Financial

Statements
(FNST)

ICB ASSIGNMENT 3

ANSWER BOOK

APR 2022 TO MAR 2023

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

THIS PAPER CONSISTS OF 1 ASSIGNMENT

ASSIGNMENT 3: 5 QUESTIONS

INSTRUCTIONS:

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

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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

ASSIGNMENT 3

QUESTION 1 YEAR-END ACCOUNTING FOR A SOLE PROPRIETORSHIP

General journal of: ____________________________________________________

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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

Income statement of: __________________________________________________

Notes R R

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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

Statement of financial position of: ________________________________________

Notes R R

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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

Notes to the financial statements

1. Interest income

2. Interest expense

3. Property, plant and equipment

Total

4. Available-for-sale financial assets

5. Inventories

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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

6. Trade and other receivables

7. Cash and cash equivalents

8. Owner's equity

9. Long-term borrowings

10. Trade and other payables

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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

QUESTION 2 STATEMENT OF CASH FLOWS

Step 1: Asset disposal procedures

____________________________

Accumulated depreciation: ____________________________

Asset disposal

Property

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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

Available-for-sale financial asset

Step 2: Calculation of cash receipts from customers

Step 3: Cash paid to suppliers and employees

1. Draw up an illustrative ‘income account’.

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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

2. Adjust for accruals

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

Shareholders for dividends

SARS (Income tax)

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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

Step 5 and 6: Prepare the cash flow statement and notes

Notes to the cash flow statement

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

2. Cash and cash equivalents

20… 20…

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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

Statement of cash flows of: _____________________________________________

Notes R

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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

QUESTION 3 DEPARTMENTAL ACCOUNTS

Departmental trading statement of: _______________________________________

Marketing & Customer services

1. 2. 3. 4. 5. 6. 7.
8. 9. 10.11. 12.13. 14.
15. 16. 17.18. 19.20.

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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

QUESTION 4 CLUB ACCOUNTS

General ledger of: ____________________________________________________

Calculations:
……………………………………………………………………………………………………………….....................
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 FINANCIAL STATEMENTS (FNST)
ICB ASSIGNMENT 3 ANSWER BOOK - APR 2022 TO MAR 2023

QUESTION 5 INCOMPLETE RECORDS

5.1.

Statement of changes in equity of: _______________________________________

Balance as at 30 November 2020

Calc: …………………………………………………………………………………………………………..

Additional contributions during the year

Profit for the year

Drawings for the year

Balance as at 30 November 2020

5.2.

Statement of financial position of: ________________________________________

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