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FAC1502 Financial Statements Notes

This document is a study guide for a Financial Accounting course provided by the tutor, Mr. Ramashau Aluwani, for group 3E. It covers key topics like the statement of comprehensive income, statement of changes in equity, statement of financial position, and provides an integrated example and exercises for students to practice. The goal is to help students master the important topic of financial statements for their upcoming exam.

Uploaded by

Michelle Foord
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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602 views

FAC1502 Financial Statements Notes

This document is a study guide for a Financial Accounting course provided by the tutor, Mr. Ramashau Aluwani, for group 3E. It covers key topics like the statement of comprehensive income, statement of changes in equity, statement of financial position, and provides an integrated example and exercises for students to practice. The goal is to help students master the important topic of financial statements for their upcoming exam.

Uploaded by

Michelle Foord
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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GROUP 3E

FAC1502-SEMESTER 1-2016
UNISA
FINANCIAL STATEMENTS
[STUDY UNIT 15]
PREPARED BY E-TUTOR MR RAMASHAU ALUWANI
2016-05-14

UNISA E-TUTOR: RAMASHAU - FAC1502-S1-16-GROUP3E

MENU

INTRODUCTION
FINANCIAL STATEMENTS
INTEGRATED EXAMPLE
MUST DO EXERCISES
SELF ASSESSMENT
INSPIRATIONAL QOUTES

2016-05-14

UNISA E-TUTOR: RAMASHAU - FAC1502-S1-16-GROUP3E

INTRODUCTION
Dear Honourable Members
Financial Statements is one of the critical topic which is
integrated in the exam and it is important that you master this
study unit.
Let me know if you need clarity on any issues

Kind regards
Mr. Ramashau Aluwani
E-Tutor: FAC 1502 (Group 3E)
"The only place success comes before work is in the dictionary."
- Vince Lombardi
2016-05-14

UNISA E-TUTOR: RAMASHAU - FAC1502-S1-16-GROUP3E

FINANCIAL STATEMENTS
(STUDY UNIT 15)
The Statement of Comprehensive
Income (Financial Performance)
The Statement of Changes in Equity
The Statement of Financial Position
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UNISA E-TUTOR: RAMASHAU - FAC1502-S1-16-GROUP3E

STUDY UNIT 15-FINANCIAL STATEMENTS


The Statement of comprehensive income (Financial performance)
The statement of comprehensive income is prepared from information in the trading account
and profit or loss account
The Statement of changes in equity
This statement shows all the changes in equity which have occurred during the financial
period.
The purpose of the statement of changes in equity is to reconcile the equity at the beginning
of the financial period with the equity at the end of the financial period.
The balance at the end of the financial period is then shown in the statement of financial
position.
The profit increases equity and loss decreases equity
Only the balance at the end of the year will be shown in the Statement of Financial Position
The Statement of financial position
The statement of financial position is in fact nothing but detailed version of the accounting
equation (Assets = Equity + Liabilities) which shows the financial position of an entity
Note the structure of Statement of financial position

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UNISA E-TUTOR: RAMASHAU - FAC1502-S1-16-GROUP3E

TIPS
In the exam you are expected to know the Structure or
Format of the financial statements.
You may find integrated questions in exams, Adjustments &
Financial Statements (Study Unit 6 & 15).
Before you prepare the financial statements, you may be
asked to pass journals (adjustments) or to take adjustments
into considerations. Refer to Previous Exam paper.

There is a similar integrated example in the study guide and


also answer the previous question papers.
NB. You will be required to answer all questions in exam
within two hours. Prepare yourself now!!!
2016-05-14

UNISA E-TUTOR: RAMASHAU - FAC1502-S1-16-GROUP3E

INTEGRATED EXAMPLE:
EX.2 - STUDY GUIDE (PAGE 293)
ADDITIONAL INFORMATION:
(a) Stationery on hand at 28 February 20.1, R150.
(b) An allowance for credit losses of R405 on
outstanding trade debtors' balances must be created.
(c) Rent income amounts to R1 500 per month and the
rental has been charged for the full financial year.
(d) Provide for interest still outstanding on mortgage
bond.
(e) Provide for depreciation on furniture and fittings at
15% per annum on cost price.
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UNISA E-TUTOR: RAMASHAU - FAC1502-S1-16-GROUP3E

REQUIRED
(1) Prepare the Statement of Comprehensive
Income of Peter Pumpkin for the year ended 28
February 20.1
(2) Prepare the Statement of Changes in Equity of
Peter Pumpkin for the year ended 28 February
20.1
(3) Prepare the Statement of Financial Position of
Peter Pumpkin for the year ended 28 February
20.1
(4) Show the Notes for the year ended 28 February
20.1
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UNISA E-TUTOR: RAMASHAU - FAC1502-S1-16-GROUP3E

MUST KNOW
IN EXAM YOU MAY BE EXPECTED TO PREPARE THE FOLLOWING:

STATEMENT OF PROFIT AND LOSS & OTHER


COMPREHENSIVE INCOME
STATEMENT OF CHANGES IN EQUITY
STATEMENT OF FINANCIAL POSITION
NOTE TO FINANCIAL STATEMENT: PPE
PRINCIPLES, PRINCIPLES & PRINCIPLES
2016-05-14

UNISA E-TUTOR: RAMASHAU - FAC1502-S1-16-GROUP3E

MUST DO EXERCISES
TUTORIAL LETTERS
TUTORIAL LETTER 102-QUESTION 3
STUDY GUIDE
6.5 REVISION EXERCISE (PG 110-111)
INTEGRATED EXAMPLE (PG 143 -144)
REVISION EXERCISE 5 (PG 157)
REVISION EXERCISE 8 (PG 163)
EXERCISE 15.2 (PG 290)
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10

MUST DO EXERCISES
PREVIOUS EXAM QUESTION PAPERS

QUESTION 1 (MAY-JUNE 2013)


QUESTION 3 (OCT-NOV 2013)
QUESTION 1 (MAY-JUNE 2014)
QUESTION 3 (OCT-NOV 2014)
QUESTION 2 (MAY-JUNE 2015)
QUESTION 3 (OCT-NOV 2015)

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11

SELF ASSESSMENT
NO.

TOPIC

1.

STUDY UNIT 1 -5

Done

2.

STUDY UNIT 6- ADJUSTMENTS

Done

3.

STUDY UNIT 7- CLOSING OFF PROCEDURES

Done

4.

STUDY UNIT 8-BANK RECONCILIATION

Done

5.

STUDY UNIT 9-DEBTORS CONTROL

Done

6.

STUDY UNIT 11-PPE

Done

7.

STUDY UNIT 13- CREDITORS CONTROL

Done

8.

STUDY UNIT 15-FINANCIAL STATEMENTS

Done

9.

ASSIGNMENT NO.1

Done

10.

ASSIGNMENT NO.2

Done

2016-05-14

STATUS

UNISA E-TUTOR: RAMASHAU - FAC1502-S1-16-GROUP3E

12

INSPIRATIONAL QUOTES
Would you like me to give you a formula for
success? Its quite simple, really. Double your rate of
failure. Thomas J. Watson
The way to get started is to quit talking and begin
doing Walt Disney

Follow Your Passions and Success Will Follow Joao


Alhanati
"Start where you are. Use what you have. Do what
you can." Arthur Ashe
"All our dreams can come true if we have the
courage to pursue them." Walt Disney
Hard work beats Talent when talent fails to work
hard-Kevin Durant
2016-05-14

UNISA E-TUTOR: RAMASHAU - FAC1502-S1-16-GROUP3E

13

COUNTDOWN TO EXAMS!

ALL THE BEST!!!


2016-05-14

UNISA E-TUTOR: RAMASHAU - FAC1502-S1-16-GROUP3E

14

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