 120 000

Additional information:
Assume that the identifiable assets acquired, and the liabilities assumed at acquisition
date are shown at their acquisition date fair values, as determined in terms of IFRS 3.
It is the entity’s policy to measure any non-controlling interest in an acquiree as its
proportionate share of the acquiree’s identifiable net assets.

REQUIRED:

3.1 Prepare the at acquisition pro-forma consolidation journal in respect of the

investment in Tromp Ltd for the Group for the year ended 31 December 2019.
(Journal descriptions are not mandatory, but account classification must be
indicated (SFP/SCE/SPL).
(5 marks)
3.2 Prepare the consolidated statement of financial position of Top Ltd and its
subsidiary as at 31 December 2019. (No notes are required).
(10 marks)

74 HFAC302-1-Jul-Dec2022-FA1Sample-LVN-V3-25012021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1

QUESTION 4 (40 marks)

Salt Ltd obtained its interest in Pepper Ltd on 1 January 2018. On this date the Asset
replacement reserve and the Retained earnings had a balance of R8 000 and R16 000,
respectively.
The following is the condensed financial statements of Salt Ltd and Pepper Ltd.

STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2020

Salt Ltd Pepper
Ltd
R R
ASSETS
Property, plant and equipment 90 000 70 000
Investment: Pepper Ltd (80 000 shares at cost) 94 000 -
Inventory 15 000 30 000
Trade receivables 21 000 28 000
220 000 128 000
EQUITY AND LIABILITIES
Share capital (160 000 / 80 000 shares) 160 000 80 000
Asset replacement reserve 16 000 20 000
Retained earnings 24 000 24 000
Trade payables 20 000 4 000
220 000 128 000

STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2020

Salt Ltd Pepper
Ltd
R R
Profit from operations 26 000 14 000
Dividends received from subsidiary 6 000 -
Profit before tax 32 000 14 000
Income tax expense (9 600) (4 200)
Profit 22 400 9 800
Total comprehensive income for the year 22 400 9 800

75 HFAC302-1-Jul-Dec2022-FA1Sample-LVN-V3-25012021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1

STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER

2020

ASSET
RETAINED
REPLACEMENT
EARNINGS
RESERVE
Salt Ltd Pepper Salt Ltd Pepper
Ltd Ltd
R R R R
Balance at 31 December 2019 4 000 16 000 29 600 24 200
Total comprehensive income - - 22 400 9 800
for the year
Transfer to Asset replacement 12 000 4 000 (12 000) (4 000)
reserve
Ordinary dividend - - (16 000) (6 000)
Balance at 31 December 2020 16 000 20 000 24 000 24 000

Additional information:
Assume that the identifiable assets acquired, and the liabilities assumed at acquisition
date are shown at their acquisition date fair values, as determined in terms of IFRS 3.

REQUIRED:

4.1 Prepare the at acquisition pro-forma consolidation journal entries in respect of

the investment in Pepper Ltd for the Group for the year ended
31 December 2020. (Journal descriptions are not mandatory, but account
classification must be indicated (SFP/SCE/SPL).
(5 marks)
4.2 Prepare the Consolidated Statement of Profit or Loss of Salt Ltd and its
subsidiary for the year ended 31 December 2020. (No notes are required.)
(5 marks)
4.3 Prepare the Consolidated Statement of Change in Equity of Salt Ltd and its
subsidiary for the year ended 31 December 2020. (No notes are required.)
(20 marks)

76 HFAC302-1-Jul-Dec2022-FA1Sample-LVN-V3-25012021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1

4.4 Prepare the Consolidated Statement of Financial Position of Salt Ltd and its
subsidiary for the year ended 31 December 2020. (No notes are required.)
(10 marks)

77 HFAC302-1-Jul-Dec2022-FA1Sample-LVN-V3-25012021
 ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM

HIGHER EDUCATION PROGRAMMES

MEMORANDUM

Academic Year 2022: July-December

Sample Formative Assessment 1: Financial Accounting 3B: Groups (HFAC302-1)
NQF Level, Credits: 6, 18
Weighting: 40%
Assessment Type: Open Book
Examiner: L van Niekerk
Educator E Bugne
Due Date: Sample
Total: 100 marks

Instructions:

• This assignment consists of essay type questions.

• It is based on units 1-4 of your textbook (Chapters 1-4).

• All of the questions are compulsory.

• Show all calculations.

78 HFAC302-1-Jul-Dec2022-FA1Sample-Memo-V3-25012021
 ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM

QUESTION 1 (23 marks)

1.1 (10 marks)

JNL1
Debit Credit
Share Capital - Flintstone (SCE)  30,000

Revaluation reserve - Flintstone (SCE)  12,000

Retained earnings - Flintstone (SCE)  18,000

Goodwill (SFP) (Balancing figure) 10,000

Investment in Flintstone Ltd - Fred (SFP)  70,000

(Elimination of shareholders' interest of

Flintstone Ltd against investment account)

79 HFAC302-1-Jul-Dec2022-FA1Sample-Memo-V3-25012021
 ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM

1.2 (13 marks)

FRED LTD AND SUBSIDIARY

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2020 
Fred Flintstone Journals Group

Non-current assets 80,000 40,000 60,000

Property, plant and equipment 10,000 40,000 50,000
Goodwill - - 10,000  10,000
Investment: Flintstone Ltd 70,000 - -70,000  -

Current assets 40,000 30,000 70,000

Trade receivables 25,000 22,500 47,500 
Inventory 15,000 7,500 22,500

120,000 70,000 130,000

EQUITY AND LIABILITIES

Capital and reserves 100,000 60,000 100,000

Ordinary share capital 70,000 30,000 -30,000  70,000 

Revaluation reserve 16,000 12,000 -12,000  16,000 

Retained earnings 14,000 18,000 -18,000  14,000 

Current liabilities 20,000 10,000 30,000

Trade payables 20,000 10,000 30,000 

TOTAL EQUITY AND LIABILITIES 120,000 70,000 130,000

80 HFAC302-1-Jul-Dec2022-FA1Sample-Memo-V3-25012021
 ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM

Workings
Analysis of the shareholders' interest of Flintstone Ltd
Fred Ltd
Total At Since
(100%) RE GR
At date of acquisition
Share capital 30,000 30,000
Revaluation reserve 12,000 12,000
Retained earnings 18,000 18,000
60,000 60,000 - -
Investment in Flintstone Ltd 70,000
Goodwill 10,000

Ref: Chapter 3; page 99 – 109

The following Learning Outcomes are assessed:

• Identify when an investment in another company will be classified as an investment in a
subsidiary.
• Prepare pro-forma consolidation journals and consolidated financial statements for a wholly
owned subsidiary at the date of acquisition.

81 HFAC302-1-Jul-Dec2022-FA1Sample-Memo-V3-25012021
 ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM

QUESTION 2 (22 marks)

2.1 (12 marks)
NOTE TO GRADER:

IF STUDENT DID NOT GET THESE AMOUNTS/CALCULATIONS CORRECT IN THE JOURNAL,

YOU CAN REFER TO THE STUDENT’S ANALYSIS CALCULATION TO MARK WITH THE
STUDENT’S CALCUALTIONS ON THESE 4 MARKS – SEE MARK ALLOCATION BELOW IN
WORKINGS.

THE REST OF THE JOURNAL AMOUNTS ARE ALL GIVEN, SO NO CALCULATIONS HERE.

JNL1
Debit Credit

Share Capital - Tromp (SCE)  50,000𝟏⁄𝟐

General reserve - Tromp (SCE)  5,000 𝟏⁄𝟐
Retained earnings - Tromp (SCE)  10,000 
Goodwill (SFP) (Balancing figure) 3,000 
Investment in Tromp Ltd - Donalt (SFP)  42,000 
Minority Interest (SPL)  (40%𝟏⁄𝟐 x (50 000 + 5 000 +
10 000) 𝟏⁄𝟐) 26,000 

(Elimination of shareholders' interest of Tromp Ltd against

investment account)

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2.2 (10 marks)

DONALT LTD AND SUBSIDIARY

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2020.
Donalt Tromp Journals Group
ASSETS

Non-current assets 112,000 50,000 123,000

Property, plant and equipment 70,000 50,000 120,000 

Investment: Tromp Ltd 42,000 - -42,000 -

Goodwill - - 3,000 3,000

Current assets 20,000 15,000 35,000

Trade receivables 20,000 15,000 35,000

TOTAL ASSETS 132,000 65,000 158,000

EQUITY AND LIABILITIES

Capital and reserves 132,000 65,000 158,000

Share capital 100,000 50,000 50,000 100,000

General reserve 12,000 5,000 -5,000 12,000

Retained earnings 20,000 10,000 -10,000 20,000

Non-controlling Interest  - - 26,000 26,000

TOTAL EQUITY AND

LIABILITIES 132,000 65,000 158,000

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NOTE TO GRADER:

MARK WITH STUDENT CALCULATIONS HERE – MIGHT BE THAT THE STUDENT GOT THE
PERCENTAGES WRONG, BUT CALCULATIONS ARE STILL CORRECT – SO USE
JUDGEMENT ON HOW THE STUDENT GOT TO THE GOODWILL AND MINORITY AMOUNTS
AND AWARD MAX OF 4 MARKS FOR STUDENT CALCUALTIONS.

THESE 4 MARKS ONLY AWARDED ONCE – EITHER IN JOURNAL OR IN ANALYSIS.

Workings
Analysis of the shareholders' interest of Tromp Ltd
Donalt Ltd
Since
Total At Retained General Minority
(60%) earnings reserve (40%)
At date of acquisition

Share capital 50,000 30,000 20,000

General reserve 5,000 3,000 2,000
Retained earnings 10,000 6,000 4,000
65,000 39,000 - - 26,000
Investment in Tromp Ltd 42,000
Goodwill 3,000

65,000 3,000 - - 26,000

Ref: Chapter 4; page 148 – 157

The following Learning Outcomes are assessed:
• Identify when an investment in another company will be classified as an investment in a
subsidiary.
• Prepare pro-forma consolidation journals and consolidated financial statements for a partly
owned subsidiary at the date of acquisition.

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QUESTION 3 (15 marks)

3.1 (5 marks)
MARKS AVAILABLE: 7 MARKS MAXIMUM MARKS: 5 MARKS
NOTE TO GRADER:

IF STUDENT DID NOT GET THESE AMOUNTS/CALCULATIONS CORRECT IN THE JOURNAL,

YOU CAN REFER TO THE STUDENT’S ANALYSIS CALCULATION TO MARK WITH THE
STUDENT’S CALCUALTIONS ON THESE 4 MARKS – SEE MARK ALLOCATION BELOW IN
WORKINGS.

THE REST OF THE JOURNAL AMOUNTS ARE ALL GIVEN, SO NO CALCULATIONS HERE.

JNL1
Share Capital - Deck (SCE) 80,000 
Retained earnings - Deck (SCE) 20,000 
Goodwill (SFP) (Balancing figure) 5,000 
Investment in Deck Ltd - Top (SFP) 80,000 
Non-controlling interest (SFP) (25% x (80 000 + 20 000) ) 25,000 
(Elimination of shareholders' interest of Deck Ltd against
investment account)

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3.2 (10 marks)

TOP LTD AND SUBSIDIARY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2019 
Top Deck Journals Group
ASSETS
Non-current assets 180,000 30,000 135,000
Property, plant and equipment 100,000 30,000 130,000 
Investment: Deck Ltd 80,000 - -80,000 -
Goodwill - - 5,000 5,000

Current assets 220,000 90,000 310,000

Trade receivables 120,000 60,000 180,000 
Inventory 100,000 30,000 130,000 

TOTAL ASSETS 400,000 120,000 445,000

EQUITY AND LIABILITIES

Capital and reserves 360,000 100,000 360,000
Share capital 200,000 80,000 -80,000 200,000
Retained earnings 160,000 20,000 -20,000 160,000
Non-controlling interest - - 25,000 25,000

Current liabilities 40,000 20,000 60,000

Trade payables 40,000 20,000 60,000 

TOTAL EQUITY AND LIABILITIES 400,000 120,000 445,000

NOTE TO GRADER:

MARK WITH STUDENT CALCULATIONS HERE – MIGHT BE THAT THE STUDENT GOT THE
PERCENTAGES WRONG, BUT CALCULATIONS ARE STILL CORRECT – SO USE
JUDGEMENT ON HOW THE STUDENT GOT TO THE GOODWILL AND MINORITY AMOUNTS
AND AWARD MAX OF 4 MARKS FOR STUDENT CALCUALTIONS.

THESE 4 MARKS ONLY AWARDED ONCE – EITHER IN JOURNAL OR IN ANALYSIS.

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Workings
Analysis of the shareholders' interest of Deck Ltd
Top Ltd
Total At Since NCI
(75%) RE GR (25%)
At date of acquisition
Share capital 80,000 60,000 20,000
Retained earnings 20,000 15,000 5,000
100,000 75,000 - - 25,000
Investment in Deck Ltd 80,000
Goodwill 5,000

Ref: Chapter 4; page 148 – 157

The following Learning Outcomes are assessed:
• Identify when an investment in another company will be classified as an investment in a
subsidiary.
• Prepare pro-forma consolidation journals and consolidated financial statements for a partly
owned subsidiary at the date of acquisition.

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QUESTION 4 (40 marks)

4.1 (5 marks)
JNL1
Share Capital - Pepper (SCE) 80,000
Asset Replacement Reserve - Pepper (SFP) 8,000
Retained earnings - Pepper (SCE) 16,000
Gain from bargain purchase (SPL) (Balancing figure) 10,000 
Investment in Pepper Ltd - Salt (SFP) 94,000 
(Elimination of shareholders' interest of Pepper Ltd
against investment account)

4.2 (5 marks)
SALT LTD AND SUBSIDIARY
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE YEAR ENDED 31 DECEMBER 2020 
Salt Pepper Journals Group
R R R

Profit from operations 26,000 14,000 40,000

Dividends received 6,000 - (6,000) -
Profit before tax 32,000 14,000 40,000
Income tax expenses (9,600) (4,200) (13,800)
Profit for the year 22,400 9,800 26,200

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4.3 (20 marks)

MARKS AVAILABLE: 21 MARKS MAXIMUM MARKS: 20 MARKS
SALT LTD AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31
DECEMBER 2020 

Asset
Share Retained
replacement Total
Capital earnings
reserve
Balance at 31 December 2019 160,000 12,000 47,800 219,800
Profit for the year - 26,200 26,200
Transfer to Asset replacement reserve 16,000 (16,000) -
Ordinary dividend - (16,000) (16,000)
Balance at 31 December 2020 160,000 28,000 42,000 230,000

Calculations:
Share capital = 160 000 (Salt) + 80 000 (Pepper) – 80 000 (JNL 1)

Asset replacement reserve (OB) = 4 000 (Salt) + 16 000 (Pepper) – 8 000 (JNL 1)

Asset replacement reserve (CB) = 16 000 (Salt) + 20 000 (Pepper) – 8 000 (JNL 1)

Retained earnings (OB) = 29 600 (Salt) + 24 200 (Pepper) – 16 000 (JNL 1 – retained earnings
at acquisition) + 10 000 (JNL 1 – gain from bargain purchase at acquisition)

Dividends = 16 000 (Salt) + 6 000 (Pepper) – 6 000 (Eliminate intergroup dividends)

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4.4 (10 marks)

MARKS AVAILABLE: 11 MARKS MAXIMUM MARKS: 10 MARKS
SALT LTD AND SUBSIDIARY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2020 

Salt Pepper Journals Group

R R R R
ASSETS
Non-current assets 184,000 70,000 160,000
Property, plant and equipment 90,000 70,000 160,000
Investment: Pepper Ltd 94,000 - (94,000) -
Goodwill - - -

Current assets 36,000 58,000 94,000

Inventory 15,000 30,000 45,000
Trade receivables 21,000 28,000 49,000

220,000 128,000 254,000

EQUITY AND LIABILITIES

Capital and reserves 200,000 124,000 230,000
Share capital 160,000 80,000 (80,000) 160,000
Asset Replacement Reserve 16,000 20,000 (8 000) 28,000
(16 000) +
Retained earnings 24,000 24,000 42,000
10 000

Current liabilities 20,000 4,000 24,000

Trade payables 20,000 4,000 24,000

220,000 128,000 254,000

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SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM

Workings:
Analysis of the shareholders' interest of Pepper Ltd
Salt Ltd
Total AT SINCE NCI
(100%) RE ARR (0%)
AT DATE OF ACQUISITION
Share capital 80,000 80,000
Asset Replacement Reserve 8,000 8,000
Retained earnings 16,000 16,000
104,000 104,000 - - -
Gain from bargain purchase (10,000)
Consideration 94,000

SINCE ACQUISITION
· To beginning of current year
Asset Replacement Reserve
(20 000 – 4 000 – 8 000) 8,000 8,000
Retained earnings
(24 200 - 16 000) 8,200 8,200

· Current year
Profit for the year (SPL) 9,800 9,800
Ordinary dividends (6,000) (6,000)
Transfer to Asset Rep. Res. - (4,000) 4,000
124,000 8,000 12,000 -

Ref: Chapter 4; page 157 – 211

The following Learning Outcomes are assessed:

• Identify when an investment in another company will be classified as an investment in a
subsidiary.
• Prepare pro-forma consolidation journals and consolidated financial statements for a partly
owned subsidiary at a date after acquisition.

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ANNEXURE I-SUMMATIVE ASSESSMENT 2

HIGHER EDUCATION PROGRAMMES

Academic Year 2022: July – December

Financial Accounting
Summative Assessment 2: 3B:
Groups (HFAC302-1)

NQF Level, Credit: 6, 18

Weighting: 10%

Assessment Type: Excel Assessment

Educator: E.Bungne

Examiner: C Pfister

Total: 35 marks

Instructions:
1. Summative Assessment 2 (SA2) must be handed in online on ColCampus before
or on the day of the Summative Assessment 1 (SA1) sitting.
2. Please note that your calculations and answers should be prepared in Excel.
3. An Excel template is provided as a basis for you to start with.
4. You are allowed to add sheets to the template should you require additional sheets
for workings.
5. You are allowed to remove sheets from the template, should you not require/use
some of the sheets provided.
6. You can add or remove lines or columns where you deem necessary.
7. It is your responsibility to ensure that your end product includes all you consider
necessary to support your end product, i.e., the Statement of Financial Position.

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8. Complete the plagiarism declaration on ColCampus.

QUESTION 1 (35 marks)

SSA Foods Ltd is a public company listed on the JSE Limited in South Africa. The
company is Africa's leading fast-food restaurant franchisor. To expand their business,
SSA Foods Ltd purchased an 85% shareholding in FlameGrilled Ltd on 1 July 2021.
Each share entitles the shareholder to one vote. FlameGrilled Ltd is a franchised fast-
food restaurant specialising in flamed-grilled meals. FlameGrilled Ltd's restaurants are
located all over South Africa. From 1 July 2021, SSA Foods Ltd had control of
FlameGrilled Ltd in accordance with IFRS 10 Consolidated Financial Statements. Both
companies have a 30 June year-end.

As of 30 June 2022, the following trial balances are presented to you (you may assume
that the amounts are correct, except where otherwise indicated in the information
below).

SSA Foods FlameGrilled

Ltd Ltd
Debits R R
Other Investments 5 919 679 -
Equipment 672 021 1 436 994
Investment in FlameGrilled Ltd 583 000 -
Inventory 254 481 241 976
Trade Receivables 667 933 -
Cash and cash equivalents 234 791 214 000
Cost of sales 2 187 948 555 104
Other expenses 985 414 587 032
Income tax expense 664 249 66 714
Finance costs - 54 688
Dividend paid (paid on 30 May 2022) 81 000 35 000
12 250 516 3 191 508

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ANNEXURE I-SUMMATIVE ASSESSMENT 2

Credits
Issued ordinary share capital 500 000 250 000
Retained earnings – 1 July 2021 5 255 028 345 871
Long-term loan - 546 880
Deferred tax 321 864 132 479
Trade payables 479 877 428 517
Revenue 5 657 871 1 487 761
Other income 35 876 -
12 250 516 3 191 508

Investment in FlameGrilled Ltd:

• The investment was acquired on 1 July 2021, and all the assets and liabilities of
FlameGrilled Ltd were deemed to be fairly valued on the acquisition date, except
for the following:
o Braai equipment with a carrying amount of R761 626 had a fair value of
R850 000 on 1 July 2021. The equipment had a useful life of 3.5 years
remaining on this date.
o No additional assets, liabilities, or contingent liabilities were identified at the
acquisition date.
• The following intragroup transactions took place within the group during the year
ended 30 June 2022:
o From 1 July 2021, SSA Foods Ltd purchased braai sauce from FlameGrilled
Ltd at a cost plus 33,33%.
o Total intragroup sales recorded by FlameGrilled Ltd for the 2022 financial
year amounted to R120 000.
o Included in the closing inventory of SSA Foods Ltd on 30 June 2022 was
inventory amounting to R89 657 purchased from FlameGrilled Ltd.

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Additional information:

• SSA Foods Ltd accounts for investments in subsidiaries at cost in its separate
financial statements.
• It is the accounting policy of SSA Foods Ltd to account for property, plant, and
equipment using the cost model in accordance with IAS 16 Property, Plant, and
Equipment.
• The SSA Foods Ltd Group provides depreciation on property, plant, and equipment
items using the straight-line method over the asset's remaining useful life.
• There was no change in the issued ordinary share capital of FlameGrilled Ltd
during the 2022 financial year.
• You may assume that all income tax-related entries have been correctly accounted
for in the separate accounting records of SSA Foods Ltd.
• SSA Foods Ltd has elected to measure the non-controlling interests of
FlameGrilled Ltd at fair value on the acquisition date. The fair value of the non-
controlling interests of FlameGrilled Ltd amounted to R105 000 on 1 July 2021.
• Assume a normal income tax rate of 28% and a capital gains tax inclusion rate of
80%. Ignore Value Added Tax (VAT) and Dividend Tax.
• None of the companies are considered a share trader for income tax purposes or
an investment entity as defined in IFRS 10 Consolidated Financial Statements.

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REQUIRED:

Using the Excel template provided together with your knowledge on Excel formulas
and functions, prepare the Consolidated Statement of Financial Position of the SSA
Foods Ltd Group as at 30 June 2022. Comparative amounts are not required.

You are required to complete the Excel template to the best of your ability based on
the information and instructions provided, and you need to make use of Excel's
functions as far as possible.
(Calculations & use of Excel functions – 30 marks)
(Presentation – 5 marks)

Evidence required:
• Final Statement of Financial Position in PDF.
• All your calculations saved as PDF.
• All your calculations in formula view saved as PDF.
• Your completed Excel template.

Notes:
• When you are satisfied that your formulas are correct, go to Formulas > Show
Formulas. Your tab will change so that all of the cells where you entered formulas
now display the actual formula. Take a screen print with all the formulas and submit
this, along with a copy of your Excel spreadsheet with all the formulas entered into
it.
• Please ensure that the PDF is clear and understandable when you save your Excel
sheets as PDF.

The following Learning Outcomes are assessed in this assessment:

• Prepare pro-forma consolidation journals for a group with a partly owned
subsidiary at a date after acquisition.
• Prepare pro-forma consolidation journals to eliminate intracompany balances
and transactions and account for that in the consolidated financial statements for
group.
• To account for deferred tax on intracompany transactions where applicable.
• Prepare consolidated financial statements making use of Excel.

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Competency Framework Reference:

B1 REPORTING FUNDAMENTALS
B1.1 Fundamental reporting concepts
Identify users' needs and develop a reporting approach by selecting suitable reporting
and regulatory framework(s) which satisfies most users' needs in general purpose
reporting by: (i) Applying the fundamental theories related to reporting, (ii) Applying the
a)
objective, usefulness and limitations of the available reporting frameworks, (iii)
Applying the objective, nature and characteristics of regulatory frameworks and
requirements
b) Apply the qualitative characteristics and principles of useful information
c) Identify, define and evaluate appropriate reporting boundaries
d) Identify, define and evaluate the different elements in reporting frameworks
e) Apply the recognition and de-recognition criteria to an element
f) Select and apply a measurement basis to an element
PERFORMANCE MEASUREMENT FOR EXTERNAL USERS OF GENERAL-
D1
PURPOSE FINANCIAL STATEMENTS
Financial reporting: in accordance with International Financial Reporting
D1.1
Standards (IFRS)
Prepare, analyse and evaluate general purpose financial statements in accordance
a) with IFRS for an entity, which could be a for-profit entity, an SME, a public sector
entity or a not-for-profit entity
Y Decision-making acumen
Y3 Problem solving
a) Use a questioning mind-set during problem identification and analysis
Weigh the relevance and accuracy of information; challenge assumptions, and probe
b)
for detail
Y5 Professional scepticism
a) Obtain and understand information in order to challenge views developed by others
Evaluate the integrity of the information, its source, and the appropriateness of the
b)
presentation

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ANNEXURE J:
SAMPLE SUMMATIVE ASSESSMENT 1

HIGHER EDUCATION PROGRAMMES

Academic Year 2022: July- December

Sample Summative Assessment 1: Financial Accounting 3B: Groups (HFAC302-1)
NQF Level, Credits: 6, 18
Weighting: 50%
Assessment Type: Closed Book
Examiner: L van Niekerk
Educator: E Bugne
Due Date: Sample
Total: 100 marks
Duration: 2 hours

Instructions:
1. This examination script consists of 10 pages including the cover sheet. Ensure that you
have all the pages.
2. This examination consists of Essay-Type questions.
3. No answers in pencil will be marked.
4. Ensure that you hand in the entire examination script and the answer book at the end of
the session. This script remains the property of Boston City Campus & Business College
(Pty) Ltd.
5. Answer all questions.
6. Show all calculations.

7. Good Luck!

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The following Learning Outcomes are assessed:

• Prepare pro-forma consolidation journals for a group with a partly owned
subsidiary at a date after acquisition.
• Prepare pro-forma consolidation journals to eliminate intracompany balances
and transactions and account for that in the consolidated financial statements for
group.
• To account for deferred tax on intracompany transactions where applicable.
• Prepare pro-forma consolidation journals for the group where a subsidiary has
preference shares in issue.
• Prepare pro-forma consolidation journals for a group with a partly owned
subsidiary at a date after acquisition.
• Prepare pro-forma consolidation journals to eliminate intracompany balances
and transactions and account for that in the consolidated financial statements for
group.
• To account for deferred tax on intracompany transactions where applicable.

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For your convenience, an overview of the Assessment Rules:

1. In order to control invigilated assessments in accordance with module specific guidelines,
published rules are enforced.
2. Students must bring a valid identity document (ID or Passport) and means to disclose their
student number to all (formative and summative) invigilated assessments.
3. Students participating in assessments in the form of invigilated tests or exams must arrive and
be seated in the assessment venue fifteen (15) minutes prior to the start of the assessment.
4. Students must sign the Assessment Register on arrival and when handing in their assessment
paper before leaving the assessment venue.
5. Students who arrive fifteen (15) minutes after the start of an assessment will not be allowed to
attempt the assessment under any circumstances.
6. Students who are late for an assessment, without just cause for an application for deferral, will
not be granted another assessment opportunity and will receive a zero (0) grade for the
assessment.
7. Students are required to complete all the necessary information (name, surname, student
number and module code) on the assessment answer sheet.
8. Students will be required to remain in the assessment venue for forty-five (45) minutes from the
start of the assessment.
9. Other than what is specified by the particular requirements of a module, no student may make
use of any form of equipment, stationery or any other materials or resources during the
assessment session.
10. Other than what is specified, all electronic devices must be switched OFF for the duration of
the assessment.
11. Other than what is specified, no materials or equipment nor any other resources may be taken
into the assessment venue but must be left at a designated location, which is in most instances
near the entrance of the assessment venue.
12. Tippex (correction fluid) may not be used. Any section where Tippex is used will not be marked.
13. Students are not permitted to talk or communicate whatsoever during an assessment session
or cause any form of disturbance.
14. Students may not ask the invigilator for assistance in answering questions during an
assessment.
15. Should a student require anything during an assessment they may only communicate this need
to the invigilator on duty usually by raising of their hand.
16. Students may not leave the assessment venue without informing the invigilator and signing out
the exit attendance register.
17. No materials may be removed from the assessment venue at the end of an assessment. This
includes question papers as they remains the property of Boston City Campus & Business
College.
18. Learners must leave all personal belongings at the front of the assessment venue. This is done
at the learner’s own risk and neither Boston City Campus & Business College nor the staff will
be held responsible for the loss, theft or damage of belongings.
19. No student will be permitted extra time to complete an assessment unless the prior permission
granted has been brought under the attention of the invigilator prior to commencement of the
assessment. It is recommended that students do take along a copy of the approved permission
slip to overcome any unforeseen situation.
20. If an invigilator finds a student in contravention of any rule governing an assessment session,
the assessment script will immediately be confiscated and inform the Academic Committee at
Head Office Orange Grove. The student may be summoned to attend a disciplinary inquiry at
Head Office.

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QUESTION 1 (60 marks)

The following are the condensed financial statements of LOLLIE Ltd and POP Ltd for
the year ended 31 December 2020:

STATEMENT OF FINANCIAL POSITION LOLLIE Ltd POP Ltd

R R
ASSETS
Machinery at cost 292 500 100 000
Accumulated depreciation – Machinery (120 000) (20 000)
Investment in POP Ltd:
90 000 ordinary shares at cost 120 000 -
2 500 preference shares at cost 7 500 -
Listed investments 25 000 -
Trade receivables 30 000 150 000
Inventory 70 000 120 000
425 000 350 000
EQUITY AND LIABILITIES
Ordinary share capital (200 000 / 100 000 shares) 200 000 100 000
10% R2-Preference shares 25 000 20 000
Asset replacement reserve 5 000 4 000
Retained earnings 165 000 156 000
Trade payables 30 000 70 000
425 000 350 000

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STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

LOLLIE Ltd POP Ltd
R R
Revenue 430 000 260 000
Cost of sales (250 000) (125 000)
Gross profit 180 000 135 000
Other income (including dividend income) 23 000 -
Other expenses (including depreciation) (33 000) (35 000)
Profit before tax 170 000 100 000
Income tax expense (50 000) (35 000)
Total comprehensive income 120 000 65 000

STATEMENT OF CHANGES IN EQUITY (EXTRACT)

RETAINED EARNINGS
LOLLIE Ltd POP Ltd
R R
Balance at 31 December 2019 52 500 97 000
Total comprehensive income 120 000 65 000
Transfer to asset replacement reserve (5 000) (4 000)
Preference dividends declared (2 500) (2 000)
Balance at 31 December 2020 165 000 156 000

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Additional information:

• LOLLIE Ltd acquired its interest in the ordinary shares of POP Ltd on 1 January
2019, when the balance of retained earnings was R25 000. The asset
replacement reserve was only created during the 31 December 2020 year.
• LOLLIE Ltd acquired its interest in the 10% R2-preference shares of POP Ltd
on 31 December 2019. These preference shares are non-cumulative.
• At the acquisition date, the assets and liabilities were considered to be fairly
valued in accordance with IFRS 3. It is LOLLIE Ltd’s policy to measure any
non-controlling interest in an acquiree as its proportionate share of the
acquiree’s identifiable net assets.
• The investments in POP Ltd are accounted for using the cost price model.
• LOLLIE Ltd purchases certain of its inventory from POP Ltd at cost plus 20%.
The following were taken from the inventory records of LOLLIE Ltd with regards
to the inventory purchased from POP Ltd for the year ended 31 December
2020:
➢ Purchases from POP Ltd for the current year were R35 000.
➢ Opening inventory purchased from POP Ltd was R13 500.
➢ Closing inventory purchased from POP Ltd was Rnil.
• Included in the PPE (property plant and equipment) of POP Ltd is a machine
that POP Ltd bought from LOLLIE Ltd on 1 January 2020 for R80 000. The
machine was inventory in the records of LOLLIE Ltd. LOLLIE Ltd sells these
machines at a profit of 25% on the selling price. The remaining useful life of the
machine is 5 years with no residual value. Both companies depreciate
machinery over a useful life of 5 years with no residual value.
• POP Ltd declared the preference dividend at year-end, but it has not yet been
paid. LOLLIE Ltd did account for the dividend receivable.
• Accept a tax rate of 28% and a capital gains tax rate of 14%.
• It is the entity’s policy to measure any non-controlling interest in an acquiree as
its proportionate share of the acquiree’s identifiable net assets.

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ANNEXURE J:
SAMPLE SUMMATIVE ASSESSMENT 1

REQUIRED:

1.1 Prepare the pro-forma consolidation journal entries required to account for the
• elimination of shareholders' interest in POP Ltd at acquisition;
• the inventory transactions and
• the machinery purchase transaction in the consolidated financial
statements of LOLLIE Ltd and its subsidiary for the year ended 31
December 2020.

(Journal explanations are not required. Clearly indicate whose journal entry it
is LOLLIE (parent) vs POP (subsidiary)).
(25 marks)
1.2 Prepare the Consolidated Statement of Profit or Loss and Other
Comprehensive Income of LOLLIE Ltd and its subsidiary for the year ended
31 December 2020. (Notes are not required.)
(15 marks)
1.3 Prepare only the asset section of the Consolidated Statement of Financial
Position of LOLLIE Ltd and its subsidiary at 31 December 2020. (Notes are not
required.)
(20 marks)

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ANNEXURE J:
SAMPLE SUMMATIVE ASSESSMENT 1

QUESTION 2 (40 marks)

The following are the condensed statements of financial position, statements of profit
or loss and other comprehensive income and statements of changes in equity of
UNITED Ltd and its partly owned subsidiary, NATIONS Ltd:

STATEMENTS OF FINANCIAL POSITION AT 31 DECEMBER 2020

UNITED NATIONS
Ltd Ltd
ASSETS R R
Investment in NATIONS at fair value:
120 000 ordinary shares 140 800 -
Equipment at cost 152 955 185 722
Accumulated depreciation – Equipment (37 955) (32 722)
Loan to NATIONS Ltd 5 000 -
Trade receivables 72 510 94 300
Inventory 34 657 53 500
Bank 16 333 -
384 300 300 800
EQUITY AND LIABILITIES
Share capital (180 000; 150 000 shares) 180 000 150 000
Retained earnings 163 500 34 300
Mark-to-market reserve 3 880 -
Loan from UNITED Ltd - 5 000
Deferred tax 4 666 3 322
Trade payables 32 254 43 000
Bank overdraft - 65 178
384 300 300 800

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SAMPLE SUMMATIVE ASSESSMENT 1

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2020
UNITED NATIONS
Ltd Ltd
R R
Revenue 426 982 345 111
Cost of Sales (219 599) (306 452)
Gross Profit 207 383 38 659
Other income (dividends received included) 19 200 9 541
Other expenses (21 083) (16 200)
Profit before tax 205 500 32 000
Income tax expense (52 300) (11 200)
Profit for the year 153 200 20 800
Other comprehensive income
Mark to market reserve (after tax) 1 552 -
Total comprehensive income for the year 154 752 20 800

STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER

2020 (EXTRACT)
Mark to Market RETAINED EARNINGS
Reserve
UNITED UNITED NATIONS
Ltd Ltd Ltd
R R R
Balance at 31 December 2019 2 328 26 300 17 100
Total comprehensive income 1 552 153 200 20 800
Ordinary dividend paid 20 December - (16 000) (3 600)
2020
Balance at 31 December 2020 3 880 163 500 34 300

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ANNEXURE J:
SAMPLE SUMMATIVE ASSESSMENT 1

Additional information:

• On 1 January 2015, UNITED Ltd purchased 120 000 ordinary shares of NATIONS
Ltd when the retained earnings of NATIONS Ltd was R8 000.
• The ordinary share capital has remained unchanged since that date. At the
acquisition date, the assets and liabilities were considered to be fairly valued in
accordance with IFRS 3. It is UNITED Ltd’s policy to measure any non-controlling
interest in an acquiree as its proportionate share of the acquiree’s identifiable net
assets.
• The investments in NATIONS Ltd are classified as at fair value through other
comprehensive income and all fair value adjustments are accordingly recognised
in equity.
• On 31 July 2019, UNITED Ltd sold equipment to NATIONS Ltd at a profit of R7
600. NATIONS Ltd is not a trader in equipment. The remaining useful life at the
date of the sale is estimated at 6 years with no residual value. NATIONS Ltd
depreciate assets over their useful lives according to the straight-line method.
• Since 1 January 2015, UNITED Ltd has been purchasing all its inventory from
NATIONS Ltd at a profit mark-up of 20% on the cost of the goods. These goods
are inventory in the records of UNITED Ltd. Total sales from NATIONS Ltd to
UNITED Ltd during the current reporting period amounted to R222 000. UNITED
Ltd’s inventory balance on 1 January 2020 amounted to R19 500.
• The tax rate remained unchanged at 28%. The capital gains tax rate is 22,4% (80%
of capital profit x 28% current tax rate).
• Goodwill has not been impaired since acquisition.

REQUIRED:

Prepare the pro-forma consolidation journal entries to eliminate UNITED Ltd’s

investment in NATIONS Ltd and to eliminate and account for all the transactions and
balances in preparation of the consolidated financial statements of UNITED Ltd and
its subsidiary for the year ended 31 December 2020.
(40 marks)

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 ANNEXURE K:
SAMPLE SUMMATIVE ASSESSMENT 1: MEMORANDUM

HIGHER EDUCATION PROGRAMMES

MEMORANDUM

Academic Year 2022: July-December

Sample Summative Assessment 1: Financial Accounting 3B:
Groups (HFAC302-1)
NQF Level, Credits: 6, 18
Weighting: 50%
Assessment Type: Open Book
Examiner: L van Niekerk
Educator: E Bugne
Due Date: Sample
Total: 100 marks
Duration: 2 hours

Instructions:

1. This memorandum examination script consists of 13 pages including the cover sheet.
Ensure that you have all the pages.
2. This examination consists of Essay-Type questions.
3. No answers in pencil will be marked.
4. Ensure that you hand in the entire examination script and the answer book at the end of
the session. This script remains the property of Boston City Campus & Business College
(Pty) Ltd.
5. Answer all questions.
6. Show all calculations.

7. Good Luck!

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For your convenience, an overview of the Assessment Rules:

1. In order to control invigilated assessments in accordance with module specific guidelines, published rules
are enforced.

2. Students must bring a valid identity document (ID or Passport) and means to disclose their student number
to all (formative and summative) invigilated assessments.

3. Students participating in assessments in the form of invigilated tests or exams must arrive and be seated
in the assessment venue fifteen (15) minutes prior to the start of the assessment.

4. Students must sign the Assessment Register on arrival and when handing in their assessment paper
before leaving the assessment venue.

5. Students who arrive fifteen (15) minutes after the start of an assessment will not be allowed to attempt the
assessment under any circumstances.

6. Students who are late for an assessment, without just cause for an application for deferral, will not be
granted another assessment opportunity and will receive a zero (0) grade for the assessment.

7. Students are required to complete all the necessary information (name, surname, student number and
module code) on the assessment answer sheet.

8. Students will be required to remain in the assessment venue for forty-five (45) minutes from the start of
the assessment.

9. Other than what is specified by the particular requirements of a module, no student may make use of any
form of equipment, stationery or any other materials or resources during the assessment session.

10. Other than what is specified, all electronic devices must be switched OFF for the duration of the
assessment.

11. Other than what is specified, no materials or equipment nor any other resources may be taken into the
assessment venue but must be left at a designated location, which is in most instances near the entrance
of the assessment venue.

12. Tippex (correction fluid) may not be used. Any section where Tippex is used will not be marked.

13. Students are not permitted to talk or communicate whatsoever during an assessment session or cause
any form of disturbance.

14. Students may not ask the invigilator for assistance in answering questions during an assessment.

15. Should a student require anything during an assessment they may only communicate this need to the
invigilator on duty usually by raising of their hand.

16. Students may not leave the assessment venue without informing the invigilator and signing out the exit
attendance register.

17. No materials may be removed from the assessment venue at the end of an assessment. This includes
question papers as they remains the property of Boston City Campus & Business College.

18. Learners must leave all personal belongings at the front of the assessment venue. This is done at the
learner’s own risk and neither Boston City Campus & Business College nor the staff will be held
responsible for the loss, theft or damage of belongings.

19. No student will be permitted extra time to complete an assessment unless the prior permission granted
has been brought under the attention of the invigilator prior to commencement of the assessment. It is
recommended that students do take along a copy of the approved permission slip to overcome any
unforeseen situation.

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20. If an invigilator finds a student in contravention of any rule governing an assessment session, the
assessment script will immediately be confiscated and inform the Academic Committee at Head Office
Orange Grove. The student may be summoned to attend a disciplinary inquiry at Head Office.

QUESTION 1 (60 marks)

1.1 (25 marks)

MARKS AVALAIBLE: 30 MARKS MAXIMUM MARKS: 25 MARKS

JNL1 – Elimination of interest in ordinary share capital

Debit Credit
Share Capital (POP) (SFP) 100,000
Retained Earnings (POP) (SFP) 25,000
Goodwill (SFP) (Balancing figure) 7,500
Investment in S Ltd (POP) (SFP) 120,000
Non-controlling Interest (SFP)
12,500
((100,000 + 25,000) x 10%)

JNL2 – Elimination of interest in preference share capital

Debit Credit
Preference share capital (POP) (SFP) 20,000
Goodwill (SFP) (Balancing figure) 2,500
Investment in S Ltd (POP) (SFP) 7,500
Non-controlling Interest (SFP)
15,000
(20,000 x 75%)

JNL3 – Adjustment to ensure that the consolidated retained earnings at the

beginning of 2020 is in agreement with the consolidated retained earnings at the
end of 2019, due to unrealised profit on sale of inventory included in opening
inventory

Debit Credit
Retained earnings (POP) (SCE) 1,620 
Income tax expense (POP) (SPL) 630

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(2,250 x 28%)
Cost of Sales (POP) (SPL)
2,250
(13,500 x 20/120)
JNL4 – Elimination of intragroup inventory sales for the year

Debit Credit
Revenue (POP) (SPL) 35,000
Cost of Sales (LOLLIE)(SPL) 35,000

JNL5 – Elimination of unrealised profit on the sale of machinery

Debit Credit
Other income (LOLLIE) (SPL) 20,000
Machinery (POP) (SFP) (80 000 x 25/100) 20,000

JNL6 – Tax effect of unrealised profit on the sale of machinery

Debit Credit
Deferred tax (POP) (SPL) 5,600
Income tax (LOLLIE) (SPL) (20,000 x 28%) 5,600

JNL7 – Recording of unrealised intercompany profit on sale of machinery

realised during 2020
Debit Credit
Accumulated depreciation (POP) (SFP) 4,000
Depreciation (LOLLIE) (SPL) (20,000 / 5) 4,000

JNL8 – Recording tax effect of unrealised intercompany profit on sale of

machinery realised during 2020
Debit Credit
Income tax expense (LOLLIE) (SPL)
1,120
(4,000 x 28%)
Deferred tax (POP) (SFP) 1,120

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1.2 (15 marks)

MARKS AVALAIBLE: 23 MARKS MAXIMUM MARKS: 15 MARKS

LOLLIE LTD AND SUBSIDIARY

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2020

LOLLIE POP JOURNALS GROUP

R R R R
Revenue 430,000 260,000 -35,000 (JNL4) 655,000
+2,250 (JNL3)
Cost of Sale (250,000) (125,000) +35,000 (JNL4) (337,750)
Gross Profit 180,000 135,000 317,250
-20,000(JNL5)
-500 (2,000 x 25%)
Other income 23,000 - (Pref div) 2,500
Other expenses (33,000) (35,000) +4 000 (JNL7) (64,000)
Profit before tax 170,000 100,000 255,750
-630(JNL3)
+5,600(JNL6)
Income tax expenses (50,000) (35,000) -1,120(JNL8) (81,150)
Profit after tax 120,000 65,000 174,600
Other comprehensive
income - - -
Total
comprehensive
income for the year 120,000 65,000 174,600

Total comprehensive income attributable to:

Owners of the parent (Balancing figure) 166,638
Non-controlling interest 7,962

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((65 000 – 630 + 2,250 – 2,000) x 10%) + (2,000 x 75%)

174,600

1.3 (20 marks)

MARKS AVALAIBLE: 21 MARKS MAXIMUM MARKS: 20 MARKS

LOLLIE LTD AND SUBSIDIARY

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2020 

Group
ASSETS LOLLIE POP WORKINGS GROUP
Non-current assets 325,000 80,000 275,980
Machinery at cost 292,500 100,000 -20,000 372,500
Accumulated
depreciation (120,000) (20,000)  +4,000 (136,000)
Investment in POP
Ltd - Ordinary 120,000 -  -120,000 -
Investment in POP
Ltd - Preference 7,500 -  -7 500 -
Listed investments 25,000 -  25,000
Deferred tax - - 5,600 - 1,120 4,480
Goodwill - - 2,500 + 7,500 10,000

Current assets 100,000 270,000 369,500

-500 (Pref div
Trade receivables 30,000 150,000  receivable) 179,500
Inventory 70,000 120,000  190,000

TOTAL ASSETS 425,000 350,000 645,480

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Workings:
Analysis of the shareholders' interest in the ordinary shares of POP LTD
LOLLIE LTD (90%)
NCI
Total SINCE
AT (10%)
RE ARR
At date of acquisition
Share capital 100,000 90,000 10,000
Asset replacement reserve - - -
Retained earnings 25,000 22,500 2,500
125,000 112,500 - - 12,500
Goodwill 7,500
Consideration 120,000

Since acquisition
· To beginning of current year
Asset replacement reserve - - -
Retained Earnings 70,380 63,342 7,038
Balance beginning of year 97,000
Balance at acquisition (25,000)
Unrealised profit – opening inventory
(2,250)
(13,500 x 20/120)
Tax effect – opening inventory
630
(2,250 x 28%)

· Current year
Profit for the year (SPL) 64,620 58,158 6,462
Per SPL 65,000
Unrealised profit – opening inventory 2,250
Tax effect – opening inventory (630)
Preference dividend (2,000)
Transfer to ARR (4,000 x 90%) - (3,600) 3,600 -
260,000 117,900 3,600 26,000

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Workings:
Analysis of the shareholders' interest in the preference shares of POP LTD

LOLLIE LTD (25%)

NCI
Total SINCE
AT (75%)
RE ARR
At date of acquisition
Share capital 20,000 5,000 15,000
Goodwill 2,500
Consideration 7,500

Since acquisition
· To beginning of current year
N/A - -

· Current year
Profit attribute PS 2,000 500 1,500
Preference dividends (2,000) (500) (1,500)
20,000 - - 15,000

Ref: Chapter 4; page 157 – 210; Chapter 6; page 319 – 406; Chapter 8; page 525
- 571
The following Learning Outcomes are assessed:
• Prepare pro-forma consolidation journals for a group with a partly owned
subsidiary at a date after acquisition.
• Prepare pro-forma consolidation journals to eliminate intracompany balances
and transactions and account for that in the consolidated financial statements for
group.
• To account for deferred tax on intracompany transactions where applicable.
• Prepare pro-forma consolidation journals for the group where a subsidiary has
preference shares in issue.

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QUESTION 2 (40 marks)

MARKS AVALAIBLE: 52 MARKS MAXIMUM MARKS: 40 MARKS

JNL 1 – Reversal of fair value adjustment on United Ltd investment

Debit Credit
Mark-to-market reserve (UNITED) (SFP) (3,880 – 1,552) 2,328
Mark-to-market reserve (UNITED) (SPL-OCI) (Given) 1,552
Deferred tax (UNITED) (SFP) (5,000 x 22.4%) 1,120
Investment in ordinary shares (UNITED) (SFP)
(3,880 / (100 – 22,4) x 100)) 5,000

JNL 2 - Elimination of shareholders' interest of NATIONS Ltd against the

investment account

Debit Credit
Share Capital (NATIONS) (SFP) 150,000
Retained earnings (NATIONS) (SFP) 8,000
Goodwill (SFP) (Balancing figure) 9,400
Investment in NATIONS (140,800 - 5,000) (SFP) 135,800
Non-controlling interest (SFP) ((150,000 + 8,000) x 20%) 31,600

JNL 3 - Adjustment to ensure that the consolidated Retained earnings at the

beginning of 2020 is in agreement with the consolidated Retained earnings at
the end of 2019 – unrealised profit included in the opening inventory

Debit Credit
Retained earnings (NATIONS) (SCE) 2,340
Income tax expense (NATIONS) (SPL) (3,250 x 28%) 910
Cost of Sales (NATIONS) (SPL) (19,500 x 20/120) 3,250

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JNL 4 - Recording of non-controlling interest in the retained earnings of the

subsidiary for the period since acquisition to beginning of current year

Debit Credit
Retained earnings (NATIONS) (SCE) 1,352
Non-controlling interest (SFP)
((17,100 – 8,000 – 2,340) x 20%) 1,352

JNL 5 - Elimination of intragroup sales

Debit Credit
Revenue (NATIONS) (SPL) 222,000
Cost of Sales (UNITED) (SPL) 222,000

JNL 6 - Elimination of unrealised intercompany profit included in closing

inventory of UNITED Ltd

Debit Credit
Cost of Sales (NATIONS) (SPL) (34,657 x 20/120) 5,776
Inventory (UNITED) (SFP) 5,776

JNL 7 – Tax effect of unrealised intercompany profit included in closing

inventory of UNITED Ltd

Debit Credit
Deferred tax (UNITED) (SFP) (5,776 x 28%) 1,617
Income tax expense (SPL) (NATIONS) 1,617

JNL 8 - Recording of non-controlling interest in the profit after tax for the current
year
Debit Credit
Non-controlling interest (SPL)
(20,800 + 2,340 – 5,776+ 1,617) x 20%) 3,796
Non-controlling interest (SFP) 3,796

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JNL 9 - Elimination of intercompany dividend

Debit Credit
Ordinary dividend received (UNITED) (SPL) (3 600 x 80%) 2,880
Non-controlling interest (SFP) (3 600 x 20%) 720
Ordinary dividends paid (NATIONS) (SCE) 3,600

JNL 10 - Elimination of the unrealised intragroup profit included in the

equipment of company due to sale of equipment
Debit Credit
Retained earnings (UNITED)(SCE) (Balancing figure) 5,092 
Deferred tax (UNITED) (SFP) ((7,600 - 528) x 28%) 1,980
Accumulated depreciation: Equipment (UNITED) (SFP)
(7,600/6 x 5/12) 528
Equipment (NATIONS) (SFP) (Given) 7,600

JNL 11 - realisation of unrealised profit included in the equipment of NATIONS

as a result of depreciation – for the current year
Debit Credit
Accumulated depreciation: Equipment (SFP) (NATIONS) 1,267
Depreciation (UNITED) (SPL) (7,600 / 6) 1,267

JNL 12 - Tax implication of the realisation of unrealised profit included in the

equipment of NATIONS as a result of depreciation – for the current year
Debit Credit
Income tax expense (UNITED) (SPL) (1,267 x 28%) 355
Deferred tax (SFP) 355

JNL 13 - Elimination of intragroup loan

Debit Credit
Loan from UNITED Ltd (NATIONS) (SFP) 5,000
Loan to NATIONS Ltd (UNITED) (SFP) 5,000

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Workings:
Analysis of the shareholders' interest of NATIONS Ltd
UNITED Ltd (80%)
Total SINCE NCI
AT
RE (20%)
At date of acquisition
Share capital 150,000 120,000 30,000
Retained earnings 8,000 6,400 1,600
158,000 126,400 - 31,600
Consideration (140,800 – (3,880 / (100 – 22,4)
135,800
x 100))
Goodwill 9,400
Since acquisition
· To beginning of current year
Retained earnings 6,760 5,408 1,352
Beginning current year 17,100
At acquisition (8,000)
Unrealised profit – opening inventory
(3,250)
(19,500 x 20/120)
Tax effect – opening inventory (3,250 x 28%) 910
· Current year
Profit for the year (SPL) 18,981 15,185 3,796
Per SPL 20,800
Unrealised profit – opening inventory 3,250
Tax effect – opening inventory (910)
Unrealised profit – closing inventory
(5,776)
(34,657 x 20/120)
Tax effect – closing inventory (5,776 x 28%) 1,617
Ordinary dividends (3,600) (2,880) (720)
180,141 17,713 36,028

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Ref: Chapter 4; page 157 – 210; Chapter 6; page 319 – 406; Chapter 8; page 525
- 571
The following Learning Outcomes are assessed:
• Prepare pro-forma consolidation journals for a group with a partly owned
subsidiary at a date after acquisition.
• Prepare pro-forma consolidation journals to eliminate intracompany balances
and transactions and account for that in the consolidated financial statements for
group.
• To account for deferred tax on intracompany transactions where applicable.

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