Exam (elaborations)
FAC1501 Assignment 2 (ANSWERS) April 2024
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FAC1501 Assignment 2 (ANSWERS) 2024
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Content preview
1. UNISA2. 2024
3. FAC1501-24-S1
4. Welcome Message
5. Assessment 2
QUIZ
Assessment 2
Open course index
Open block drawer
Opened: Thursday, 28 March 2024, 9:00 AM
Closes: Tuesday, 2 April 2024, 11:00 PM
Started on Saturday, 30 March 2024, 10:53 PM
State Finished
Completed on Saturday, 30 March 2024, 11:23 AM
Time taken 30 Minutes 13 secs
Grade 98.20 out of 100.00
Your nal grade for this quiz is 98 20
Overall feedback
You passed this mandatory assessment with a distinction.
Keep up the good work.
Question 1
Not yet answered
Marked out of 3.00
Mr S Africa is the owner of SA Traders. On 31 March 2021, the following list of balances was extracted from the accounting records of SA
Traders:
Debentures - R152 700
Trade receivables - R24 720
Inventory - R322 900
Income received in advance - R10 889
Favourable bank balance - R31 956
,Determine the equity of SA Traders as at 31 March 2021 by making use of the basic accounting equation.
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
5. If the net effect on the accounting equation is a decrease, please enter the amount as a negative (eg: -12141.72)
Answer: 215987
, Question
Not yet answered
Marked out of 10.00
On 1 August 2023, Jerson Pets (not a registered VAT vendor) borrowed R427 000 from Loans-4-Africa at an interest rate of 17.1% per
annum repayable over 15 years. The R427 000 was deposited into the bank account of Jerson Pets. Jerson Pets plans to use the funding
to invest in solar power for the pet shop since loss of income during loadshedding has become a problem.
On 30 August 2023, Jerson Pets made a down payment on the loan through an electronic funds transfer for R6 600.
Required:
Post the above transactions as recorded in the subsidiary journals for 1 August 2023 and 30 August 2023 to the general ledger of Jerson
Pets.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by lling in a zero ("0")
4. For numeric responses only show the amount, do not show the "R" (eg: 1000)
Dr
Bank
2023 R 2023
Aug 1 Aug 30
Loan: Loans-4-Africa CRJ 427000 Loan: Loans-4-Africa CPJ
Dr
Loan: Loans-4-Africa
2023 R 2023
Aug 30 Aug 1
Bank CPJ 25000 Bank CRJ
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