REVISED SYLLABUS

REPORT 191 (NATED)

FINANCIAL ACCOUNTING N5

CODE NUMBER: 04010175

IMPLEMENTATION DATE: JULY 2021

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TABLE OF CONTENT

Content Page Numbers

1. General Aims ………………………………………………………………..….……... 3

2. Pre-requisite ……………………………………….………………………..….……… 4

3. Duration of instruction ………………………………………………………………… 4

4. Evaluation …………………………………………………………………..………..… 4

5. Semester mark ……………………..………………………………..………………… 5

6. Examination …………………………………………………………………..……..…. 6

7. Pass requirements ……………………………………………..………………….….. 6

8. General information …………………………………………………….……..….…… 7

9. Marks allocation ………………………..……………………………………………… 8

10. Learning content ………………………………………….…………………….……... 8

11. Detailed syllabus ……………………………………………………..……………. 9-19

12. Annexures A-G …………………………………………………………………… 20-26

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FINANCIAL ACCOUNTING N5

1. GENERAL AIM

1.1 GENERAL OBJECTIVES

 To provide a general frame of reference for a specific area of enquiry.

 To provide theoretical background against which the practical

problems can be tested.

 To ensure that it will serve as the basis for developing new reporting
and evaluating current practices.

 To allow the changes on the foundational competencies in the IFRS

and IAS changes to suit accounting presentation.

 To develop the logical thought process and analytical abilities of

students to enable them to apply the fundamental principles of
accounting to new and unfamiliar situations.

 To encourage a sound and systematic approach to the solution of

problems.

 To contribute to the formative education of students by developing

characteristic demands associated with accounting, such as neatness,
orderliness, thoroughness, accuracy, sound judgement and a sense of
responsibility.

 To develop the understanding students, have of and their integration

with their social environment through the meaningful interpretation of
accounting information which they will come across in future.

 To enable students to deal with the basic demands of an accounting

occupation with confidence.

1.2 SPECIFIC AIMS

 To develop the accounting and numeracy skills of students who enter

an accounting occupation directly, to enable them to deal with all
procedures followed in the field of accounting.

 To increase students’ understanding of accounting and management

principles.

 To enable students to acquire knowledge and skills of accounting

systems generally used by business enterprises.

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  To give students the opportunity to apply in practice the theoretical
knowledge of accounting principles and procedures acquired during
the learning process by giving them the necessary exposure to
practice-related application of exercises directly from source and
supporting documents, and by simulating feasible situations related to
the accounting practice.

 To enable students to acquire knowledge and skills of all

administrative accounting tasks and related matters; for example,
completing of and handling business documents, filing, cost
accounting, prospects of investment and financing.

 To equip students with knowledge of the required principles, concepts

and procedures of accounting that are in line with generally accepted
accounting practice.

2. PRE-REQUISITE

Financial Accounting N4

3. DURATION OF INSTRUCTION

Full-time: A minimum of six (6) contact hours per week for one semester.

Part-time: A minimum of three hours per week for one semester.

Owing to the practical work and exercises prescribed in the syllabus,

1 hour of the prescribed six hours per week (full-time) can be regarded as a
practical hour that could be supervised by a mentor, and without direct
contact with the lecturer.

4. EVALUATION/ASSESSMENT
Evaluation is conducted on a continual basis by means of short class and
revision tests, formal tests, internal assessment and practice-orientated
assignments exercises as well as an external examination.

4.1 Internal evaluation/assessment

4.1.1 Class and revision tests/assessments

Short class and revision tests are given on a regular basis and are aimed
at rectifying problems before proceeding with new modules. Class and
revision tests can be short daily tests that take up a short time during each
period, and are compiled and marked in accordance with the amount of
work done in the module. Exercises done by students, as well as short
assignments can also be marked and can count towards the semester
mark for class and revision tests.

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4.1.2 Formal tests/assessments
Formal tests are conducted to cover all modules or work units.
These tests are aimed at evaluating students’ knowledge on completion of
modules or work units.

4.1.3 Practice-orientated assignments

Students are given a practice-orientated assignment and projects to
evaluate whether they have mastered the practical component of
Accounting. Student performance with regard to zeal, punctuality in
completing tasks or assignments conscientiousness, interest, dedication,
adaptability, etc. which should be gradually developed to facilitate
entrance to the world of work, is also included. These marks, in relation to
the weighted value of the indicated modules, form part of the final
semester mark.

5. SEMESTER MARK
5.1. A semester mark is determined out of 100% and is compiled from formal
tests, internal examination and marks allocated to an assignment or
practical project.

The semester mark is compiled as follows:

Tasks Type of assessment activity (the duration Scope of %
and proposed mark allocation can be assessment Contribution
increased but not reduced) to ICASS
mark
1 Assignment or practical task Should cover at 20%
least
20% of the
practical
outcomes in the
syllabus.
2 Test At least 40 – 30%
The duration and marks should align with 50% of the
the external exam paper/s, e.g. if the syllabus content
examination paper counts 200 marks for 3 must be
hours, then the test should count 60-70 covered in the
marks for 1 hour duration test.
3 Internal Examination At least 70 – 50%
The duration and marks should align with 80% of the
the external exam paper/s, e.g. syllabus content
if the examination paper counts 200 marks must be
for 3 hours, then the test should count 120- covered in the
140 marks for 2 hours’ duration Internal
examination.
TOTAL 100%

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5.2 To gain entrance to the external examination, a candidate must obtain a
subminimum of 40% in the semester mark. If entrance to the examination is
achieved, a semester mark, on a 40:60 basis, in combination with the external
examination mark, will form part of the final (promotion) mark.

5.3 Semester marks obtained are valid for the one year (Two Semesters)
following directly on the examination in which the original semester mark was
initially used. After that, this mark is no longer valid. The student must thus
register again for the same subject and obtain a new semester mark.

6. EXAMINATION

6.1 The examination paper will be compiled, moderated and marked externally.
6.2 The examination paper consists of practice-orientated questions and aspects
such as application, analysis and synthesis will feature in the compilation of
accounts, statements and accounting-related calculations. Although
comprehension questions could also be used, these will be limited as far as
possible seeing that the examination papers are directly aimed at accounting
related tasks as carried out in practice.

6.3 A three-hour paper totalling 200 marks will be set at the end of the semester.

6.4 The question paper must consist of module 1 to module 6.

6.5 The question paper should also consist of 20% theoretical questions from
module 1, 2, 4.2, 5.2.1.1 and 6. And 80% of practical questions from all
modules.

6.6 Non-programmable calculators may be used.

6.7 The tables below agree with the cognitive weights of the analysis grid
prescribed in the DHET ICASS guidelines for Report 191 programmes
COGNITIVE CATEGORIES: Recall, application, analysis, application,
evaluation and problem solving of the learning content are important aspects
in determining a student’s knowledge and understanding of the learning
content of the instructional offering.

The following weights are consequently awarded to each category:

KNOWLEDGE APPLICATION ANALYSIS/EVALUATION

40-50 20-30 20-30

7. PASS REQUIREMENTS

7.1 To pass Financial Accounting N5, a candidate must obtain a final mark of
40% by addition of the semester mark and the examination mark in a 40:60
ratio, provided that a sub- minimum of 40% is obtained as a semester mark as
well as an examination mark.

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8. GENERAL INFORMATION

8.1 The practical components (assignments and projects) are aimed at preparing
the student for the world of work in general and at the execution of accounting
functions in particular.

8.2 The practical components are also aimed at increasing the student’s
competence level in such a way that he/she can be productive in a job for
which an accounting background is required.

8.3 It is thus necessary that the student acquires practical experience in the field
of accounting by doing assignments on the execution of accounting functions
as dealt with in organisations to establish direct contact between the student
and the accounting practice. Work Based Exposure (WBE) and visits by
experts in accounting can guide the students and help to train them.

8.4 The practical components are further directed at learning an accounting

package on a microcomputer so as to keep pace with modern computer-
directed trends in accounting areas as applied in practice. It is therefore
recommended that students enrol for Computerised Financial Systems N5
together with Financial Accounting N5.

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9. MARKS ALLOCATION

MODULE 1: VALUE ADDED TAX (VAT) 10

MODULE 2: PARTNERSHIP 50

MODULE 3: BRANCHES 40

MODULE 4: INVENTORY AND INSURANCE CLAIMS 30

MODULE 5: INCOMPLETE RECORDS AND OTHER ACCOUNTING

ISSUES 40

MODULE 6: FINANCIAL ANALYSIS 30

200

10. LEARNING CONTENT WEIGHTED VALUE

MODULE 1: VALUE ADDED TAX (VAT) 5

(1 WEEK)

MODULE 2: PARTNERSHIP 25
(4 WEEKS)

MODULE 3: BRANCHES 20
(3 WEEKS)

MODULE 4: INVENTORY AND INSURANCE CLAIMS 15

(2 WEEKS)

MODULE 5: INCOMPLETE RECORDS AND OTHER ACCOUNTING

ISSUES 20
(3 WEEKS)

MODULE 6: FINANCIAL ANALYSIS 15

(2 WEEKS)
100

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FINANCIAL ACCOUNTING N5

MODULE 1: VALUE ADDED TAX (VAT)

CONTENT LEARNING OBJECTIVES
On completion of this module the
students must be able to:
1.1 Value Added Tax 1.1 .1 explain the concept VAT
1.1.2 differentiate the types of VAT
1.1.3 Prepare ledger accounts
 VAT input
 VAT output
 VAT control
1.2 Summary 1.2 summarise the module

DIDACTIC GUIDELINES

With reference to learning objectives 1.1 to 1.3:

1. Students should be able to handle double-entry transactions on the basis of

the following structure:

 Ledger account to be debited and ledger account to be credited

 The effect of the double entry on the accounting equation

EVALUATION

1. Theoretical questions and practical questions could be set for formative

assessments and summative assessments.

Theoretical questions (multiple choice questions, true or false and matching of

columns) and general ledger accounts questions can be set for examination
purposes.

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FINANCIAL ACCOUNTING N5

MODULE 2: PARTNERSHIPS
CONTENT LEARNING OBJECTIVES
On completion of this module the
students must be able to:
2.1 Introduction 2.1 Introduction and definition of
partnership
2.2 Reasons for the formation of 2.2 Explain the reasons why
Partnerships partnerships are formed
2.3 Legal aspects 2.3 State the characteristics of
partnership,
the advantages and disadvantages
of partnership
partnership agreement according
to International Financial
Reporting Standard (IFRS).
2.4 Dissolution of partnership 2.4 understand the factors which
can lead to the dissolution of
partnership, hence it has
limited lifespan.
2.5 Recording of equity 2.5 understand the separate
capital, current and drawings
accounts of each partner
2.6 Loan accounts 2.6 deal with the loan granted by the
partner to the partnership and loan
granted by the partnership to the
partner and the interest
expense as the operating
expenditure
2.7 Appropriation of profits 2.7 appropriate the net profit or
loss according to the
2.7.1 Partner’s salary partnership agreement
2.7.2 Bonus of the managing partner
2.7.3 Interest on; capital, current and
drawings account
2.7.4 General Reserves and funds

2.7.5 Profit or loss appropriation 2.7.5 divide the remainder of the profit
 According to a fixed ratio or loss among partners according
 According to a capital ratio to the methods mentioned.
 Equally
2.8 Annual Financial Statements 2.8 Prepare the annual financial
statement of a partnership
according to International
Financial Reporting
Standard (IFRS):

2.8.1 Prepare the statement of profit or

2.8.1 Statement of profit or loss loss and other comprehensive

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 and other Comprehensive income.
income
2.8.2 Prepare the statement of
2.8.2 Statement of Financial financial position together
Position with the notes to statement of
financial position.

2.8.3 Prepare the statement of changes

2.8.3 Statement of changes in equity in equity which reveal the
provision for the capital and
current accounts of each
partner to represent the details of
current accounts
2.9 Summary 2.9 summarise the module

DIDACTIC GUIDELINES

With reference to learning objectives 2.1 to 2.6:

1. Subjects of this section must be illustrated with examples from practice.

2. Students should be able to handle double-entry transactions on the basis of

the
following structure:

 Source documents (internal and external) for the transactions

 Ledger account to be debited and ledger account to be credited

 The effect of the double entry on the accounting equation

EVALUATION

1. Theoretical questions can be set for class tests, general ledger accounts and
financial statements questions can be asked.

2. For examination purposes theoretical questions (multiple choice questions, true

or false), general ledger accounts and financial statements questions can be set
for examination purposes.

Application questions should be set in the informal and formal assessments.

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FINANCIAL ACCOUNTING N5

MODULE 3: BRANCHES
CONTENT LEARNING OBJECTIVES
On completion of this module the
students must be able to:
3.1 Introduction 3.1 introduction, define branches and
purpose of branches

3.2 Accounting records for dependant 3.2 identify the information to be

Branches (centralised system) included in the reports submitted
by the branch to the head office.

3.3 Recording of transactions where 3.3 record the transactions between

inventory sent to the branch is the head office and the branch in
invoiced at cost price the general ledger accounts of
the head office where inventory
3.3.1 Inventory sent to the branch by sent to the branch is invoiced at
the head office and purchases cost price.
by the branch Be able to prepare the
3.3.2 Inventory returned to the head following general ledger
office. accounts:
3.3.3 Sale of inventory by the branch  Branch inventory account
(cash and credit sales)  Branch trade receivables
3.3.4 Expenditure paid by head control account
office on behalf of branch  Bank account
3.3.5 Branch petty cash account for  Branch petty cash account
small expenditure by the branch  Inventory to branch account
3.3.6 Inventory mark-down  Branch expense account
3.3.7 Inventory transactions between
Branches
3.3.8 Branch expense
3.3.9 Inventory in transit
3.3.10 Inventory on hand
3.3.11 Balancing of branch accounts

3.4 Recording of transactions where 3.4 record the transactions between

inventory sent to the branch is the head office and the branch in
invoiced at selling price. the general ledger accounts of
the head office where inventory
3.4.1 Calculation of the profit mark-up sent to the branch is invoiced at
3.4.2 Inventory sent to the branch by selling price. Be able to prepare
the head office and purchases the following general ledger
by the branch accounts:
3.4.3 Inventory returned to the head  Branch inventory account
office.  Branch adjustment account
3.4.4 Sale of inventory by the branch  Branch trade receivables
(cash and credit sales) control account
3.4.5 Expenditure paid by head  Bank account

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 office on behalf of branch  Inventory to branch account
3.4.6 Branch petty cash account for  Branch expense account
small expenditure by the branch
3.4.7 Inventory mark-down
3.4.8 Inventory transactions between
branches
3.4.9 Branch expense
3.4.10 Inventory in transit
3.4.11 Inventory on hand
3.4.12 Inventory shortage or surplus at
the branch
3.4.13 Balancing of branch accounts

3.5 Summary 3.5 summarise the module

DIDACTIC GUIDELINES

With reference to learning objectives 3.1 and 3.6:

1. Entries must, where applicable, be done directly from the source documents.

EVALUATION

1. Short theory questions can be set for class tests.

2. For examination purposes, general ledger accounts can be set either on cost
price or on selling price on the basis of centralised system.

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FINANCIAL ACCOUNTING N5

MODULE 4: INVENTORY AND INSURANCE CLAIMS

4.1 INVENTORY
CONTENT LEARNING OBJECTIVES
On completion of this module the
students must be able to:
4.1.1 Introduction 4.1.1 calculate the possible
 Defining inventory acceptable values against
 The physical inventory-taking which inventory can be valued to
 Aim satisfy the International
 Physical counting Financial Reporting Standard
 Inventory lists (IFRS).
4.1.2 The valuation of inventory within 4.1.2 calculate inventory according to
the framework of the system of the methods mentioned.
historical cost.

 The importance of the

valuation of inventory.
 Valuation against cost or
market price.
4.1.3 Methods of inventory card 4.1.3 calculate inventory according to
 F.I.F.O the methods
 Weighted Average cost price
4.1.4 Methods of inventory valuation 4.1.4 calculate closing inventory
according to the methods.
 F.I.F.O
 Weighted Average cost price
 Specific identification
4.1.5 Summary 4.1.5 summarise the module

DIDACTIC GUIDELINES

With reference to learning objectives 4.1.1 to 4.1.4:

1. Students should be in a position to gain knowledge of inventory-keeping,

inventory-taking and the different methods of inventory valuation by means of
visits to enterprises.

2. Students must be made aware of the influence that faulty inventory-keeping

and inventory-taking can have on the calculation of the cost of inventory.

3. Students must be given exercises on the calculation of inventory values.

EVALUATION

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Theory questions and application questions can be set for class tests and,
application questions should be set in the examination purposes with reference with
4.1.3 and 4.1.4 in the learning objectives.

4.2 INSURANCE CLAIMS

CONTENT LEARNING OBJECTIVES
On completion of this module the
students must be able to:
4.2.1 Different types of insurance: 4.2.1 give a brief outline of the
 Employers accountability different types of insurance
 Public accountability which could be applicable to an
insurance enterprise.
 Production accountability
insurance
 Motor car insurance
 Fidelity guarantee insurance
 Insurance of inventory in-
transit
 Insurance of cash and
negotiable documents
 Fire insurance
 Loss of inventory insurance
4.2.2 Calculation of the value of 4.2.2 calculate the value of the
inventory using Trading Account inventory of an enterprise at a
specific time.
4.2.3 Calculation of inventory after 4.2.3 calculate the closing inventory
sales prices variance when there has been a variance
in the sales prices.
4.2.4 Claims as a result of fire 4.2.4 calculate the value of inventory
Damage to inventory Damaged in a fire and of which
the records are destroyed.
4.2.5 The average clause in a short- 4.2.5 calculate the claim against an
Term insurance policy. Insurance company if the loss
of inventory is subject to the
average clause.
4.2.6 Summary 4.2.6 summarise the module

DIDACTIC GUIDELINES

With reference to learning objectives 4.2.1

1. This aspect need only be dealt with briefly.

2. An insurance broker can give students further background in the classroom.

EVALUATION

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1. Theory questions could be set for class tests and for examination purposes, and
should not be more than 10 marks.

2. Application questions should be set in the informal and formal assessments.

A fully or partially completed set of insurance claims could be given to students.

Theory questions as well as calculations could be asked to evaluate the students’
insight on the insurance processes.

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FINANCIAL ACCOUNTING N5

MODULE 5: INCOMPLETE RECORDS AND OTHER ACCOUNTING

ISSUES

5.1 INCOMPLETE RECORDS

CONTENT LEARNING OBJECTIVES
On completion of this module the students
must be able to:
5.1.1 Introduction 5.1.1 briefly describe what is
meant by incomplete records
and why they occur.

5.1.2 Differentiate between single- 5.1.2 give a brief description of the

entry system and double-entry single-entry system and indicate,
system by means of examples, the
difference between the
single-and double-entry system.

5.1.3 Procedure for the conversion 5.1.3 briefly mention the procedure for
of the single-entry system the conversion of the single-
entry system.

5.1.3.1 Calculation of the net profit by 5.1.3.1 determine the net profit of
means of the statement of an enterprise and describe
changes in equity and the operation by means of
statement of financial position statement of changes in
together with the notes to equity and prepare statement of
statement of financial financial position together with
position. the notes to statement of
financial position. Complete
a practical exercise in this
connection

5.1.4 Conversion of incomplete 5.1.4 do the conversion of incomplete

records to a double entry records to a system of double
system entry with special reference to:

 the reconstruction of the  the reconstruction of the sales

sales figure figure through trade
 the reconstruction of the receivables control account
purchases  the reconstruction of the
 and other general ledger purchases figure through trade
accounts payables control account
 and other general ledger
accounts.

5.1.4.1 calculate cost of sales

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 5.1.4.1 Incomplete keeping of from the incomplete
records in respect of the records of an enterprise
periodic inventory which handles the
system inventory system on the
periodic basis.

5.1.5 Summary 5.1.5 Summarise the topic

5.2 OTHER ACCOUNTING ISSUES

5.2.1 Other accounting issues 5.2.1 What is meant by accounting
issues.

5.2.1.1 Internal controls 5.2.1.1 Explain the internal

control and the internal
controls system to be
followed.

5.2.1.2 Correction of errors 5.2.1.2 Correct errors from the

previous and current
financial year using
general journal.
And be able to draw up
suspense account in the
general ledger and in the
general journal.
5.2.2 Summary 5.2.2 Summarise the topic

DIDACTIC GUIDELINES

With reference to learning objectives 5.1.1 to 5.2.1.2

1. Students should also, where necessary, be able to calculate loss amounts.

2. This module must also be explained by means of practical examples. In this

connection reference can be made to methods of marking inventory so that
the cost price in code form on inventory can make inventory taking and
discount calculation possible.

3. Case studies can be used to instruct this module practically.

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EVALUATION

1. Theory questions can be set for tests and for examination purposes on 5.2.1.1

2. Application questions should be set in the informal and formal assessments.

A fully or partially completed set of financial statements could be given to students.

Practical questions could be asked to evaluate the students’ insight on the year end
procedures.

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FINANCIAL ACCOUNTING N5

MODULE 6: FINANCIAL ANALYSIS

CONTENT LEARNING OBJECTIVES
On completion of this module the
students must be able to:
6.1 Introduction 6.1 explain the meaning of financial
analysis of financial statement.

6.2 The nature and scope of financial 6.2 briefly explain the nature and
statement analysis scope of financial analysis.

6.3 The objectives of financial 6.3 explain the objectives of financial

statement analysis statement analysis and
interpretation.

6.4 Users of financial statements 6.4 list all the users (internal and
external) who are interested in the
information contained in the
financial statements and give
reasons for their interest.

6.5 The use of financial statement 6.5 Explain, calculate and interpret the
Analysis: ratios and percentages as given in
the contents column so that
6.5.1 Solvency analysis meaningful conclusions can be
6.5.1.1 Solvency ratio reached.
6.5.1.2 Debt-equity ratio

6.5.2 Profitability ratios

6.5.2.1 Rate of return on
owner’s equity
6.5.2.2 Gross profit percentage
(on turnover)
6.5.2.3 Net profit percentage
(on turnover)
6.5.3 Liquidity ratios
6.5.3.1 Current ratio
6.5.3.2 Acid test ratio
6.5.3.3 Trade receivables
collection period
6.5.3.4 Trade payables
settlement period
6.5.3.5 Inventory turnover rate
6.5.3.6 Trade receivables
turnover rate
6.6 Summary 6.6 Summarise the module

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DIDACTIC GUIDELINE

With reference to learning objective 6.1 to 6.5:

Students should be able to:

1. Compare the financial results of two consecutive years

2. Give reasons for the possible deviation in results

3. Make suggestions that can lead to corrective action and improve financial
management of the enterprise.

EVALUATION

1. Theoretical questions on the representation of conclusions can be set for tests

and for examination.

2. Typical questions in this module should include the following:

 Calculate the ratios or percentages directly from a given set of financial

statements with comparative figures of the previous year.

 Comparing the results between two consecutive years.

 Conclusion and deduction from the available information.

 Meaningful recommendations to financial management.

3. Theoretical questions (multiple choice questions, true or false and matching of

columns) and short calculation questions can be set for examination
purposes.

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FRAMEWORK/STRUCTURES FOR FINANCIAL STATEMENTS

MODULE 2
ANNEXURE A

PERPETUAL INVENTORY SYSTEM

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(NAME OF BUSINESS) FOR THE YEAR OF ON (DATE, MONTH AND YEAR)
Revenue (less sales returns – Settlement discount granted) XXX
Cost of sales (less purchases returns less settlement discount received) (XXX)
Gross profit XXX
OTHER INCOMES XXX
Rent income XXX
Interest income XXX
Credit loss recovered XXX
GROSS INCOME FOR THE YEAR XXX
Less: Distribution, administrative and other expenses (XXX)
Packing material XXX
Stationery XXX
Salaries XXX
Telephone XXX
Insurance XXX
Advertisement XXX
Depreciation XXX
Less: Finance costs (XXX)
Interest on long-term loan XXX
Interest on overdraft XXX
Profit/Loss for the year XXX
Other Comprehensive Income for the year -
Total Comprehensive Income/loss for the year XXX/(XXX)

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ANNEXURE B

STATEMENT OF FINANCIAL POSITION OF (NAME OF BUSINESS) FOR THE

YEAR-END ON (DATE, MONTH AND YEAR)
ASSETS NOTES
Non-Current Assets XXX
Property, Plant and Equipment 1 XXX
Other financial assets 3 XXX

Current Assets XXX

Inventory 2 XXX
Trade and other receivables 3 XXX
Prepayments XXX
Cash and cash equivalent 3 XXX
TOTAL ASSETS XXX

EQUITY AND LIABILITIES

Total Equity XXX
Capital XXX

Non-Current Liabilities XXX

Long-term borrowings 4 XXX
Mortgage bond 4 XXX
Current Liabilities XXX
Trade and other payables 4 XXX
Income received in advanced XXX
Short-term borrowings XXX
Bank overdraft XXX
TOTAL EQUITY AND LIABILITIES XXX

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ANNEXURE C

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDING (DATE, MONTH AND YEAR)
Details Capital Current Account General Employee Appropri- Total
Partner Partner Partner A Partner B reserves bonus ation Equity
A B fund

Balance at XXX XXX XXX/(XXX) XXX/(XXX) XXX XXX

(Date, Month
And Year)
Total XXX/(XXX) XXX/(XXX)
comprehensive
income for the
year
Interest on XXX XXX (XXX)
capital
Interest on XXX/(XXX) XXX/(XXX) (XXX)/XXX
current
account
Interest on (XXX) (XXX) XXX
drawings
Salaries to XXX XXX (XXX)
partners
Bonus to XXX XXX (XXX)
partner
Drawings (XXX) (XXX) (XXX)
General XXX/ (XXX)/XXX
reserves (XXX)
Employees XXX (XXX)
bonus fund
Partners share XXX/(XXX) XXX/(XXX) (XXX)/XXX
of
comprehensive
income
Balance at XXX XXX XXX/(XXX) XXX/(XXX) XXX XXX - XXX
(Date, Month
And Year)

ANNEXURE D
NOTES TO THE STATEMENT OF FINANCIAL POSITION
1. PROPERTY, PLANT AND EQUIPMENT
LAND AND EQUIPMENT VEHICLE TOTAL
BUILDING
Carrying Value at XXX XXX XXX XXX
beginning (Date, Month
and Year)
Cost XXX XXX XXX XXX
Accumulated - XXX XXX XXX
Depreciation
Additions at cost XXX XXX XXX XXX
Disposal at carrying value (XXX) (XXX) (XXX)
Depreciation (XXX) (XXX) (XXX)
Carrying Value at end XXX XXX XXX XXX
(Date, Month and Year)
Cost XXX XXX XXX XXX
Accumulated - XXX XXX XXX
Depreciation
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2. INVENTORY R
Inventory (Date, Month and Year) XXX
Consumable store on hand (e.g Stationery + Packaging Material) XXX
XXX

3. FINANCIAL ASSETS R
NON-CURRENT FINANCIAL ASSETS XXX
Fixed deposit/Investment (Bank name and interest rate) XXX

CURRENT FINANCIAL ASSETS XXX

Trade and other Receivables XXX

Trade receivables control (less credit losses) XXX
Less: Allowance for credit losses (XXX)
Less: Allowance for discount granted (XXX)
Add : Income receivable (e.g. Interest on fixed deposit) XXX

Cash and Cash Equivalent XXX

Bank (Dr) XXX
Cash float XXX
Petty cash XXX

4. FINANCIAL LIABILITIES R
NON-CURRENT FINANCIAL LIABILITIES XXX
Long-term loan (Bank name and interest Rate) XXX
Mortgage bond XXX

CURRENT FINANCIAL LIABILITIES XXX

Trade And Other Payables XXX
Trade payables control XXX

Add : Expense payables (e.g Salaries) XXX

XXX
Short-term borrowings XXX
Bank overdraft XXX

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MODULE 5

ANNEXURE E

STATEMENT OF FINANCIAL POSITION OF (NAME OF BUSINESS) FOR THE

YEAR-END ON (DATE, MONTH AND YEAR)
ASSETS
Non-Current Assets XXX
Property, Plant and Equipment 1 XXX
Other financial assets 3 XXX

Current Assets XXX

Inventory 2 XXX
Trade and other receivables 3 XXX
Prepayments XXX
Cash and cash equivalent 3 XXX
TOTAL ASSETS XXX

EQUITY AND LIABILITIES

Total Equity XXX
Capital XXX

Non-Current Liabilities XXX

Long-term borrowings 4 XXX
Mortgage bond 4 XXX
Current Liabilities XXX
Trade and other payables 4 XXX
Income received in advanced XXX
Short-term borrowings XXX
Bank overdraft XXX
TOTAL EQUITY AND LIABILITIES XXX

ANNEXURE F

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDING (DAY, MONTH

AND YEAR)
Balance at the beginning (Date, Month And Year) XXX
Add/Less: Comprehensive income or loss for the year XXX/ (XXX)
Less: Drawings (XXX)
Balance at the end (Date, Month And Year) XXX

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ANNEXURE G
NOTES TO THE STATEMENT OF FINANCIAL POSITION
1. PROPERTY, PLANT AND EQUIPMENT
LAND AND EQUIPMENT VEHICLE TOTAL
BUILDING
Carrying Value at XXX XXX XXX XXX
beginning (Date, Month
and Year)
Cost XXX XXX XXX XXX
Accumulated - XXX XXX XXX
Depreciation
Additions at cost XXX XXX XXX XXX
Disposal at carrying value (XXX) (XXX) (XXX)
Depreciation (XXX) (XXX) (XXX)
Carrying Value at end XXX XXX XXX XXX
(Date, Month and Year)
Cost XXX XXX XXX XXX
Accumulated - XXX XXX XXX
Depreciation
2. INVENTORY R
Inventory (Date, Month and Year) XXX
Consumable store on hand (e.g Stationery + Packaging Material) XXX
XXX

3. FINANCIAL ASSETS R
NON-CURRENT FINANCIAL ASSETS XXX
Fixed deposit/Investment (Bank name and interest rate) XXX

CURRENT FINANCIAL ASSETS XXX

Trade and other Receivables XXX

Trade receivables control (less credit losses) XXX
Less: Allowance for credit losses (XXX)
Less: Allowance for discount granted (XXX)
Add : Income receivable (e.g. Interest on fixed deposit) XXX

Cash and Cash Equivalent XXX

Bank (Dr) XXX
Cash float XXX
Petty cash XXX

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4. FINANCIAL LIABILITIES R
NON-CURRENT FINANCIAL LIABILITIES XXX
Long-term loan (Bank name and interest Rate) XXX
Mortgage bond XXX

CURRENT FINANCIAL LIABILITIES XXX

Trade And Other Payables XXX
Trade payables control XXX
Add : Expense payables (e.g Salaries) XXX
XXX
Short-term borrowings XXX
Bank overdraft XXX

NOTE:

 All calculations must always be shown where necessary.

 Answers must comply with the requirements of International Financial Reporting

Standard (IFRS) appropriate to the business of the entity.

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