FINANCIAL ACCOUNTING

Transcription

1 FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - AUGUST 2012 NOTES: You are required to answer Question 1. You are also required to answer any three out of Questions 2 to 5. (If you provide answers to all of Questions 2 to 5, you must draw a clearly distinguishable line through the answer not to be marked. Otherwise, only the first three answers to hand for Questions 2 to 5 will be marked.) Note: Students have optional use of the Extended Trial Balance, which if used, must be included in the answer booklet. PRO-FORMA STATEMENT OF COMPREHENSIVE INCOME BY NATURE, STATEMENT OF COMPREHENSIVE INCOME BY FUNCTION AND STATEMENT OF FINANCIAL POSITION ARE PROVIDED. TIME ALLOWED: 3.5 hours, plus 10 minutes to read the paper. INSTRUCTIONS: During the reading time you may write notes on the examination paper but you may not commence writing in your answer book. Marks for each question are shown. The pass mark required is 50% in total over the whole paper. Start your answer to each question on a new page. You are reminded to pay particular attention to your communication skills and care must be taken regarding the format and literacy of the solutions. The marking system will take into account the content of your answers and the extent to which answers are supported with relevant legislation, case law or examples where appropriate. List on the cover of each answer booklet, in the space provided, the number of each question(s) attempted. The Institute of Certified Public Accountants in Ireland, 17 Harcourt Street, Dublin 2.

2 THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS IN IRELAND FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - AUGUST 2012 Time allowed: 3.5 hours plus 10 minutes to read the paper. Answer Question 1 and three of the remaining four questions. Note: Students have optional use of the Extended Trial Balance, which if used, must be included in the answer booklet. 1. (a) A company is deciding how to measure the value of a motor vehicle in their accounts. At a recent meeting, the following alternatives were considered: i) Value the motor vehicle at 10,000. This is based on the cost of the motor vehicle when purchased two years ago; ii) Value the motor vehicle at 12,000. This is based on the cost of a similar motor vehicle if purchased today; iii) Value the motor vehicle at 7,000. This is based on the sales price of a similar motor vehicle if sold today; iv) Value the motor vehicle at 8,000. This is based on an estimate of what a similar motor vehicle will return to them in cash from its use and which has been discounted into what the cash will be worth in today s money. For i) to iv) above outline which measurement base is being used and discuss any three (3) of these measurement bases in relation to measuring assets. (10 marks) Page1

3 (b) The following trial balance was extracted from the books of Milina Limited as at 30 June 2012: Debit Credit Share Premium 10,000 Repairs & Maintenance 1,720 Buildings 375,000 Carriage Outwards 4,000 Debentures 5% 160,000 Bank Loan ,000 Revenue Returns/Purchases Returns 1,400 7,600 Plant & Machinery 112,000 Bank 76,000 Insurance 26,500 Revenue 713,000 Provision for Bad Debts 12,000 Trade Receivables/Trade Payables 100,000 74,300 Land 500,000 Advertising 26,400 Plant & Machinery Accumulated Depreciation at ,000 Post & Stationery 2,750 Equipment 80,000 Buildings Accumulated Depreciation at ,000 Opening Inventory 25,000 Light & Heat 6,240 Telephone 4,620 Revaluation Surplus 63,000 Equipment Accumulated Depreciation at ,000 General Expenses 1,312 Rent 9,000 Share Capital 200,000 shares at 1 each 200,000 Debenture Interest 3,500 Retained Earnings at ,562 Carriage Inwards 1,860 Corporation Tax 1,200 Purchases 534,000 Wages & Salaries 74,360 1,965,662 1,965,662 The following information, based on your investigations, has also come to your attention: (i) Milina Limited had counted the original cost of inventories at the year-end and they amounted to 68,000. However, some inventory items that originally cost 4,800 were damaged prior to the year-end and will require repair work that will cost an estimated 600. When repaired, these items could then be sold for 4,000. ii) iii) Included in Revenue is an amount of 10,000 for goods sold on a sale or return basis to a customer. One the 5 July 2012, 8,000 of the goods sold was returned. The margin on these goods when they are sold is 25%. Depreciation is to be charged as follows: Buildings 2% on Cost (100% to Administration Expenses) Equipment 12.5% on Cost (100% to Distribution Costs) Plant & Machinery 10% Reducing Balance (100% to Distribution Costs) Depreciation is charged in full in year of purchase and none in year of sale and this year s depreciation has not been included in the above trial balance. iv) Included in Purchases is 4,000 which is the proceeds from the disposal of equipment. This equipment was purchased for 12,000 on 1 February Page 2

4 v) No revaluation of any Property, Plant or Equipment took place in the year-ended 30 June vi) vii) viii) A building was purchased on 30 June 2012 for 400,000. This purchase was financed by a long-term loan. This transaction has yet to be included in the above trial balance. A payment for insurance of 6,500 has been credited to Trade Payables by mistake. The Corporation tax bill for the year ending 30 June 2012 is estimated at 11,900 and this has not been provided for in the above trial balance. ix) A customer has gone into liquidation and you are advised to write off the full balance owing 2,140. x) There are closing accruals for Rent and Wages & Salaries amounting to 2,000 and 5,300 respectively which have not yet been included in the above trial balance. xi) xii) xiii) The Provision for Bad Debts should be changed to 5% of Trade Receivables. Provide for the Debenture Interest outstanding at the year-end. The following expenses are to be allocated in the following proportions; Distribution Costs Administration Costs Repairs & Maintenance 75% 25% Insurance 50% 50% Advertising 75% 25% Post & Stationery 75% 25% Light & Heat 25% 75% Telephone 50% 50% General Expenses 50% 50% Rent 0% 100% Debenture Interest 0% 100% Wages & Salaries 50% 50% Carriage Outwards 0% 100% Bad Debts Write Off 0% 100% Bad Debt Provision 0% 100% REQUIREMENT: Prepare, in a form suitable for publication, a Statement of Comprehensive Income and Statement of Financial Position for Milina Limited for the financial year-ending 30 June Show all workings. The workings for an adjustment should be in the form of a double entry or a journal. There is not any need for a narrative. (30 marks) [Total: 40 Marks] Page 3

5 2. (a) Explain what is meant by the following: i) a prepayment. ii) an accrual. Use an example of each to help support your answer. (4 Marks) (b) Matthew is a sole trader who maintains a combined insurance and rent ledger account. He rents out an office on 1 December 2010 at an annual rent of 168,000 payable quarterly in advance. The insurance, which starts on1 October 2010, is paid twice a year one month in arrears and amounts to 72,000 for a year. The following were the payments made by Matthew during the year to 31 December Date Details Rent 42, Rent 42, Insurance 36, Rent 42, Rent 45, Insurance 36, Rent 45,000 Additional Information: i) Rent of 42,000 was paid on 1 December 2010 for the quarter to 28 February ii) A rent review took place on 1 December 2011 and the annual rent has now increased to 180,000 per annum from that date. iii) Insurance for the year-ending 30 September 2012 amounts to 84,000. REQUIREMENT: Prepare the Insurance and Rent ledger account for Matthew for the year-ending 31 December (7 Marks) (c) (d) In the context of IAS 16 Property, Plant & Equipment, explain what is meant by the terms Capital Expenditure and Revenue Expenditure. (4 Marks) State, with reasons, whether each of the following items should be classified as capital or revenue expenditure. i) Purchase of a van; ii) Painting of the van in the company colours on purchase of the van; iii) Repainting of the van three years later; iv) Servicing the van on a six month basis; v) Replacing the engine of the van after 2 years with a similar engine. (5 Marks) [Total: 20 Marks] Page 4

6 3. Walter Johnson, a local business person is starting to import goods from various countries abroad and has asked you, a trainee financial accountant, for advice on how to account for the effects of changes in foreign exchange rates for his company Translate Limited. Translate Limited s year-end is 31 December and its reporting or functional currency is the euro ( ). REQUIREMENT: Walter Johnson has asked you to prepare a report which addresses the following: (a) In accordance with IAS 21 Changes in Foreign Exchange Rates, describe what is meant by the following: i) A foreign currency transaction. ii) An exchange difference. (4 Marks) (b) In reporting a foreign currency transaction in the functional currency, how should the transaction be recognised: i) On initial recognition; ii) At the end of the reporting period. (6 Marks) (c) Translate Limited entered into the following foreign currency transaction: Purchased goods from the US for $120, Paid for the goods purchased on the The exchange rates are as follows: 1 US Dollars $ equals in REQUIREMENT: Record the above transactions in the books of Translate Limited for the years ended 31 December 2010 and 31 December (10 Marks) [Total: 20 Marks] Page 5

7 4. (a) Mr. Twiddle is a sole trader who has asked you, as his financial accountant, to prepare his trade receivables and trade payables ledger control accounts for the month of January 2012 and ascertain what the net balances of the respective ledgers should be on 31 January Balances on 1 January 2012 Trade Receivables Ledger Dr 58,145 Cr 12,843 Trade Payables Ledger Dr 13,751 Cr 47,485 Total for the Month to 31 January 2012 Purchases 98,658 Sales 138,039 Purchases Returns 14,471 Trade Receivables Accounts settled by contra accounts with Trade Payables 12,682 Bad Debt Written Off 13,987 Discounts and Allowances to Customers 12,791 Cash Received from Customers 132,216 Cash Discount Received 13,873 Cash Paid to Trade Payables 82,157 Cash Paid to Customers 12,653 REQUIREMENT: (i) Prepare the Trade Receivables and the Trade Payables Control Accounts for the month-ended 31 January (10 Marks) (ii) Provide possible reconcilable items for a Trade Payables Control Account Reconciliation. (5 Marks) (b) Mr. Twiddle sends out a Trade Receivables Statement to his customers at the end of every month. A customer of Mr. Twiddle s has contacted him complaining to him that there is a difference between Mr. Twiddle s statement and what the customer claims that he owes Mr. Twiddle. REQUIREMENT: Explain how differences can arise between Mr. Twiddle s Trade Receivables Statement that he sends to his customers showing the amount due to him and the amount that the customer is saying is owing to Mr. Twiddle. (5 Marks) [Total: 20 Marks] Page 6

8 5. Caherame Limited is a manufacturer of plastic troughs for the farming industry and its accounts are as follows: Caherame Limited Statement of Financial Position as at 31 December Non-Current Assets Property, Plant & Equipment 1,820 1,496 Development Expenditure Total Non-Current Assets 2,080 1,733 Current Assets Inventories Trade Receivables Cash Total Current Assets Total Assets 2,769 2,313 Equity & Liabilities Equity Share Capital 1, Share Premium Retained Earnings Revaluation Surplus Total Equity 2,046 1,452 Non-Current Liabilities Debentures 10% Total Non-Current Liabilities Current Liabilities Trade Payables Bank Overdraft Corporation Tax Total Current Liabilities Total Equity & Liabilities 2,769 2,313 Caherame Limited Statement of Comprehensive Income for the year-ended 31 December Revenue 6,400 Cost of Sales 5,800 Gross Profit 600 Distribution Costs (235) Administration Expenses (145) Interest Costs (30) Investment Income - Profit before Tax 190 Income Tax Expense (30) Profit for the Year 160 Other Comprehensive Income Gains on Property Revaluations 100 Total Other Comprehensive Income for the year, net of tax 100 Total Comprehensive Income for the year, net of tax 260 (Question 5 continued on Next Page) Page 7

9 (Question 5 Continued) Notes: i. Property, Plant & Equipment with a carrying value of 80,000 was sold for 110,000. This asset had originally cost 150,000. ii. Depreciation of Property, Plant & Equipment during the year amounted to 85,000. iii. Amortisation of Development Expenditure during the year amounted to 15,000. iv. Dividends paid during the year amounted to 30,000 and are reported in the Statement of Changes in Equity. v. Debentures were redeemed on the 30 September REQUIREMENT: Prepare a Statement of Cash Flows for the year-ended 31 December 2011 for Caherame Limited. [Total: 20 Marks] END OF PAPER Page 8

10 SUGGESTED SOLUTIONS THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS IN IRELAND FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - AUGUST 2012 SOLUTION 1 (a) i) Historical cost ii) Current cost iii) Realisable (settlement) value iv) Present value (4 Marks) Historical cost Per the conceptual framework, under historical cost, assets are recorded at the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of their acquisition. Current cost Assets are recorded at the amount of cash or cash equivalents that would have to be paid if the same or an equivalent asset was acquired currently. Realisable (settlement) value Assets are carried at the amount of cash or cash equivalents that could currently be obtained by selling the asset in an orderly disposal. Present value Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. Discuss any 3 of the above measurement bases in relation to assets (6 Marks) Page 9

11 (b) Page 10

12 Working - Journal Entries Working - Closing Inventory Total Inventories at Cost per Inventory Count 68,000 Damaged Inventories - Cost 4,800 NRV - Selling Price less costs to sell (4, ) -3,400 Inventory Write Down 1,400 Value of Closing Inventories 66,600 '000 '000 1.i Dr. Inventory + Current Assets SOFP 66, Cr. Closing Inventory - Cost of Sales SOCI 66,600 1.ii Dr. Revenue - Revenue SOCI 8, Cr. Trade Receivable - Current Assets SOFP 8,000 Dr. Closing Inventory + Current Assets SOFP 6, Cr. Closing Inventory - Cost of Sales SOCI 6,000 1.iv Dr. Purchases - Cost of Sales SOCI 4, Cr. Disposal Account 4,000 1.vi Dr. Buildings + Non-Current Assets SOFP 400, Cr. Long-term Loan + Non-Current Liabilities SOFP 400,000 1.vii Dr. Trade Payables - Current Liabilities SOFP 6, Cr. Bank - Current Asset SOFP 6,500 1.viii Dr. Corporation Tax + Expenses SOCI 11, Cr. Corporation Tax Due + Current Liabilities SOFP 11,900 1.ix Dr. Bad Debt Write Off + Expenses SOCI 2, Cr. Trade Receivables - Current Assets SOFP 2,140 1.x Dr. Rent + Expenses SOCI 2, Dr. Wages & Salaries + Expenses SOCI 5,300 Cr. Accruals + Current Liabilities SOFP 7,300 1.xi Dr. Trade Receivables + Current Assets SOFP 7, Cr. Decrease in Bad Debt Provision + Other Income SOCI 7,507 Trade Receivables Balance per TB 100,000 Less Goods Returned W1.ii -8,000 - Bad Debt Write Off W1.vii -2,140 89,860 - Bad Debt Provision - 5% -4,493 Revised Trade Receivable 85,367 Current Bad Debt Provision TB 12,000 New Bad Debt Provision See Above 4,493 Decrease in Bad Debt Provision -7,507 1.xii Dr. Debenture Interest + Expenses SOCI 4,500 Cr. Debenture Interest Due + Current Liabilities SOFP 4, Debentures Per TB 160,000 Interest for the year at 5% 8,000 Already Paid Per TB -3,500 Amount due at the year-end 4,500 CURRENT MARKS Page 11

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15 SOLUTION 2 a) Prepayments are items of expense that relate to future periods but which have already been paid for and are shown in expenses of the current period. They must be excluded from this year s expenses as they relate to a future period. Examples of Prepayments could include Rent Prepaid, Phone Credit Prepaid etc. Accruals are expenses which have not been included in expenses in this period as they have not been paid for in this period but which must be included as they have been incurred in this period as per the accruals concept. Examples of Accruals could include Wages owing at the end of a period, Light & Heat Due etc. (4 Marks) b) Calculation of the Insurance and Rent for the year-ending 31st December 2011 through the form of a ledger account including the closing accrual and prepayment. c) Capital Expenditure is expenditure which results in the acquisition of non-current assets or an improvement in their earning capacity. Revenue Expenditure is expenditure incurred for the purpose of the trade or to maintain non-current assets. (4 Marks) d) i) Capital Expenditure; ii) Capital Expenditure; iii) Revenue Expenditure; iv) Revenue Expenditure; v) Revenue Expenditure. (5 Marks) Page 14 [Total: 20 Marks]

16 SOLUTION 3 REPORT To: Mr. Walter Johnson, Managing Director Translate Limited From: Financial Accountant Re: IAS 21 Changes in Foreign Exchange Rates Date: September 2012 a) i) Per paragraph 20 of IAS 21, a foreign currency transaction is a transaction that is denominated or requires settlement in a foreign currency, including transactions arising when an entity; (a) Buys or sells goods or services whose price is denominated in a foreign currency; (b) Borrows or lends funds when the amounts payable or receivable are denominated in a foreign currency; or (c) Otherwise acquires or disposes of assets, or incurs or settles liabilities, denominated in a foreign currency. (2 Marks) ii) Per paragraph 8 of IAS 21, an exchange difference is the difference resulting from translating a given number of units of one currency into another currency at different exchange rates. (2 Marks) b) i) Per paragraph 21 of IAS 21, on initial a foreign currency transaction shall be recorded by applying to the foreign currency amount the spot exchange rate between the functional currency and foreign currency at the date of the transaction. For practical reasons, a rate that approximates the actual rate at the date of transaction is often used, for example, an average rate for a week or a month might be used for all transactions in each foreign currency occurring during that period. However, if exchange rates fluctuate significantly, the use of the average rate for a period is inappropriate. (3 Marks) ii) Per paragraph 23 of IAS 21, at the end of each reporting period; (a) foreign currency monetary items shall be translated using the closing exchange rate; (b) Non-monetary items that are measured in terms of historical cost in a foreign currency shall be translated using the exchange rate at the date of the transaction; and (c) Non-monetary items that are measured at fair value in a foreign currency shall be translated using the exchange rates at the date when the fair value was determined. (3 Marks) c) The accounting treatment for the transactions for the year-ending 31st December 2010 and 2011 is as follows: Dr. Purchases SOCI 100,000 ($120,000/1.20) Cr. Trade Payables SOFP 100, Dr. Trade Payables SOFP 4,000 Cr. Expense SOCI 4,000 The 4,000 is an exchange difference that arises due to the change in the exchange rates from the to the i.e. $120,000/1.25 = 96,000. The difference between 100,000 and 96,000 is 4, Dr. Trade Payables SOFP 96,000 Dr. Expense SOCI 24,000 Cr. Bank SOFP 120,000 ($120,000/1.00) (10 Marks) I hope that the above responses clarify and answer your queries. If you have any further queries, please do not hesitate to contact me. Yours sincerely, Financial Accountant Page 15 [Total: 20 Marks]

17 SOLUTION 4 a) The solution for the trade receivable and trade payable control accounts for Mr. Twiddle for January 2012 are as follows: (10 Marks) Dr. Mr. Twiddle Trade Receivables Control Account Cr. Balance B/d 58,145 Balance B/d 12, Sales 138,039 Contras 12, Cash Paid to Customers 12,653 Bad Debt Written Off 13, Discount Allowed 12, Cash Received from Customers 132, Balance C/d 24, , , Balance B/d 24, Dr. Mr. Twiddle Trade Payables Control Account Cr. Balance B/d 13,751 Balance B/d 47, Contras 12,682 Purchases 98, Purchases Returns 14, Discount Received 13, Cash Paid to Trade Payables 82, Balance C/d 9, , , Balance B/d 9, (10.50 Marks to a Total of 10 Marks) TOTAL MARKS b) Possible reasons for reconcilable items for a trade payable control account reconciliation are as follows: i. Invoice omitted from the control account but entered in the trade payables ledger; ii. Supplier balance excluded from the trade payables ledger total because the account had been included in the trade receivables ledger by mistake; iii. Credit sale posted in error to the debit of a trade payables ledger account instead of the debit of an account in the trade receivables ledger; iv. Under-casting error in calculation of total end of period trade payables balances; v. Customer account with a credit balance included in the trade payables ledger that should have been included in the trade receivables ledger; vi. Sales return posted in error to the credit of a trade payables ledger instead of the credit of an account in the trade receivables ledger. (5 Marks) c) Possible explanations for differences between Mr. Twiddle s trade receivable statement and the amount that the customer is saying is owing to Mr. Twiddle are as follows: i) A sale has been omitted from the books of either the seller or the trade receivables ii) A sale has been incorrectly entered in the books of either the seller or the trade receivables; iii) A sale has been made at the end of the month but only entered in the books or either the seller or the trade receivables in the following month; iv) Goods returned had been entered in the books of the seller but not in the books of the trade receivables; v) Goods returned have been incorrectly entered in the books of either the seller of the trade receivables; vi) The trade receivables had entered goods as having been returned in their books when in fact, the goods were not returned by the seller; Page 16

18 vii) A sale has been recorded in the books of the seller in the trade receivables account when it should been entered in the account of another customer; viii) A sale has been recorded in the books of the trade receivables in the sellers account when it should been entered in the account of another seller; ix) A payment made to the supplier and entered in the books of the trade receivables had not been received by the seller; x) Goods had been dispatched by the seller and entered in the books of the seller but had not yet been received by the trade receivables (5 Marks) [Total: 20 Marks] Page 17

19 SOLUTION 5 Caherame Limited Statement of Cash flows for the year ended 31st December 2011 Cash flows from Operating Activities '000 '000 Profit before Taxation Adjustments for Depreciation Amortisation Profit on Sale of PPE (110-80) Interest Expense Decrease in Trade Receivables Increase in Inventory Increase in Trade Payables Cash Generated from Operations Interest Paid Income Taxes Paid Net Cash from Operating Activities Cash flows from Investing Activities Payments to Acquire Property, Plant & Equipment Receipts from Sale of Property, Plant & Equipment Payments to Acquire Development Expenditure Net Cash used in Investing Activities Cash flows from Financing Activities Proceeds from Issue of Shares Debentures Redeemed Dividends Paid Net Cash from Financing Activities Net Increase in Cash & Cash Equivalents Cash & Cash Equivalents at beginning of Year Note Cash & Cash Equivalents at end of Year Note Note '000 '000 Cash on hand and balances with bank Bank Overdraft Cash and Cash Equivalents OVERALL MARKS Page 18

20 Cash Flow Workings Calculation of Debenture Interest 400,000 for 9 Months at 8% Interest ,000 for 3 Months at 8% Interest 6 Interest 30 Interest Account Balance b/d - Expense - SOCI 30 Interest Paid 30 Balance c/d Corporation Tax Account Corporation Tax Paid 21 Balance b/d 35 Balance c/d 44 Expense - SOCI Share Capital Account Balance b/d - S. Capital 900 Balance b/d - S. Premium 20 Balance c/d - S. Capital 1,200 Balance c/d - S. Premium 84 Proceeds from Issue of S. Capital 364 1,284 1,284 Property, Plant & Equipment Account Balance b/d 1,496 Depreciation 85 Revaluation Surplus 100 Disposal 80 Purchase of PPE 389 Balance c/d 1,820 1,985 1,985 Development Expenditure Account Balance b/d 237 Amortisation 15 Purchase of Dev. Expend. 38 Balance c/d [Total: 20 Marks] Page 19

21 Marking Scheme Q1 a) 4 x 1 Marks each 4 Discuss 3 of the methods x 2 Marks each 6 b) Workings 18 Statement of Comprehensive Income 6 Statement of Financial Position 5 Presentation of SOCI + SOFP 1 Total Marks Q1 40 Q2 a) Definition of Prepayments 1 Definition of Accruals 1 Example of a Prepayment 1 Example of an Accrual 1 b) Opening Balances of Rent & Insurance 1 7 Payments x 0.25 marks each 2 Rent expense for the year 1 Insurance expense for the year 1 Closing Balances of Rent & Insurance 2 c) Capital Expenditure definition 2 Revenue Expenditure definition 2 d) 5 answers x 1 mark each 5 Total Marks Q2 20 Q3 a) Foreign Currency Transaction definition 2 Exchange Difference 2 b) Initial Recognition At the end of the Reporting Period 3 c) Accounting Treatment for transactions At the At the At the Total Marks Q3 20 Page 20

22 Q4 a) Trade Receivables Control Account Opening Balances 1 Sales 0.5 Contras 0.5 Cash Paid to Customers 0.5 Bad Debt Written Off 0.5 Discount Allowed 0.5 Cash Received from Customers 0.5 Balance carried down 0.5 Totals 0.5 Closing Balances 0.5 Trade Payables Control Account Opening Balances 1 Purchases 0.5 Contras 0.5 Purchase Returns 0.5 Discount Received 0.5 Cash Received to Suppliers 0.5 Balance carried down 0.5 Totals 0.5 Closing Balances Marks to a Total of 10 Marks b) Possible Reasons 4 x 1.25 marks each 5 c) Possible Explanations 5 x 1 mark each 5 Total Marks Q4 20 Q5 Operating Activities 10.5 Investing Activities 4 Financing Activities 3 Cash & Cash Equivalents 2.5 Total Marks Q5 20 Page 21