# Accounting Paper 1, November 2024, question 3.4.1

> The directors of Lumka Traders Ltd bought additional fixed assets during the... Marked mark by mark. Q3.4.1, Accounting Paper 1 November 2024, 4 marks.

Canonical: https://sharpkop.co.za/accounting/2024-nov-p1/q3-4-1/
Last updated: 2026-11-12

Subject: Accounting. Source: Based on Nov 2024 · Paper 1 · Q3.4.1. Marks: 4. Not yet checked by a teacher.

## Question 3.4.1 (4 marks)

Extract from the Statement of Financial Position of Lumka Traders Ltd:

Item | 28 Feb 2025 (R) | 29 Feb 2024 (R)
Ordinary share capital | 24 600 000 | 21 500 000
Retained income | 2 150 000 | 1 980 000
Long-term loan (Mzansi Bank) | 8 760 000 | 6 200 000
Current portion of loan | 410 000 | 380 000
Cash and cash equivalents | 1 320 000 | 960 000
Proceeds from sale of fixed assets during the year | 240 000 | 0

The directors of Lumka Traders Ltd bought additional fixed assets during the 2025 financial year. Use the extracted figures in the information block to identify the TWO main sources of finance (each with an increase of more than R1 000 000) that were used for this purchase. For each source, state the source and give the figures (the opening and closing amounts and the change).

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[Answer this question](https://sharpkop.co.za/accounting/2024-nov-p1/q3-4-1/) and see it marked mark by mark, with the reason for every lost mark.

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