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FAC1502 Assignment 3 Semester 1 2024
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FAC1502 Assignment 3 Semester 1 Due date 06 may 2024
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UNISA 2024 FAC1502-24-S1 Welcome Message Assessment 3QUIZ
Assessment 3
Opened: Monday, 29 April 2024, 8:00 AM
Closes: Monday, 6 May 2024, 11:00 PM
Summary of your previous attempts
Marks /
State
Finished 95 67 2 00 Congratulations, you pass
Submitted Thursday, the assessment with a
30 April 2024, distinction.
93
Your nal grade for this quiz is
Overall feedback
Congratulations, you pass the assessment with a distinction.
No more attempts are allowed
Back to the course
,GBV Club is a non- profit organisation that was started by 150 members on 1 January 20.7. The objective of GBV Club is to address gender-
based violence that is faced by South African citizens. The constitution of GBV Club indicated the following:
(a) Membership fees amount to R1 600 per member per annum.
(b) Entrance fees to join the club amount to R180 per member and it should be capitalised.
(c) Membership fees needs to increase by 10% at the beginning of every year, starting from 1 January 20.8.
(d) GBV Club does not provide members with refunds if they leave the club.
In order to prepare the financial statements for the current financial period ended 31 December 20.8, the bookkeeper presented the
following information regarding the finances of the club to members at a meeting held on 31 December 20.8:
Membership fees and entrance fees:
(1) 80 new members joined the club and each member paid their entrance fees of R180.
(2) Membership fees received of R306 480 for the current financial year ended 31 December 20.9
The amount for entrance fees paid by the new members in the current financial period that will form part of the accumulated fund
will be:
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: 14400
, Please choose the correct option for the given scenario.
Luna Electricians received a bank statement that reflects a debit balance of R2 000
in Luna Electricians business bank account. This means … Luna Electricians has an unfavourable bank balance of R2 000.
A client paid R3 000 Luna Electricians with debit card. The debit card transaction
will automatically reflect during the course of the business day on Luna Electricians bank statement
…
The correction of errors and deposits not yet credited reflected on the previous
months … must be compared with current months bank statement to determine if bank reconciliation statement
the bank has attended to this items or not.
The bank statement of Luna Electricians must be compared with the … in the bank
reconciliation process. cash receipts and cash payments journal of Luna Electricians
Question 2
Indicate whether the following statement is true or false:
Answer saved
The cost price of property, plant and equipment includes any other expenses incurred in getting the asset operational excluding import duties and non-
Marked out of
1.00 refundable purchase taxes.
Flag
question
Select one:
True
False
Question 3
Indicate whether the following statement is true or false regarding debentures:
Answer saved
Debentures only has one creditor.
Marked out of
1.00
Flag
question Select one:
True
False
Question 4 Please choose the correct option for the given scenario.
Answer saved
Marked out of Extract of the pre-closing trial balance of THC Traders Depreciation R38 367; Loss on sale of equipment R1 500; Interest on fixed deposit R7 500.
4.00 as at 30 September 2019
, Flag Debit Credit
question
R R
Plant and machinery (cost) 120
000
Accumulated depreciation: plant 41 750
and machinery
Equipment (cost) 90 000
Accumulated depreciation: 17 100
equipment
Land and buildings (cost) 180
000
Fixed deposit (@ 7.5% p.a.) 100
000
Depreciation 38 367
Loss on sale of equipment 1 500
Interest on fixed deposit 7 500
The amounts that will be disclosed in the statement of
profit or loss and other comprehensive income of
THC Traders for the year ended 30 September 2019
relating to non-current assets are:
Current liability are liabilities that … are expected to be settled within twelve months after the statement of financial position date.
The following information was extracted from the Cash receipts journal; General journal
accounting records of Namgoong Plastics:
Balances at 1 April 20.19 R
Equipment: Cost 28 000
Accumulated depreciation: Equipment(26 133)
Additional information
At the beginning of the financial year, 1 April 20.19,
Namgoong Plastics replaced its plastic shredding
equipment with new glass recycling equipment that
had a purchase price of R45 600. The replaced plastic
shredding machine was sold for R5 000 cash, it was
the only piece of equipment in the books of
Namgoong prior to the purchase of the new glass
recycling equipment.
Depreciation is provided at 20% p.a. on the straight-
line method.
, Indicate which journal(s) will be used to record the
transactions relating to the sale of the plastic
shredding equipment?
An example that is not a current liability? Accrued income
Question 5 Indicate whether the following statement is true or false regarding the statement of profit or loss and other comprehensive income:
Answer saved The gross profit calculated in this statement is transferred to the capital account.
Marked out of
1.00
Flag
question Select one:
True
False
Question 6
Indicate whether the following statement is true or false:
Answer saved
Goodwill, that is the good name of an entity is an example of property, plant and equipment.
Marked out of
1.00
Flag
question Select one:
True
False
Question 7
Indicate whether the following statement, regarding cost of goods purchased, is true or false:
Answer saved
Cost of goods purchased excludes opening inventory only.
Marked out of
1.00
Flag
question Select one:
True
False
Question 8 Indicate by choosing the correct option whether the following statement is true or false:
Answer saved A summary of all cash transactions for a non-profit entity is represented in the income and expenditure statement.
Marked out of
1.00
, Flag Select one:
question
True
False
Question 9
Sales is R90 000. Mark-up of 20% on selling price. What is the cost of sales amount?
Answer saved
Round off your answer to the nearest Rand.
Marked out of
1.00
Flag
question
Answer: 72000.00
Question 10 Ms B Betty owns Betties Dealers. In which book of first entry (subsidiary journal) will the bookkeeper of Betties Dealers record the transactions that occurred
Answer saved on 25 March 20.1?
Marked out of
4.00 Date Transaction
Flag 20.1 Sales returns journal
question March 25 Received a credit note from Ray Traders for R300 for damaged goods that was returned.
Date Transaction
20.1 General journal
March 25 Purchased a laptop and other IT accessories from JJ Computers on credit for R5 000.
Date Transaction
20.1 Sales journal
March 25 Sold goods on credit to Arch Traders for R40 000.
Date Transaction
20.1
March 25
Purchases returns journal
Send some of the IT accessories, bought from JJ Computers on credit, back because it is
not fit for the purpose Betties Dealers wanted to use it.
Question 11 Please choose the correct option for the given scenario.
Answer saved
Marked out of A favourable bank balance will be disclosed as … in the statement of
4.00 financial position. a current asset
Flag
question The owner of Dubai Mountains withdrew R5 500 from the business
account for his personal use.
Assets will decrease with R5 500 and equity will decrease with R5 500.
What is the effect of this transaction on the elements of the basic
accounting equation?
Vehicles purchased for delivery purposes will be disclosed as … in the
statement of financial position. a non-current asset
, The correct sequence with regard to the recording of transactions will be
... General ledger>Trial balance>Financial statements
Question 12
On 1 July 20.1, Joe Traders bought a photocopier for R84 000. BB Logistics delivered the photocopier to Joe Traders and charged R2 500. RG IT Support
Answer saved installed the photocopier for R1 500. Joe Traders uses the fixed instalment method and the photocopier will be depreciated at 25% per annum. Joe Traders
Marked out of also purchased 1 000 boxes of A4 copier paper on 1 July 20.1 for R130 000. The financial year-end of Joe Traders is 30 June.
2.00
What is total accumulated depreciation of the photocopier on 30 June 20.4?
Flag
question NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
Answer: 88000.00
Question 13
On 1 July 20.1, Joe Traders bought two machines for R84 000 each and was given a 5% cash discount.BB Logistics delivered the machinery to Joe Traders and
Answer saved charged R2 500. Both machinery were installed for R4 500. Financing costs on loans amounted to R2 750, and maintenance costs amounted to R1 650 were
Marked out of paid in cash to acquire the machines. Traders uses the diminishing balance method and the photocopier will be depreciated at 25% per annum. Joe Traders
2.00 also purchased 1 000 boxes of A4 copier paper on 1 July 20.1 for R130 000.
Flag
question
The financial year-end of Joe Traders is 30 June.
What is the cost price of the machines?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
Answer: 166600.00
Question 14
Mandla Traders financial year ends annually on 31 December. The business uses the perpetual inventory system. During the current financial year of 20.22,
Answer saved Mandla Traders had credit sales of R120 150. The company applies a 35% mark-up on cost price.
Marked out of
8.00 The correct recording of the transaction in the general ledger of Mandla Traders will be:
, Flag Dr Cost of sales Cr
question
20.22 20.22
Dec 31 INVENTORY SJ 89000.00 Dec 31 TRADING GJ 89000.00
89000.00 89000.00
120150*100/135
Dr Sales Cr
20.22 20.22
Dec TRADING
GJ 120150.00 Dec TRADE RECEIVABLES
SJ 120150.00
31 31
120150.00 120150.00
.
Question 15
B Traders bought laptops from SK Office Equipment for R22 000 (VAT exclusive) on credit. The VAT rate applicable is 15%.
Answer saved
What is the VAT amount applicable to the transaction?
Marked out of
2.00
NB: Instructions
Flag
question 1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 3300.00
22000*0.15
Question 16
You are provided with the following information for Joe Traders on 30 June 20.6:
Answer saved
Marked out of
R
6.00
Land and 1 500 000
Flag building…………………………………………………………......................................
question
Vehicles……………………………………………………………………........................................... 600 000
Accumulated depreciation: Vehicles……………………………………........................... 240 000
,Additional information:
On 1 September 20.2, Joe Traders bought two photocopiers for R110 400 each (including VAT). BB Logistics delivered both photocopiers to Joe Traders
and charged R2 000. Installation costs was R1 500 for both photocopiers.
Joe Traders also purchased 1 000 boxes of A4 copier paper on 1 July 20.2 for R130 000 and photocopier consumables for R3 900.
Joe Traders uses the diminishing balance method and the photocopiers will be depreciated at 25% per annum.
Both photocopiers were sold for cash on 30 April 20.5 for R98 500.
The financial year-end of Joe Traders is 30 June.
The correct general ledger entries in the books of Joe Traders on 30 April 20.5 will be ...
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 account column and a 0 in the amount column.
Keep general ledger entries strictly according to the steps for the disposal of an asset.
110400*2+2000+1500
Equipment(at cost) 103 605
195 500 Accumulated depreciation:Equipment
Profit on sale of equipment 6 605 Bank 98 500
0
N/A
202 105 196 759
Loss on sale of equipment Profit on sale of equipment Accumulated depreciation:Equipment Trade receivables control
Downloaded by: LearnLibrary | haatmylater@gmail.com
Bank Equipment(at cost) Trade payables control Depreciation
Distribution of this document is illegal
, 146 625 196 759 1 259 98 500 6 605 195 500 146 250 202 105 0 49 625 196 759 103 605 98 259
Question 17
The inventory controller at WR Wholesalers incorrectly calculated the inventory count at the end of the financial year.
Answer saved
Marked out of
1.00 Indicate whether the following statement is true or false:
Flag An incorrect inventory count will affect the calculation of cost of sales.
question
Select one:
True
False
Question 18
Mandla Traders financial year ends annually on 31 December. The business uses the perpetual inventory system. During the current financial year of 20.22,
Answer saved Mandla Traders had credit sales of R106 250. The company applies a 25% mark-up on cost price.
Marked out of
8.00 The correct recording of the transaction in the general ledger of Mandla Traders will be:
Flag
question
Dr Cost of sales Cr
20.22 20.22
Dec 31 INVENTORY SJ
85000.00
Dec 31
TRADING
GJ
85000.00 106250*100/125
85000.00 85000.00
Dr Sales Cr
20.22 20.22
Dec TRADING
GJ 106250.00 Dec TRADE RECEIVABLES
SJ 106250.00
31 31
106250.00 106250.00
.
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