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Fac1502 Assignment 3 Semester 12023
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Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 3
Question 1
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Balances at 1 November 20.9 R
Equipment: Cost……………………………………………………………… 280 000
Accumulated depreciation: Equipment…………………………………….. (164 800)
Additional information
(a) At the beginning of the financial year, 1 November 20.9, Kumkani Traders decided to upgrade some of its processes by selling old
printing equipment for R35 000 cash. The machine was bought on 1 November 20.4 for R195 000. Depreciated was provided for at 15%
p.a. on the straight-line method.
(b) On 1 December 20.9 Kumkani Traders bought 3D printing equipment for R148 620 on credit from Fourth Dimension. Depreciation on
the new machine must be provided for at 20% per annum on the diminishing balance method.
The current amount to be disclosed as depreciation on the 3D printing equipment for the year ended 31 October 20.10 is ...
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Don't show the % sign only the numbers (eg: 70.01% is 70.01)
Answer: 27247
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Question 2
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The following information pertains to the Man City Supporters Club:
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 3
Balances as at 30 September 20.22 R
Membership fees – received………………………………………………………....................... 15 810
Accrued membership fees (30/09/20.21)…………………………………………............... 1 860
Membership fees received in advance (30/09/20.21)…………………………........... 2 700
Advertising expenses…………………………………………………………................................ 2 600
TH fund - (30/09/20.21)…………………………………………………..................................... 25 000
Additional information
The following transactions must be taken into account for the year ended 30 September 20.22:
(a) During the current year 18 new members joined the club. The entrance fee per member is R850 and 60% of the entrance fees received
should be capitalised and the balance recognised immediately.
(b) At year-end accrued membership fees amounted to R2 250 and membership fees already received for to the next financial year
amounted to R5 400. 50% of the accrued membership fees balance outstanding at the beginning of the financial year should be written off.
(c) On 1 October 20.19, Thomas Henry donated an amount R25 000 to the club, the funds were then invested on the same day in a fixed
deposit account with Wenger Bank at an interest rate of 8,5%. The condition for the donation is that the income from the investment should
be used to advertise the club and the capital amount can only be used after 10 years.
(d) Advertising expenses incurred by the club were R2 600 for the 30 September 20.20 financial year.
Use the information provided to calculate the entrance fees that should be recognised as income in the statement of income and
expenditure for the year ended 30 September 20.20:
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 6120
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Question 3
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Indicate by choosing the correct option whether the following statement is true or false:
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 3
Gizmo Soccer Club can set aside money in a special fund when it wants to use the money for purchasing of specific training gear for its
members.
Select one:
True
False
Question 4
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Indicate whether the following statement is true or false:
If debentures are redeemable within the next 18 months the debentures will be shown as a current liability in the statement of financial
position.
Select one:
True
False
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Question 5
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You are given the following extract of the pre-adjustment trial balance for Arch Traders for the financial year ended 30 September 20.2.
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 3
ARCH TRADERS
EXTRACT OF THE PRE-ADJUSTMENT TRIAL BALANCE AS AT 30 SEPTEMBER 20.2
Debit Credit
R R
Capital ………………………………………………………… 525 000
Drawings……………………………………………………… 25 000
Buildings………………………………………………………. 150 000
Land................................................................................... 450 000
Vehicles………………………………………………………. 500 000
Equipment…………………………………………………….. 280 000
Accumulated depreciation: Vehicles(1 October 20.1……. 90 000
Accumulated depreciation: Equipment (1 October 20.1)… 60 000
Trade receivables control…………………………………… 225 000
Inventory………………………………………………………. 250 000
Bank overdraft ……………………………………………….. 714 750
Trade payables control……………………………………… 300 000
Additional information
a. On 1 July 20.2 Arch Traders bought new equipment to the value of R80 000.
b. On 30 June 20.2 old equipment with a cost price of R85 000, bought on 1 October 20.0, were sold for R55 000 cash.
c. Depreciation for the year must be provided as follows:
- Equipment: 10% per annum on the straight-line method
- Vehicles : 20% per annum on the diminishing balance method
Use the information as extracted from the accounting records of Arch Traders to complete the asset realisation account to calculate
the profit/loss on the sale of the old equipment that will be disclosed in the statement of profit or loss and other comprehensive
income. The amount will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Please keep the sequence of transactions strictly according the information given but also in the correct format.
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Equipment 85 000 Accumulated depreciation 14 875
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 3
Bank 55 000
Loss on sale of asset 15 125
85 000 85 000
Trade payables control Equipment Trade receivables control Loss on sale of asset Profit on sale of asset
Accumulated depreciation Bank Depreciation
14 875 30 000 55 000 15 125 85 000 60 000 17 000 13 000 280 000
Question 6
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In the process of reconciling the balances on the trade payables control account with the list of individual balances per trade payables ledger
for Mini Traders, the bookkeeper noted that an invoice for R1 600, had been entered incorrectly in the purchases journal as R160.
The correct general ledger entries in the books of Mini Traders to rectify the error made will be ...
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Purchases Trade payables control 1 440
Trade payables control Sales Purchases Trade receivables control
160 1 600
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Question 7
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Indicate whether the following statement is true or false:
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 3
It is not important to keep strict control over inventory.
Select one:
True
False
Question 8
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A liability is a claim which a party other than the owner/s has on the assets of the entity. Indicate whether the following statement is true or
false regarding liabilities?
Liabilities are present economic resources controlled by the entity as a result of past events.
Select one:
True
False
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Question 9
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Balances at 1 November 20.9 R
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 3
Equipment: Cost……………………………………………………………… 280 000
Accumulated depreciation: Equipment…………………………………….. (164 800)
Additional information
(a) At the beginning of the financial year, 1 November 20.9, Kumkani Traders decided to upgrade some of its processes by selling old
printing equipment for R35 000 cash. The machine was bought on 1 November 20.4 for R195 000. Depreciated was provided for at 15%
p.a. on the straight-line method.
(b) On 1 December 20.9 Kumkani Traders bought 3D printing equipment for R148 600 on credit from Fourth Dimension. Depreciation on
the new machine must be provided for at 20% per annum on the diminishing balance method.
How will the note to the financial statement: Property, plant and equipment be disclosed for the year ended ended 31 October
20.10?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable to the specific questions please put N/A in the accounts column and a 0 in the
amounts column.
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